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52-Week Money Challenge

52-Week Money Challenge: Opportunity to Save Up to $20,000

  • Marina Avramovic
  • April 26, 2022

Saving money can be a challenge, but with the 52-week money challenge, it can be a little easier. This challenge is simple: every week, you save a predetermined amount of money. By the end of the year, you’ll have saved a bunch of cash.

Plus, you’ll get in the habit of saving your money, which is always a good thing. Ready to give it a try?

What Is a 52-Week Challenge?

This is a savings plan where you save a certain amount of money each week for 52 weeks. The amount you save each week starts off small and then increases every week. By the end of the 52 weeks, you will have saved over $1,000.

The 52-week money challenge started on Facebook in 2013. How does it work? Simple: you start by saving $1 in week one and then increase that amount by $1 each week. 

Week Balance Deposit
1 $1 $1
2 $2 $3
3 $3 $6
4 $4 $10
5 $5 $15
10 $10 $55
20 $20 $210
52 $52 $1,378

So in week two, you will save $2, in week three, you will save $3, and so on. In the final week of the challenge, you will have saved $1,378.

If you want to get into more detail, you can use a 52-week money challenge calculator and put any amount of money you want to save. 

While this challenge will not bring you the same amount of money as if you were making $50–$52 per hour, it’s still a good way to save an extra amount of cash in times of crisis. 

Best Time to Start the Challenge 

There is no set time when you have to start the 52-week savings challenge. You can get started right away if you are ready! However, it’s usually a good idea to start at the beginning of a new week or month. This is because, psychologically, it feels like you’re starting fresh.

Many people choose to start at the beginning of the year so they can have the full 52 weeks to save.

Accept the Money Making Challenge

To get started with the 52-week money-saving challenge, all you need is a plan, a jar, an envelope, or a savings account. 

There are two ways to approach the challenge. The first is to start with the lowest amount and work your way up to the highest. The second is to do the exact opposite and start with the highest amount. 

Which method is best? Well, that depends on a variety of factors. If you’re the type of person who likes to see quick results, then starting with the highest amount may be more motivational. 

On the other hand, if you’re worried about falling behind, then starting with the lowest amount may be more realistic. Ultimately, it’s up to you to decide which method makes the most sense for your lifestyle and finances.

How to Do the 52-Week Money Challenge in 2022 in Reverse

If you’re saving from the highest to the lowest amount, do the opposite. Start by saving $52 in the first week and take away $1 each following week. 

Week Balance Deposit
1 $52 $52
2 $51 $103
3 $50 $153
4 $49 $202 
5 $48  $250
52 $1 $1,378

You can also find a free printable 52-week money challenge sheet or make one yourself to make things easier.

How to Do the 52-Week Money Challenge with $3,000

If you want to do the 52-week challenge with $3,000, you can start by saving $2.20 in week one, $4.40 in week two, $6.60 in week three, etc. By the end of the 21st week, you will have saved $508.20, enough to buy yourself a new TV set at a favorable time. 

By the end of the 52nd week, you’ll have $3,031 in your pocket.

Week Balance Deposit
1 $2.20 $2.20
2 $4.40 $6.60
3 $6.60 $13.20
21 $46.20 $508.20
52 $114.40 $3,031

How to Do the 52-Week Money Challenge With $5,000

To save $5,000 using the 52-week challenge, during the first week, put away $3.70. During the second week, save $7.40. It may not seem like much, but trust us, it adds up quickly. By the fourth month (16th week), your total savings will amount to 50 rolls of quarters, or $500. 

Not bad, right?

Week Balance Deposit
1 $3.70 $3.70
2 $7.40 $11.10
3 $11.10 $22.20
16 $59.20 $503.20
52 $192.40 $5,098

How to Do the 52-Week Money Challenge With $10,000

It’s a bit difficult to achieve this savings plan, but it’s not impossible as long as you are determined to save money. 

You need to start by saving $7.26 in the first week of the challenge, $14.52 in the second week, and $21.78 in the third week. You’ll have $399.30 under your belt by the end of the 10th week. 

Week Balance Deposit
1 $7.26 $7.26
2 $14.52 $21.78
3 $21.78 $43.56
10 $72.60 $399.30
52 $377.52 $10,004

The challenge will get even more difficult in the last few weeks because you’ll need to put away more than $300. However, it could be a great start to your financial independence if you manage to do it. 

