I've decided to try this 52 week saving challenge

@saundyl (9783)

Canada

March 6, 2013 9:18pm CST

I've been checking out some personal finance blogs and i found this 52 week savings challenge. It looks neat and fairly simple to try so i've decided to try it. The idea is the first week you put a dollar away the next you put in two dollars with the previous weeks money then three dollars. Progressively uping the dollar amount you save during the challenge. After 52 weeks you end up with $1378. Theres the option of putting away each dollar amount different weeks as well rather than in order so if week 4 you have $52 to put away you can. I've decided to modify it a bit and put away a little extra as i have change or extra income so the last few higher weeks arent as high or hard because i'm "pre saving it" I'd like to either use it for christmas money or for a trip somewhere or the start of a trip fund. Have you tried a savings challenge? Would you try one?

5 people like this

17 responses

@jdawg011 (498)

• Canada

7 Mar 13

Sounds like a great thing to try. I'd rather just try to save money on my own free will though, but if you need motivation it seems like a great way to save that extra money. A whole year is quite a while for a challenge though, so you;d have to dedicate yourself to it quite a bit.

1 person likes this

@saundyl (9783)

• Canada

13 Mar 13

Saving really should be something one does long term anyways.I just thought the "challenge" was a fun idea not a motivation.

@jdawg011 (498)

• Canada

14 Mar 13

Yes that seems right to me. It is always interesting to have a challenge too. 52 weeks may be too long for some people though, but it would be quite an experience, and would teach you how those less fortunate live as well.

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@saundyl (9783)

• Canada

14 Mar 13

52 weeks is only a year.

@mariaperalta (19073)

• Mexico

7 Mar 13

Great idea !!! and so little it wont hurt much to save it that way $$$ I may give it a try. Im good at saving money when I can here.

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@saundyl (9783)

• Canada

12 Mar 13

I'm finding it fun so far.

@saundyl (9783)

• Canada

13 Mar 13

If you do try it good luck. (if you search for it there's some awesome spreadsheets to keep track)

@mariaperalta (19073)

• Mexico

12 Mar 13

Its a great idea, I hope it works for you there. Good luck with it...

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@allen0187 (58444)

• Philippines

8 Mar 13

hi there saundyl. thanks for sharing this saving challenge. if you don't mind, kindly pm me the personal finance blogs that you read. this is one of my interest and i do believe that the more resources i have to teach me ways to save, the better i will actually be in saving. i use a 60-40 plan for saving which is basically setting aside 40% of my monthly income for savings and then have the remaining 60% for my expenses. i have at times though tweaked this and saved as much as 505 of my salary per month to be put away in my savings accounts. cheers!!!

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52 week savings challenge

savings challenge

@saundyl (9783)

• Canada

13 Mar 13

That is awesome! I wish i could save that much a month. Right now am still currently working more on debt reduction. Will try to pm you the blog names (most are Canadian ive been reading) when can check the links at work in the next few days. A couple are Blonde on a budget, young adult money, modest money, Canadian budget binder, budgets are sexy, give me back my five bucks, Each of those sites have blogrolls i often follow links to new ones.

@allen0187 (58444)

• Philippines

17 Mar 13

hi saundyl. thanks for sharing the blogs that you read. i'll look these up and check it for myself. '...saved as much as 505 of my salary...' should correctly read as '...saved as much as 50% of my salary...', just what to throw it out there to avoid any misconceptions or misrepresentation. lol! anyway, i would prefer to save more but my thinking right now is i should earn more so i can save more so i'm currently looking for additional sources of extra income. cheers!!!

@alicia812 (646)

• Australia

8 Mar 13

This is a good idea for saving money. However, I will still stick to my own saving system of saving all the change or coins that I have at the end of the day. Aside from this, every time I got a weekly budget from my husband, I make sure to save a certain amount FIRST, then, the Leftover becomes the weekly budget. Instead of spending First and the leftover becomes the savings.

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@saundyl (9783)

• Canada

13 Mar 13

I've tried saving coins without a set goal however i find my change i tend to end up spending before it makes it to the bank when i dont have something in mind.

@911Ricki (13588)

• Canada

8 Mar 13

I wish I could do this, but then I don't use cash. I do it all by credit card, which I tend to save more money. I am trying to find ways to save money right now, and put more into savings

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@saundyl (9783)

• Canada

13 Mar 13

Why a credit card for everything?

@leeandrew (1225)

• Philippines

8 Mar 13

Good for you. I might try that in the future too but not this time co's I'm on a 40 day of no rice and no coffee so I indulge myself of other things. :) Looking at the idea seems good indeed. That is even better done with people who has a daily income but with someone like me that is impossible. I tried saving too though when I was still single and childless and has work too, but now that I'm a full time mom and only hubby ha the income and every penny I earned online just went to extra expenses that is not included with hubby's budget. I'm a little broke :(.

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@saundyl (9783)

• Canada

13 Mar 13

Why 40 days of no rice or coffee?

@34momma (13882)

• United States

7 Mar 13

Yes I am doing this now. This is week 11 for me. That means i put $11 bucks into my 52 week savings plan account! I love how simple this is. Next year I will be doing it again and I am going to just double it!!

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52 week challenge

@saundyl (9783)

• Canada

12 Mar 13

That is so cool! I havent opened an account however I have a pretty "After eight" tin I'm using for the time being. I have it in the safe at work.

