52-Week Money Saving Challenge

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52-week money saving challenge is designed to challenge you to save and develop a savings habit.

Do you want to save money?

I am sure most people will answer yes to that question. The truth is that many people don’t move beyond that answer to take the next step.

Why not start saving more today. A good way to start saving is by doing the 52-Week Money Saving Challenge. You start by saving $52 on week one. Week two, save $51. Week three, save $50 and so on until in week 52 you save $1. If you stick to this challenge throughout the year, you’ll save a total of $1,378.

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What is your savings goal?

Why are you doing the challenge?

Building an emergency fund?
Trying to pay off debt?
Saving for a vacation?
Are you saving to have a debt-free Christmas?

Write it down

It is important to write your goal down or place it where you can see it daily. You could also create reminders on your cell phone, whichever is easier for you. Seeing your goal daily will be a reminder to you of the savings challenge.

Why should you take the 52-Week Money Saving Challenge?

Taking the challenge will help you develop a savings habit for now and in the future. $1,378 may not seem like much to some people, but it is a small start that can be increased to a larger amount. Again, the idea of this challenge is to create a savings habit.

A Federal survey published in 2018 found:

Many adults are struggling to pay for retirement. Less than two-fifths believe that they are on track with their savings.
4 in 10 adults if faced with an unexpected expense of $400, would either not be able to cover it or would cover it by selling something or borrowing money.

If you complete this challenge, you’ll be able to afford to pay for an emergency without going into debt.

Here are a few tips to help you stay on track and successfully complete the 52-Week Money Saving Challenge.

Develop a budget

If you have never created a budget, this is a good time to start. Track your expenses and develop a budget that works for you. While tracking your expenses, find areas and ways to cut down your expenses and free up extra cash for the money challenge.

Cut down your grocery bill

I have a tendency to spend excessively on groceries and I am sure I am not alone. If you spend more than the budgeted amount or you tend to stop at the grocery store several times a week, it is time to cut your spending.

Create a meal plan

Having a meal plan makes it easier to come up with a shopping list. Before you go grocery shopping, look in your pantry, freezer, and refrigerator for items you already have at home. Then create a meal plan around those items. This way you’ll use up what you already have, avoid overspending and prevent waste (use food items before they expire).

Shopping list

Please don’t go grocery shopping without a list of the items you plan to buy. It is so easy to get carried away when you go into a store without a list. Make a shopping list based on the meal plan that you created and only buy what is on your list.

Shop sales

Use the grocery store sales flyers to check for the sale items for the week. Plan your meals around the sale items. Planning your meals around sale items will save you a ton of money over time.

Use coupons

Check for available coupons for the items on your list. There are a number of stores that will allow a manufacturer coupon and a store coupon on one item. Increase your savings by also downloading the Ibotta app for additional savings.

Reducing the grocery budget does not mean cutting down on the foods you enjoy. With a little planning, you will reduce the amount of money you spend on grocery. The money saved can go towards the 52-week money saving challenge.

Lower or eliminate your cable bill

Switching to an internet-based streaming service could save you hundreds of dollars a year. From personal experience, not everyone can eliminate their cable bill. For example, in my area, to get faster internet speed, it is cheaper to get internet and cable combined. In instances like this one, I will recommend negotiating your monthly bill, you will be amazed at how much you can save.

Earn extra money

There are many ways to earn extra cash by either working from home or working a few extra hours outside the home.

Blogging – Become a blogger. How to start a blog.
Uber Driver – Become an Uber Driver. Uber offers flexible hours.
Fiverr – If you have a skill, offer your services on Fiverr for a fee.
eBay – Look around your house and sell things that you no longer us.

Automate your savings

To prevent your saving plan from derailing, automate your savings. Set up an automatic withdrawal from your checking account into a savings account. I find it easier to have a certain amount of money deposited from my payroll into a Credit Union account. If your employer offers this added service, I will encourage you to take advantage of it.

Are you taking the 52-week money saving challenge?

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