The 52-Week Money Saving Challenge - ElectricityPlans® (2024)

The 52-Week Money Saving Challenge - ElectricityPlans® (1)
  • Written By: Shannon Bedrich

  • Want to save money at home this year? Maybe you have your eye on a new refrigerator or a get-away? The 52-week money saving challenge is an easy way to set aside that cash, to get quick and easy savings. Plus we’ll tell you how to add bonus dollars to your savings!

    What is the 52-Week Money Challenge?

    Many of us struggle with putting aside extra money. If we told you that you needed to save $1400 extra this year, that might seem a little overwhelming.

    The 52-Week Money Challenge makes it easier to save money, by breaking down your savings goal into smaller, achievable goals.

    How Does the 52-Week Money Challenge Work?

    Here’s how the 52-Week Money Saving Challenge works:

    The first week, put $1 in your money saving jar. The next week, put $2 in your money saving jar. Continue, adding an extra dollar each week. On week 52, you will put $52 in the jar. And when you empty your jar? You will have saved $1,378.

    Here’s what your savings plan will look like:

    The 52-Week Money Saving Challenge - ElectricityPlans® (2)

    Don’t just print this off and put it on your fridge. (Wait, how did we just read your mind?) Download the full PDF, print it off and tape it to a jar. Then put in in a visible location. We’ll explain why below.

    Free PDF 52-Week Money Saving ChallengeDownload

    Why Does the 52-Week Money Saving Challenge Work?

    The 52-Week Money Challenge (and other savings challenges) work through psychology.

    If you’ve tried saving money before (or losing weight, or quitting smoking), you know the drill. You start off with good intentions, but then get discouraged, or maybe skip a few weeks. Then you quit.

    The psychology of the money saving challenge is this:

    Building a Habit – When you do something consistently, you build a habit. Each time you perform that behavior (in this case, putting money in a jar every week), you are building small changes in your brain. Your perform the act of saving, your brain feels happy, and that reinforces your behavior.

    Making a visual reminder – Using a jar and a savings chart supports building a habit. You’ll have the visual cue of the chart. Plus you’ll have the positive feedback of seeing money go into the jar and build over time.

    TIP: Drop in loose change each week when you clean out your pockets or purse. That loose change adds up. The average household will save around $68 each year in change.

    Save an Extra $50+ a Month.

    There are many ways to save around your home, just by making changes to your utility bills. If you can save just $50 a month with changes to your utilities, that’s another $600 that you can add to your savings!

    The easiest way to save is by looking at your electricity bill, especially if you live in Texas, Ohio, Connecticut or other deregulated electricity market.

    Last year we helped a Certified Financial Education Instructor and financial blogger identify a $23.26 a month savings on her electricity bill. That’s $279.12 that she will save each year.

    Everyone’s savings will vary. But we can tell you that every day, we review bills for consumers to advise them on their electricity plans. And if your contract expires, you could pay 50% more than available rates. And it always pays to shop for electricity when your contract expires.

    Shop for Texas Electricity Plans to Save Money

    You can find other big savings on your water bill, natural gas bill, cell phone and cable or satellite. Just follow our Ultimate Guide to Saving On Utility Bills to implement these savings approaches.

    Easy Hacks the 52-Week Money Savings Challenge

    Want to increase your savings or change it up? Here are 5 easy ways to hack the money savings challenge.

    Reverse 52-Week Money Savings Challenge: Most people start the money savings challenge in the first week of the new year. That puts your largest deposits during the holiday season when money is tight. With this approach, simply reverse the savings and start from the bottom of the chart. Your first week, save $52, then $51, etc.

    $5 Money Saving Challenge – This one is fun. Every time a $5 bill comes into your hand, put it in the jar. No cheating — if you are getting $5 in change, don’t ask for it in ones!

    365 Day Penny Challenge – If saving each week is stretching your budget, do a daily penny challenge instead. Day one is one penny … all the way up to 365 pennies ($3.65) on the last day of the year. Your pennies add up fast. At the end of the year you will have saved $667.95.

    Monthly Money Saving Challenge: Put $100 in your jar in month one. Then $105 month 2 and so on. By next December, you’ll be saving $155 a month and have $1,530 in your jar.

    DIY Money Saving Challenge – Have Microsoft Excel? Download the Microsoft Office Savings Estimator sheet. Set your financial goal and when you want to reach it. Then let Excel do the work. It will break down your goal in daily, weekly and monthly savings targets.

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    The 52-Week Money Saving Challenge - ElectricityPlans® (3)

    About Shannon Bedrich

    Shannon Bedrich, co-founded ElectricityPlans in 2016 after shopping for electricity rates using a confusing state-sponsored website. A CPA and our CFO, Shannon is the one that deciphers the fine print on each electricity plan. Outside of work, Shannon enjoys spending time with family, rooting for the Aggies, and exploring all that Houston has to offer.

    The 52-Week Money Saving Challenge - ElectricityPlans® (2024)


    Does the 52-week money challenge work? ›

    But know that this savings plan is effective, and it can help you sock away more than a thousand dollars in a year — $1,378 to be exact. You could build up even more if you put the funds in a high-yield savings account. Doing the challenge takes commitment, but it's easy to start.

    What is the formula for the 52-week money challenge? ›

    There are no complicated rules to remember. Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal. By Week 52, you'll set aside $52.00, which will bring the year's total savings to $1,378!

