A Year of Saving: The 52 Week Saving Challenge

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I’m sure plenty of people have seen the 52 Week challenge posted somewhere on the internet. I did last year and it was a really great way for me to save up money this past year. The challenge, for those of you that don’t know, is each week you save the dollar amount for the week in the year we are up to. The first week you save one dollar, the second week two, the third three, and so on.  Below is a link to a pdf chart of how that money ends up accumulating. (I created my own  because all the images I found on the internet have an error.)  At the end of the year you end up with a little over thirteen hundred dollars.

I figured it seems easy enough and I needed to save up for a lot. Since I don’t trust myself with the money within reached, I used an online savings account and transferred the money each week. When I started I felt like it was easy enough and the first couple months it was adding up real quick. Before I even knew it I was up to a hundred dollars, and I hadn’t missed a dime of it.  For years I’ve had a very limited budget so usually saving doesn’t feel like an option. Eventually,  it did get tougher and I dipped into the last of my previous savings. Mainly it was so I could stay on track and still get a bill paid.  As it started to get tougher it also didn’t seem to be adding up too quickly. When I finally hit six hundred it seemed like it took forever, but it felt really good. Luckily around October I began working full time. So at the end of the year when its hardest to save and the deposit is higher I actually breezed right through.

Around Thanksgiving, I had to dip into it to buy some desperately needed items that I had planned on using the money for anyway. One of them being my brand new computer, which will hopefully help me get more work done. (The old was was barely holding together and it took hours to do the smallest tasks.)  Even after that I still kept making the weekly deposits for the rest of the year. I still have a couple hundred to play around with and am planning on what to do with it. I’m really glad I did this and that I do have the extra money to play around with. It was pretty easy and even once it started getting challenging it felt good to work towards a goal. I’m would like to try something a little more challenging this year so I can save up even more. I’m not sure what to do though. I guess I should look around for some other challenges and savings techniques. If you know of any I’d love to hear about it.

52 Week Savings Challenge – Sheet1

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4 thoughts on “A Year of Saving: The 52 Week Saving Challenge

  1. I’ve heard of this saving plan before and it certainly sounds interesting. Congratulations on making it through the whole year! Since you said you were looking for other challenges and techniques, I’d like to invite you to visit my site, http://lessonsinpersonalfinance.com/. I have some free spreadsheets there for budgeting and paying off debts as well as info on saving and investing money. I hope you find it useful.
    I wish you all the best with your financial goals for 2014!

    • lexc13

      Thanks. I lucked out though. I never would have been able to make it with what I was making at the beginning of the year.

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