What is the 52 Week Savings Challenge? [+ Ways to Spice it up!]

Have you heard of the 52-week savings challenge? The concept is simple.

In the first week, you save $1. In the second week, you save $2. You then continue saving one extra dollar every week until you save $52 in the 52nd week.

At the end of this savings challenge, you’ll have saved $1,378 in total.

That’s a respectable sum indeed!

Of course, there are many variations of such a challenge, any one of which will help you reach that $1,378 savings goal.

While many people start this challenge as a New Year’s resolution, it’s always a good time to save money, so there’s no need to wait!

This type of challenge is a great way to build an emergency fund or establish a sinking fund for planned expenses, such as a vacation or a new wardrobe.

The 52-week Money Savings Challenge & Five Ways to Spice it Up

Below are six of the most popular variations of the 52-week Savings Challenge and the advantages and disadvantages of each.

1. Traditional Method

The traditional method is precisely what’s outlined at the beginning of this article.