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52 Week Money Challenge

January 3rd, 2013 at 06:00 am

Yet another challenge to consider, I saw this on Facebook and thought it was a great idea and I will be doing it for 2013. Basically, for whatever week you're on, that's how much you stash off to the side. So if you're on week 2, you save $2 and if you're on week 27, you save $27. Anyone care to join??

25 Responses to “52 Week Money Challenge”

  1. Swimgirl Says:
    1357196829

    I love it! I was looking for some kind of "gimmicky" ways to save a little extra this year. Thanks for the idea!

  2. gotthedeclutterbug Says:
    1357202486

    i'm doing a modified version of this for this year. Since my budget is already allocated to saving for everything under the sun, i wouldnt be able to find $52 for a week, so i decided to split mine up into two lots of 26 weeks, and do it that way and also im going to do my weeks random, according to how much spare money i can find that payday.

    and then keep a note of it in my budget book

  3. Sian Says:
    1357214888

    sounds like a really good idea. i'm hoping that i could do that. it depends on my budget. so i'll have to see what i can do. or split it into two 26wk lots instead.

  4. creditcardfree Says:
    1357218104

    I like the idea! I will have to see if I can incorporate it in some way to our goals and plans.

  5. ThriftoRama Says:
    1357223151

    It's a cool idea.

  6. twest Says:
    1357226665

    Glad you posted this. I saw this on facebook too. Love the idea. We already have several goals laid out, but I am going to attempt this one as well. I will just try not to be heartbroken if it doesn't happen Smile

  7. rob62521 Says:
    1357228871

    Great idea!

  8. wayne Says:
    1357229378

    am i missing something or is the math for week 49 screwed up? it should be $1225

  9. creditcardfree Says:
    1357237352

    @wayne, yep, looks like a typo!

  10. sarah Says:
    1357240097

    Is there a group on facebook doing this. Or some organization that is sending out reminders. It sounds like a good idea but it would be easier to remember if there was a group to like.

  11. Ima saver Says:
    1357243872

    Sounds like fun!

  12. Kim Says:
    1357244087

    Sarah;
    there actually is a group on FB that was created just for the purpose of helping to support those who are taking part in this.

    https://www.facebook.com/groups/52WksofMoney/

    GOOD LUCK!

  13. wowitsawonderfullife Says:
    1357254111

    Hmmm, this might work for my emergency fund. Great idea!

  14. Beawealthywarrior Says:
    1357259200

    Yet another option for this challenge

    OPTION #2: where I set aside/save a dollar amount equal to the week number added to itself, (for example: Week 1: 1+1= $2; Week 2: 2+2= $4; etc.), for the entire 52 week period of the challenge. In doing so, I will have saved $2,755.00 by the end of this challenge.

  15. My English Castle Says:
    1357277986

    I saw it too! Count me in!

  16. mom-from-missouri Says:
    1357349075

    Did you notice their math is wrong? You actually save more as they are wrong from week 49 on up.
    You can do the same by saving $26.50 a week, which would jump start the interest a little sooner.

  17. Homebody Says:
    1357401128

    Oooh fun, I will try it!

  18. mom-from-missouri Says:
    1357409601

    The facebook site has the math on this wrong, and they also had several other posts that were wrong, which they have now deleted. So, double check everything--but, they are on the right track!

  19. BoomerangBuck Says:
    1357424584

    This is such an amazing idea! Thank you for posting the image and concept. It reminds me of what I've been doing for weight loss..."Habit Stacking." Same can be applied $1 at a time too! Such a great idea and I think I'll try it out this year!

    Thank you again!

  20. Amber Says:
    1357477394

    Love it! Count me in

  21. Wino Says:
    1357710407

    I think any idea that gets people to save is good, but this would be better applied to debt repayment if you've started your journey out of debt. If you're already out of debt, then $1400 in one year is pretty small potatoes.

    If you don't have an EF and have just started trying to attack your debt, I see this as a good way to start to develop discipline. It is similar to the Greek myth of Milo of Croton, who was said to have every day lifted a calf upon his shoulders and carried it with him as he ran around a track, until the calf was a full-grown bull. This is a way to develop "financial strength."

    PS. The typo is only on week 49. Week 50 shows $1225 plus 50, so the $1125 is only a typo. Weeks 50 - 52 are correct.

    Would anyone like a spreadsheet to help them track this? I can whip one up in Excel in just a few minutes. I think there should be the columns above, an additional column for your "real" savings, and another calculated column for the difference (plus or minus). Any other ideas what should be on the spreadsheet? Maybe a couple of cells for "ten year look ahead" assuming you've done "where you are today" for a total of ten years at (another cell's) interest rate?

  22. Nika Says:
    1357939054

    Looks like a lot of effort to just move money around. It does not create additional money. Increasing income or decreasing outgo contributes to savings.

  23. mom-from-missouri Says:
    1357947639

    Nika, I don't agree. This intices people to save--people who otherwise don't save and smoke it, drink it, movie it, clothes shop it......
    Its not just moving it around, its generating the desire to move it from the spend it pile to the save it pile.

  24. aevans1206 Says:
    1358023393

    Done. Just went in my ING account, opened a new one and titled it 52 week challenge. Simple and effective. LOVE it!

  25. Bingo Says:
    1358734288

    Cool idea, I love this type of inspiration. I have not been on this site lately so missed three weeks but can catch up quickly. Lucky they are the first three weeks of the year! I think this will make a fun splurge account at the end of the year. The other challenge I am doing is "no spend days"

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