@andak2007 (3229)

• Philippines

7 Mar 13

This is challenging indeed but i doubt if i can accomplish this type of savings. I work on a very tight budget and with 3 small kids, they can really eat up most of my income and not to mention utility bills. What i do now is save a certain amount from my salary and make sure that i do not touch it, then when my next salary comes, i increase it a little and save it too. No matter what the strategy is, most important thing is that you have saved something for the rainy days.

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money management

@saundyl (9783)

• Canada

12 Mar 13

Its been a long time since i was able to actually put money aside for anything.

@maximax8 (31053)

• United Kingdom

7 Mar 13

That sounds like an excellent saving challenge. Wow! I have swapped bank accounts in order to get an 8 percent interest savings account that lasts for one year. When I have completed it hopefully I will have enough money to buy a second hand car. I already have an ordinary car but having a disabled child getting him in and out of it is getting way too challenging. Therefore I need to buy a car that has a wheelchair access ramp. I know if my family get that this autumn or next winter we will all be delighted. I am trying to save seventy five pounds per week in that saving account. I can't get the money until the one year time is up. Good luck with your savings plan.

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@saundyl (9783)

• Canada

12 Mar 13

Good luck with your savings too! I havent decided what the end result of my savings will be. I like to think i'd tuck it into a savings account in the long run but i have a feeling it will be used for a downpayment on a car or repairs.

@jugsjugs (12967)

•

8 Mar 13

That sounds a great idea as well as a really big challenge.You will have to let us all know how you get on and if you do the challenge with no breaks. I find no matter what I have tried to save ends up having to be used on some thing no matter what and that really makes me mad.Good luck.

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@saundyl (9783)

• Canada

13 Mar 13

i will definitely try to keep everyone up to date! I'm hoping to be successful with it and not have to skip any weeks. I think it would be awesome if i could get the same total in a shorter amount of time but i will try that next time instead.

@randylovesdar (4932)

• United States

8 Mar 13

I have not tried this method. I do save money however by saving my change and at the end of each week I deposit that into my savings account. The easy coins for me to get are quarters and pennies (a roll of quarters are 10.00 and the pennies are 50 cents) even though ocassionally I do get rolls of dimes and nickles. Once my online buisness is up and running it is my hope that I can put half of my earnings in savings and the other will be used to buy new materials to make more things.

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@saundyl (9783)

• Canada

13 Mar 13

That is awesome. I wont be getting pennies very often anymore as the govt of canada has discontinued the distribution of pennies

@natliegleb (5175)

• India

7 Mar 13

it is a good thing and the amount of money is quite less compared to the benefits and you can later use it,i remember one of my friend used it and got rewarded handsomely

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@saundyl (9783)

• Canada

12 Mar 13

Thats awesome

•

7 Mar 13

It is nice to see that you have taken it as a challenge. So I believe you will be successful in your mission.

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@saundyl (9783)

• Canada

12 Mar 13

It was posted as a challenge on personal finance blogs. I thought it would be neat to try.

@LoKoMoMe (511)

• Belize

7 Mar 13

I try this when me and my friend both have a same work, same company and same location. we only provide a big piggybank and a promise that we make a 50peso saving each day of work( equivalent 1.2 dollars a day ) and guess what? we do and survive saving money for more than two years and we got 42,500pesos each (almost 1k dollars). how proud I am on that time. If we make a promise and to promise that you will not break your promise until you reach your goal im sure you can be proud of it.. (confusing) I remember it again,, I miss doing it

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@saundyl (9783)

• Canada

12 Mar 13

That is awesome! Why did you stop doing it?

@Hatley (163781)

• Garden Grove, California

7 Mar 13

hi saundyl no I haven't but itS sure an easy way to start saving But I seldom have lots of spare change but by the time my rent and board and phone and cable internet bill and phone bill and med bill are paid I do not have much money left but what in the bank.And that stays there for goodness sakes

.

1 person likes this

myhsavings are in the bank really

@saundyl (9783)

• Canada

11 Mar 13

I was surprised at their addition and what the total came to. I even had to check it a couple times myself. I figured out it averages to saving $26 a week and change to get to the same total. I'd rather keep my money in the bank too when it s there!

@marguicha (215346)

• Chile

7 Mar 13

I is mathematically correct, but I could not save in the last month $49 plus $50 plus $51 plus $52. That would mean a saving of over $200 a month and it is an amount I cound not possible save. I do other kinds of savings, but they are more like saving more the first months, but not so much the lasts. I can save up to $100 a month unless something extra comes along.

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@saundyl (9783)

• Canada

11 Mar 13

I figured the last month would be hard to do, thats why i've decided to put in extra change as i go along for the next year to offset those last weeks.

@Bluedoll (16774)

• Canada

7 Mar 13

I see what they are doing here. It is like spending money and after a while we don't notice it. Gradually you adjust to payments and they progress to the point where you are really saving money. I can see how that can work but it might be tuff for people with very tight budgets though anyone with that kind of budget might not think about saving just getting by. I've tried the extra change thing of what is left over each day. All you need is a large container and promise not to raid the cookie jar.

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@saundyl (9783)

• Canada

11 Mar 13

I didnt think of it like that. But it does make sense...lull you into not realizing the savings. I have a jar right now. I took it to work so if im home i cant raid it and my friend is doing the same challenge now and she has hers here too in the safe. This way we can say to the other are you sure you need to take that out?