A new year means a new chance to make your money work even harder for you.
With that comes the outbreak of many money saving challenges, one of the more popular ones being several versions of the 52 week money saving challenge.
In it’s simplest, basic and original form, the concept of the 52 week saving challenge is to save a certain a mount of money each week in a ascending form.
In week 1, you would save $1. Week 2, you would save $2. All the way down to week 52, where you would save $52 for that whole week.
At the end of that challenge, you would end up with $1,378 dollars in your saving account!
Since that challenge came out, I’ve seen several other versions of this challenge being the “Reverse 52 week challenge” where you start out saving $52 the first week, $51 the second week and so on and so forth. There’s been a 26-week version for those who get paid bi-weekly, and even an alternating version.
SO many ways to do this challenge.
I guess I wanted a little MORE challenge this year though. So I am devising my own money saving challenge that I’m calling…
The 12 Money Months Challenge
In this challenge, you will save according to each month’s position in the year.
That doesn’t make any sense.
Now let me explain!
January is the first month of the year, so everyday you would save $1 and at the end of that month, you would have $31 saved. February is the second month, so you would save $2 every month of February and end up with $56 ($58 on a leap year 😉 ). In March, you would save $3 everyday which would amount to $93 saved for the month.
I created a chart to help with this and this is the savings schedule for this challenge:
At the end of the year, you will have saved a minimum of $2,382.
A little more intense than the 52 week challenge but a little less terrifying than the 5k and 10k money savings challenges. And you end up with over $1,000 more than the original 52 week challenge!
So in the year of 2019, this is the financial challenge I will be embarking on. You can either plan to save a certain amount of money everyday, take the month’s balance and divide it into how many paydays you have, or just save the entire sum of the month from one pay period if you can. Just as long as you save!
Though there are many other financial challenges out there besides the 52 week challenge and this one. You can embark to do a No Spend challenge, Save All Your Dimes challenge, Save $5 Bills challenge, and more! What are your thoughts and how do you plan to manage your savings in 2019? Share your thoughts below.
But until next time, I hope you all have a wonderful day. Toodles!