Every time a new year comes around, people choose the new year resolution to save more money. That’s where the 52-week money challenge comes in. This is an excellent way to save for a downpayment on car finance or to help with any outstanding accounts to improve your credit score.
The concept is simple: on the first week, save $1 and for every succeeding week, increase it by one dollar.
So, that means $2 for the second week, $3 for the third week, etc. By the time you reach week 52 of the challenge, you’d be saving $52 a week, for a total of $1378 as illustrated below.
This is a great way to celebrate the small wins in saving money. Often people struggle to save funds as their outgoings outweigh the funds incoming.
Another great aspect is there’s no limit to how much you can save. If you end up saving more than the amount each week, amazing! Think of this as a minimum amount, anything above is excellent. Keep track of how much you actually save each week by writing it on the printout.
Make it easier for yourself by using your bank account. Set up your account to transfer the money every week so you can do it all automatically without having to think about it. You can even go the extra mile and round it off to increase your savings even by just a little bit. You’d be surprised by the amount of money you’d have saved without even realising it.
The 52-week money challenge is an excellent way for you to kickstart your savings. You can do the challenge as a way to make enough money for a downpayment on your car finance towards a safe, reliable vehicle.