    How can I save $5000 with the 52-week money challenge? ›

    Here are a few more ways to save $5,000 by the end of 2023:
    1. Save $96.16 every week.
    2. Save $192.31 every two weeks.
    3. Save $416.67 every month.
    4. Save $1,250 every quarter.
    5. Save $2,500 every six months.
    Jan 5, 2023

    How much money is saved in the 100 envelope challenge? ›

    After completing the 100 envelope challenge, you'll have saved $5,050. Each envelope will have a certain amount of cash, from 1 to 100. When you add all the envelopes together — $100 + $99 + 98 + $97, and so on, all the way down to $1 — the total amount comes out to $5,050.

    How much is $1 dollar a day for a year? ›

    If you saved $1 a day for a year, do you know how much money you'd have? Roughly $30,000. This is totally 100% true.

    What if I save $100 every 2 weeks for a year? ›

    If you save $100 every two weeks for a year, you will have saved $2,600. Here is the calculation: 100 dollars saved every two weeks. There are 52 weeks in a year, so that's 52 / 2 = 26 biweekly payments.

    How much is $1 a week for a year? ›

    All you do is start with $1 in Week One. Then every week after that you add $1 to the amount you're saving for the week. That's it! If you do this, you'll have a cool $1,378 extra in one year's time!

    How do you save $1 a week then $2? ›

    What is the 52 Week Savings Challenge? The idea is simple – you start by saving $1 at the end of week 1, $2 at the end of week 2, and so on until the end of the year, and by then you will have amassed $1,378!

    How to save $2,000 in a year? ›

    5 Ways to Save Close to $2,000 in One Year
    1. 1) Cut out one coffee or drink per week. Do you get coffee daily or get a drink on a frequent basis? ...
    2. 2) Cut out eating out once per week. ...
    3. 3) Use Store Apps for groceries. ...
    4. 4) Unused subscriptions/memberships. ...
    5. 5) Find local free entertainment or stay at home.

    How to save $5000 in 3 months with 100 envelopes? ›

    The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

    How can I save $1000 in 30 days? ›

    11 Easy Ways to Save $1,000 in 30 Days
    1. Create a Budget. ...
    2. Automate Your Savings. ...
    3. Create a Savings Bingo Sheet. ...
    4. Negotiate Your Bills. ...
    5. Separate Wants From Needs. ...
    6. Plan Your Meals. ...
    7. Buy Generic Brands. ...
    8. Cancel Unnecessary Subscriptions.
    Sep 26, 2023

    How to save $10,000 in a few months? ›

    How I Saved $10,000 in Six Months
    1. Set goals & practice visualization. ...
    2. Have an abundance mindset. ...
    3. Stop lying to yourself & making excuses. ...
    4. Cut out the excess. ...
    5. Make automatic deposits. ...
    6. Use Mint. ...
    7. Invest in long-term happiness. ...
    8. Use extra money as extra savings, not extra spending.

    What is envelope stuffing to save money? ›

    The concept is simple: Take a few envelopes, write a specific expense category on each one — like groceries, rent or student loans — and then put the money you plan to spend on those things into the envelopes. Traditionally, people have used the envelope system on a monthly basis, using actual cash and envelopes.

    How can I save 10k in 6 months? ›

    How To Save $10,000 in 6 Months:
    1. Get Serious About Money Management. Benjamin Franklin undoubtedly was an expert on money management. ...
    2. Do Some Calculations. ...
    3. Never Pay Interest or Fees. ...
    4. Create Multiple Streams of Income. ...
    5. Cut Down Expenses. ...
    6. Open An Online Savings Account. ...
    7. Don't Be Tight Fisted. ...
    8. Treat Yo Self!

    What is the $10000 in 100-envelope challenge? ›

    On each envelope, write the day number and the amount you need to save for that day. For instance, on the first envelope, you would write "Day 1: $1" and on the second envelope "Day 2: $2", and so on all the way to Day 100: $100. Each day, you take the envelope for that day and put the designated amount of cash inside.

    How to Save $10 000 in a year challenge? ›

    7 Ways To Save $10,000 in a Year
    1. Break Your Goal Down Into Smaller Milestones. On its face, $10,000 might seem like a daunting savings goal. ...
    2. Analyze Your Budget. ...
    3. Cut Unnecessary Expenses. ...
    4. Boost Your Income. ...
    5. Choose Where to Put Your Savings. ...
    6. Automate Your Savings. ...
    7. Celebrate Your Progress. ...
    8. Use Visuals to Motivate You.
    Nov 16, 2023

    How can I save $500 in 30 days? ›

    For something as short-term as this, it may be easier to set smaller, daily goals in order to make saving a part of your daily routine. In order to save $500 in 30 days, you would roughly need to save $17 per day, and this can be a combination of cutting back on spending and making extra money.

    How to save $5000 in 3 months? ›

    How To Save $5,000 In 3 Months: 8 Steps To Take
    1. Breaking Down the $5,000 Goal. ...
    2. Assess and Rebudget. ...
    3. Increase Your Income. ...
    4. Reduce Major Expenses. ...
    5. Smart Grocery Shopping. ...
    6. Limit Discretionary Spending. ...
    7. Automated Savings. ...
    8. Track Your Progress.
    Jan 29, 2024

    How much is a penny a day for a year? ›

    By the end of a 365 challenge, you will have saved over $667.00! For the very first day, you have to save 1 penny in a specific jar that you assign to your Penny Challenge. On the second day, you have to put two pennies in the same jar, and so on.

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