The 52 Week Money Saving Challenge will help you increase your savings each week and grow your nest egg. This simple but effective saving challenge eases you into saving and helps you build your emergency fund, save for retirement, or save for a specific purchase.
Did you know that combining a regular weekly check-in with an accountability partner increases your likelihood of achieving your goals by 95%?
Sign-up for 52 Week Money on Ostrich and we’ll send you a weekly reminder as well as connect you with others who are participating, to keep you motivated and on track.
What is the 52 Week Money saving challenge?
Start with $1 on week 1 and each week save another $1. So on week 16, you’ll save $16 and on week 50 you’ll save $50. At the end of the challenge, you’ll have saved $1,378.
If you feel like you can save more, start with $10, $100, or whatever amount suits you and steadily increase your savings by the same amount each week!
This simple approach to savings works no matter what your income level is!
When is the best time to start?
The best time to start the 52 Week Money challenge is right now. Waiting until January 1st or the start of the month may seem smart, but what are you gaining by waiting? Plus by starting today, you’ll be able to take advantage of the law of compounding interest that will help your savings grow beyond the $1,378 you’ll save during this challenge.
Who is the 52 Week Money saving challenge for?
The 52 Week Money saving challenge is perfect for anyone just getting started building up their savings or as a way to work towards a specific savings goal. By starting small you build both the habit of saving and momentum to propel you towards your financial goals.
No matter your income level you can customize the challenge to fit your financial goals. Invite your friends to join you in using Ostrich and achieve your money goals together.
Are you ready to save some money and build your nest egg? You can sign-up for 52 Week Money on the Ostrich app.
How to implement the 52 Week Money saving challenge
Step 1
Pick a specific savings account or use cash if you’d prefer.
BONUS: Use a high-yield savings account to earn the most interest on your money.
Step 2
Transfer or deposit money into your new savings account starting with $1 for the first week.
Step 3
For the second week in this challenge, deposit or transfer $2. The third week, do the same with $3. Continue this process for 52 weeks!
Step 4
Check-in for this challenge each week on Ostrich to track your progress.
Don’t get discouraged if an unexpected expense pops up. Life happens. Just catch up the following week and keep saving!
Tips for saving more money
Here are some money-saving tips to help you during the 52 Week Money Challenge!
Pay yourself first
Whether you have a defined budget or not, the key to hitting your savings targets is to pay yourself first. Immediately, when you get income, set aside money towards 52 Week Money. If you don’t pay yourself first, no one else will.
Sell your old things
You probably have some things you either bought and never used or only lightly used. Whether it’s that new outfit that looked great online but not so much in person, or old electronics you don’t use anymore. Hop on Facebook Marketplace, eBay or Amazon and list those suckers.
Cut out expenses
This is one of the simplest ways to increase your savings but it isn’t always easy. Find unused subscriptions to cancel, or things you can live without. As the 52 Week Money Challenge is a year-long challenge, try cutting back on larger expenses such as rent or transportation costs. You can join a no spending challenge on Ostrich if you want to join others who are also cutting back on spending.
What to do with your newfound savings
Paydown debt
Debt drains both your bank account and you, psychologically. Pay off high-interest rate credit card debt, payday loans, or other forms of revolving debt. Join a debt paydown challenge and try implementing one of the snowball or avalanche debt paydown methods to stay motivated.
Build your emergency fund
It’s important to have at least a few months’ worth (6 months is considered healthy) of living expenses built up. This provides a cushion for your quality of life in case you lose your income. If you feel like 6 months isn’t enough try building your savings to the level of your annual salary or until you feel comfortable.
Invest for the long-term
Another great use of your new savings is to invest. Research shows that investing for the long-term (10+ years) is the way to go. We recommend getting started with low-cost index funds vs. purchasing individual stocks and using the dollar cost average investing method. Check out our favorite brokerage accounts and our favorite auto investing tools.
Make an important purchase
Once you’ve built up your emergency fund and started investing, use that extra 52 Week Money to make an important purchase. Don’t just spend the money for the sake of it – look for things that truly bring you fulfillment.
Take a small calculated bet
Investing for the long-term is proven to be the most sure-fire and safe way to build wealth, but it is boring. Boring is good for your major goals. We like boring! But if you have a little extra money after making your boring investments and you are okay with losing a small amount of money, explore alternative moonshot investments. This could be anything from investing in cryptocurrency, NFTs, startups, art, collectibles, or that penny stock. The key is not to make this your main strategy. Never invest more than you can afford to lose not just financially, but also psychologically.
Benefits of the 52 Week Money Challenge
There are many benefits from completing the 52 Week Money Saving Challenge. Who doesn’t want more money in their pockets?
Building Your Savings Muscle
Saving money isn’t always easy. It can be tough with the constant ads, one-click purchasing, and temptations to spend everywhere you look. By consistently saving week over week you’ll start to see that it is possible to save money without sacrificing your quality of life.
Upping your challenge
After completing the 52 Week Money Saving Challenge you’ll be motivated to see how much more you can save. You’ll be primed to start saving even more of your hard-earned money
Feel good
Hitting your goals releases dopamine to your brain, giving you that feel-good high. You’ll legitimately feel accomplished for achieving your savings goal and your brain will want more. Ultimately the desire to feel that way again will motivate you to save more and take on larger financial goals.
Tools to get there quicker
High-Yield Savings Account
Open up a separate high-yield savings account in order to earn the most interest on your savings. See the tools page for the best high-yield accounts today.
Automate
Log into your checking account and create an automatic weekly transfer to your new 52 Week Money savings account. This will make your life a lot easier, and you can always adjust your automated transfers whenever you’d like.
Related savings challenges to 52 Week Money include: Our Love is Priceless, The Penny Savings Challenge, Acquire Then Retire, and Drop It Like It’s Hot.
Conclusion
Saving money may be simple, but it’s not always easy. With the 52 Week Money Saving Challenge, you’ll ease into saving and start building one of the most important money habits… paying yourself first. Use this challenge to grow your emergency fund, pay down debt, or save for an important purchase. You can sign up for 52 Week Money on Ostrich and increase your likelihood of achieving your goal by participating with others.