For example, you can add these extra $10,000 bucks to your FYM fund or your emergency fund.

How to Do the 52-Week Money Challenge with $20,000

Now, let’s be honest. You should do this challenge only if you’re serious about saving. If you think the $10,000 challenge is difficult, this one is even harder to achieve.  

For starters, you’d need to invest $14.55 in the first week, which is 6 cents more than the minimum hourly wage in Washington.

In the second week, you need to put aside $29.10, and in the third week, say goodbye to $43.65. On a positive note, by the 12th week, you’ll have saved $1,134, and by the 26th week, you’ll have got a whopping $5,107.

Week Balance Deposit
1 $14.55 $14.55
2 $29.10 $43.65
3 $43.65 $87.30
12 $174.60 $1,134
26 $378.30 $5,107
52 $756.60 $20,049

How to Stay on Track With Your Savings

Staying on track with your 2022 52-week savings challenge can be difficult, but you can do a few things to make it easier on your wallet:

  • Set up a budget and make sure you have enough money left over each week to save
  • Create a savings plan and put your money into your savings account each week
  • Sell your stuff to make some extra cash
  • Cut back on your expenses
  • Stay motivated by setting a goal for yourself and remember why you’re doing the challenge 

One of the best things about doing a 52-week money challenge in 2022 is that it is flexible. You can start at any time and increase the amount you save each week to match your goals. 

If saving $52 a week seems daunting, you can start with $26 for 26 weeks. Or, if you want to save even more money, you can do the $100 envelope challenge.

Tips & Tricks That Make the Challenge Much Easier

Since money doesn’t grow on trees, here are a few tips and tricks that can help you undergo the 52-week challenge without much hassle:

  • Create a digital or printable 52-week money challenge 2022 spreadsheet to keep track of your progress
  • If you can, schedule your transfers. This way, you won’t have to think about money at all. 
  • Get the whole family involved in your 52-week savings challenge 2022 plan. For example, if you have kids, they can also start saving money. Instead of dollars, let them save cents (1¢ for the first week, 2¢ for the second, etc.)  
  • Stay motivated by setting a goal for the money you save. For example, use the money to buy that lovely new couch (during the furniture sales period).

Conclusion

So, are you ready to take the 52-week challenge? It’s not as hard as it sounds. The basic premise is to save a little bit of money each week and increase your savings over time. 

You can do this by automating your finances so that you don’t have to think about it or by making small tweaks to your spending habits. 

Ready to get started? 

FAQs

How much money do you save in the 52-week challenge?

In total, you will save $1,378 over the course of 52 weeks. You can buy numerous stuff for $1,378. 

For example, you can buy yourself a trip to Hawaii, go on a 7-day Western Caribbean cruise, go on a road trip, or buy some new gadgets, such as a 13-inch MacBook Pro or Lenovo Legion 5 gaming laptop.  

What is the $100 envelope challenge?

Another popular challenge is the $100 envelope challenge. With this challenge, you save $100 each month for 12 months. This equals a total savings of $1,200 by the end of the year.

If you want to, you can also use a different method. For example, get 100 envelopes and write a number on each one, from 1 to 100. Then shuffle the envelopes and put them all in a basket. 

Each day, draw an envelope and place that amount of cash inside. At the end of 100 days, you’ll be able to save $5,050.

How much is $5 a week for a year?

That would be $260. To get this number, you need to multiply the number of weeks, which is 52, and the amount you’re saving, which is $5 per week.

On the other hand, if you want to start the 52-week money challenge with as much as $5, you’ll save $6,890 at the end of the year.

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Marina Avramovic

Marina is a content writer and a film-maker who spends most of her time in front of the computer, writing articles and blog posts on various subjects, learning fictional languages or editing avant-garde movies. This compulsive penchant for learning new ways of dreaming and writing became her dream job. When she's not obsessing about work she tries to cook, read dystopian novels and go on adventures with her dog.

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Table of Contents:
  1. What Is a 52-Week Challenge?
  2. Best Time to Start the Challenge 
  3. Accept the Money Making Challenge
  4. How to Stay on Track With Your Savings
  5. Tips & Tricks That Make the Challenge Much Easier
  6. Conclusion
  7. FAQs
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