Tuesday, January 7, 2014

52 Week Savings Challenge


If you are active on Pinterest or have searched for saving ideas to pin, I'm sure you've came across this pin a time or two. Thanks to the original pinner, it's easier than ever to save up $1,378 in 52 short weeks. For every week of the year, you save that much in dollars. For example, week 1, you save $1... week 21, you save $21 and so on through out the year. If you stick with it by week 52, you will have saved a whopping $1,378.00. 

When I first mentioned this idea to James, he suggested we not do the challenge and put all our extra money towards bills. As much of a wise idea that is (especially since we are a single income family and have plenty of bills), I really wanted to see if I could pull this off. After some whiny convincing on my end, James gave in. I was so excited about the idea that I shared it with my brother and 2 girlfriends. The 4 of us will be so happy we invested in this challenge come December.

I'm not sure what we will use the money for. Some folks who have completed the challenge have pulled out in early December to use the cash for Christmas. While this is a great idea and a excellent way to have money for the holidays, I want to go the entire 52 weeks. Maybe we will plan a family vacation with the money or buy something our family needs or just maybe, we will move the money into our savings account. Either way, on December 31, 2014, we will be $1,378 richer. 

What is your savings plan for the year? Are you putting money aside like us? Cutting back on spending? Please share! I'd love to hear ideas for saving. And it's not too late to join me and take on this challenge! 

14 comments:

  1. oooh great challenge, I hope you make it! We have a certain amount of money taken out of each check and put into savings automatically. That's about the extent of our savings. Anything extra at the end of the month goes to student loans, ick. It sounds like fun to do a little vacay with it, but probably more responsible to put it in savings.

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  2. I save monthly too as that's how John gets paid. I'm pretty OCD about savings and our budget (I probably could loosen up a bit;)
    If I did a savings challenge like this I think I would put the cash into Callie's savings account we have for her.

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  3. Stephanie, I love this idea- and it really seems "do-able!" I can't wait to read your updates on this. We can all use money-saving ideas- thank you! :)

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  4. That's an awesome idea. I think we're going to start doing the "Envelope" budgeting system from Dave Ramsey!

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  5. This is such a great way and a manageable and relatively painless way to save a little extra money. Good luck in your challenge! :)

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  6. I've done this! It worked out pretty well, as long as I remembered to get out cash that week....Lol!

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  7. It's exciting to plot the use of your savings...good luck!

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  8. I want to do this but just transfer the money each week into Hunters saving account that we have set up for him since that's the one account I refuse to pull money from I know it will stay there.

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  9. I've seen this floating around and I'm so tempted to do it because it would be great for Christmas money. Glad to see you're trying it!

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  10. I've seen this challenge floating around and I think it would be an awesome way to save some money. Jeremy and I typically try to put money into our savings account every week, regardless of whether we really 'can' or not. These past three weeks we've both been sick and with the weather being the way it is and hours being cut back at my job, we haven't had a real paycheck in almost a month (right after Christmas at that) so we've had to be VERY frugal. We've found that if you make a commitment not to spend ANY money on anything (even if it's fora short period of time) that isn't necessary, you can save quite a bit.

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  11. I am doing this too!! We are doing it as "year 2," starting at $53 and increasing by a dollar a day. Such a fun idea!!

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  12. I saw this somewhere else - thank you for the reminder. I am SO doing this!!

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  13. Great challenge. I am always looking at ways to save :)

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Thank you so much for commenting on today's post. I reply to comments via Disqus so if you are curious as to what I may have to say in response to your message, just visit this post and check your comment. -- xo, Stephanie