After writing about my own experience with the 52-week money challenge in a recent blog post, I received a lot of positive feedback.  People were very interested in trying this method of saving, so I thought I would share three proven ways to begin.

OK, so first off, I did not invent this challenge.  Nor did I create the variations listed below.  This is good news for you.  That’s because I heard testimonies first-hand from people who tried these methods and were successful.  I have tried only the first one (and so far so good).

 

On that note, let’s dive into the three challenges:

 

Challenge #1:  Save $1 this week.  Next week, save $2.  On week 3, save $3…On week 52, save $52.  Click here for a handy chart.

Pros:  Starts easy.  Builds up gradually to help you develop the routine of weekly saving.

Cons:  Higher dollar amounts each week toward the end.

Total savings after 52 weeks = $1,378

 

Challenge #2:  Save $52 this week.  Next week, save $51.  On week 3, save $50…On week 52, save $1.

Pros:  Gradually saving less and less while developing the routine of weekly saving.  People have said they didn’t want to be hit all at once with higher amounts right around a holiday or vacation at the end.

Cons:  More aggressive savings upfront.

Total savings after 52 weeks = $1,378

 

Challenge #3:  Save $26.50 each week via automatic transfer

Pros:  Savings amount never varies – easy to budget.  You don’t have to worry about forgetting to transfer each week.

Cons:  Less habit-building by not saving manually.

Total savings after 52 weeks = $1,378

 

Click here for this free downloadable infographic of the three money saving challenges!

 

 

So each of these challenges has a happily ever after ending; you just have to decide how to get there. To do that, I suggest you read the following three W’s.

 

1.  WHAT are you saving for?

• I bet you had some idea when you first saw the article. We are putting ours toward our house fund.  Think about what you could do with $1,378 for a moment.  Do you have debt to pay down?  An emergency fund to build up?  Do you need to replace some furniture?  Replace a car?  Save for a trip?  Make it something that means a lot to you.

2.  WHICH method will you choose?

• You have your “What” – and your spouse is on board.   Hopefully?  Maybe?  If not, you had better go tell him or her, because this challenge is going to take work.  You could use the help.  Believe me.  So which method will you choose?

3.  WHEN will you start?

• This challenge seems to be popular around the first of the year, for obvious reasons, but you don’t have to wait.  In fact, please don’t.  Just pick a day of the week and STICK TO THAT DAY.  We picked Friday because that’s payday.  Do what works for you.

 

Why only 3 variations?  There are more out there.  But I don’t think you need more.  The point is for me to convince you to start saving, not to dump buckets of research over your head until you cry “uncle”.  It’s simply time to act.

 

A Powerful, Real Life Example

If you’d like to meet the woman who created the 52 week money challenge, her name is Kassondra Perry-Moreland and her full story can be read here.

I want to highlight the power of her incredible discover.  Kassondra started this Facebook group devoted to the 52 week money challenge.  Her aim was to get a handful of friends and family to help keep her accountable.  Three days after the group’s inception, there were over 1,000 members.  By the end of the year, nearly $1.5 million was on track to be saved.

As Kassondra put it:

 

Join the Discussion:  Share your three W’s in the comment section labeled “Disqus” below.  I can’t wait to discuss them with you!