January 3 2022

52-Week Money Challenge: How to Save $1,378 in a Year

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52-Week Money Challenge: How to Save $1,378 in a Year

52-Week Money Challenge Explained The 52-week money challenge can help you save $1,378 in a year by depositing an increasing amount of money into your bank account every week. Keep track of the challenge by downloading our printable.

When it comes to the new year, many people want to start embracing change and developing new habits. In fact, 27 percent of adults in the U.S. made at least one resolution for 2020, and 44 percent of those people had “saving more money” as one of them.

A graphic explains how the 52-week money challenge works in four simple steps.

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One way to fulfill a New Year’s resolution is to set achievable goals for yourself and keep track of your progress. There are plenty of challenges to pick from if you want to save money during the new year. If you’re up for a challenge that doesn’t require a lot of money and effort each month but still saves you $1,378 at the end of the year, the 52-week money challenge might be right for you.

What Is the 52-Week Money Challenge?

The 52-week money challenge is a savings challenge in which you deposit an increasing amount of money every week for 52 weeks. At the end of the 52 weeks, you should have at least $1,378 saved up in your bank account. This is a flexible challenge that can be done in a couple of different ways and even allows you to save more if you decide to deposit a larger amount each week.

Most commonly, the dollar amount you save every week corresponds to the week of your challenge. For instance, you set aside $1 during week one, $5 during week five, $39 during week 39, and so forth.

When Is the Best Time to Start the 52-Week Money Challenge?

The wonderful thing about the 52-week savings challenge is that you can essentially start it at any week you’d like. But if you want it to be part of your New Year’s resolution, starting it during the first week of the year will guarantee you at least $1,378 by the last week of the year — if you follow it properly.

How Does the 52-Week Money Challenge Work?

For this challenge, the amount you should deposit is usually the same as the number of the week in the challenge. Here’s how the savings challenge works:

Starting on week one, deposit $1 to a savings account
On week two, you should deposit $2
On week three, deposit $3
On week four, deposit $4, and so on
Deposit until week 52, when you will deposit $52

Easy, right? Depositing an increasing amount of money each week makes it an attainable goal to achieve $1,378 at the end of the last week. Each time you make a deposit, write down your current total savings to keep you on track and motivated.

Here is a money-saving chart to help you understand how much money you should be depositing each week during the 52-week money challenge:

Week	Weekly Deposit	Total Savings
Week 1	$1	$1
Week 2	$2	$3
Week 3	$3	$6
Week 4	$4	$10
Week 5	$5	$15
Week 6	$6	$21
Week 7	$7	$28
Week 8	$8	$36
Week 9	$9	$45
Week 10	$10	$55
Week 11	$11	$66
Week 12	$12	$78
Week 13	$13	$91
Week 14	$14	$105
Week 15	$15	$120
Week 16	$16	$136
Week 17	$17	$153
Week 18	$18	$171
Week 19	$19	$190
Week 20	$20	$210
Week 21	$21	$231
Week 22	$22	$253
Week 23	$23	$276
Week 24	$24	$300
Week 25	$25	$325
Week 26	$26	$351
Week 27	$27	$378
Week 28	$28	$406
Week 29	$29	$435
Week 30	$30	$465
Week 31	$31	$496
Week 32	$32	$528
Week 33	$33	$561
Week 34	$34	$595
Week 35	$35	$630
Week 36	$36	$666
Week 37	$37	$703
Week 38	$38	$741
Week 39	$39	$780
Week 40	$40	$820
Week 41	$41	$861
Week 42	$42	$903
Week 43	$43	$946
Week 44	$44	$990
Week 45	$45	$1,035
Week 46	$46	$1,081
Week 47	$47	$1,128
Week 48	$48	$1,176
Week 49	$49	$1,225
Week 50	$50	$1,275
Week 51	$51	$1,326
Week 52	$52	$1,378

How to Adjust the 52-Week Money Challenge for Your Budget

The 52-week challenge can also be adjusted depending on your goals or financial habits. For instance, you can also start from the highest amount, and deposit a decreasing amount of money each week. Or you can choose to deposit the same amount every week.

From Lowest to Highest Amount

The lowest to highest amount method is the traditional 52-week money challenge. You will start with $1 and deposit an increasing amount of money each week until the end of week 52, totaling up to $1,378.

From Highest to Lowest Amount

If you believe you will be spending more toward the end of the year, perhaps due to the holidays, you can flip the 52-week money challenge by depositing your highest amounts first. In this method, you will start with the highest amount, $52 at week one, and deposit a decreasing amount each week. So on week 52, you will deposit $1, still totaling up to $1,378.

Save $26.50 Each Week

If you want to make things even easier, this no-brainer method still totals $1,378 at the end of the year. By using this method, you will deposit the same amount each week: $26.50. You can also set up automatic transfers every week — that way, you don’t have to worry about making different deposits each week.

How to Be Successful in the 52-week money challenge

Starting this challenge should be easy. After all, you’re only starting with a $1 deposit. The struggle many people face with money challenges is keeping up with them. To make sure you’re successful in the 52-week money challenge, follow these tips to stay on track:

Have a Goal in Mind

We all need a little motivation when it comes to achieving resolutions. Start the challenge with an end goal in mind and set reminders for yourself throughout the process. Having a goal such as saving up for a vacation or increasing your emergency fund will help you stay motivated during the challenge.

Add It to Your Budget

To ensure that you’re on track with your challenge each month and have enough money available for it, you can add it to your weekly budget. If you use a budgeting app, add the amount that will be going to your savings account each week.

You can also use our printable of the 52-week money challenge to help you stay on track. You can set a reminder to add money to the challenge each week, or set up an automatic transfer to your savings account.

Cut Back on Expenses

To make sure you’re successful in this challenge, consider cutting back on some expenses you have each week. This also helps with financial knowledge as you start building healthy spending habits.

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Look at your current budget and evaluate if there are any expenses that are overlooked. Pay extra attention to subscription services you no longer use or whether you’re overspending on food delivery services. This is also an opportunity to sell items you don’t use anymore for extra cash.

Keep Your Savings Challenge Money in a Separate Account

Because this challenge lasts an entire year, it might be tempting to use the challenge funds when buying groceries or having dinner with friends at some point. To prevent that from happening, keep the funds in a separate account, preferably a high-yield savings account.

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You can open a savings account strictly for this challenge, or if you feel more motivated by using cash, store it in a safe place. Having the challenge money in a separate account can also help you keep track of it.

Mint’s 52-week money challenge printable sits a wooden desk next to a laptop, coffee, and a notebook.

Benefits of the 52-Week Savings Challenge

Whether you decide to try it out, skip a couple of weeks, or even end up not finishing it, there are still some benefits and lessons you can take away from the 52-week money challenge:

Start a habit of saving consistently
Get motivated to try out other challenges
Learn more about your financial goals
Improve your personal finances
Track your weekly budget
Save at least $1,378!

If you decide not to complete the challenge, you can use it as a learning opportunity to improve your finances and try another challenge that fits your lifestyle better. However, if you finish the challenge, you will have built up some savings that you can invest or use to start an emergency fund — or you can keep the challenge going for another year to save even more.