The 52-Week Money Challenge

The 52-Week Money Challenge is the perfect way to jumpstart a savings journey for the year. Simply save the dollar amount that corresponds to the calendar week. Set aside the dollar amount that corresponds to that particular week.

So, One dollar ($1.00) for the first week, Twenty dollars ($20.00) for week 20, and finally, Fifty-two dollars ($52.00) for week 52. This savings strategy is easy to follow using the corresponding chart below (and online).

The challenge can begin in any month as long as you adhere to the 52 weeks. The final outcome and total accumulations of savings will be One Thousand Three Hundred Seventy-eight dollars ($1,378.00) after 12 months. This is a nice reward for having the discipline to save. A printable chart for the year 2025 is available via the following website:

https://www.money-challenge.com/tools/52-week-money-challenge-printable-chart

The Fidelity Smart Money article, "The 52-Week Money Challenge: A guide to saving throughout the year," displays a general 52-week chart that can be used over any 12 month period:    

https://www.fidelity.com/learning-center/smart-money/52-week-money-challenge

Adjustments can be made as to how much and when you set aside weekly amounts. For example, instead of saving the dollar amount that corresponds to the calendar week, you can set aside a lump sum at the end of each month. I'll use the first two months of 2025 as an example: During the 5th week of the year which is in the month of January (1/29/2025) you would set aside twenty-seven dollars ($27.00). Week nine in February (2/28/25) you would set aside thirty dollars ($30.00). Whether you set aside the money on a weekly, bi-weekly, or monthly basis, by the time week nine rolls around you will have still saved forty-five dollars ($45.00). You can increase this monetary challenge by saving double or triple the amount.

Assign a Destination for Your Savings

Now these funds have to go somewhere. Stashing it away in a piggy bank might be cute but placing it where these funds will accumulate interest, reward you with dividends, and ultimately, increase the original amount deposited is a superior savings strategy. You can be cute or clever; the choice is yours. Here are some suggestions:

• Traditional or High-yield Savings Account
• Money Market account
• Certificate of Deposit (CD)

Spending Your Savings

The final amount of One Thousand Three Hundred Seventy-eight dollars ($1,378.00) can be used for a vacation or to purchase a few shares of some expensive stock. There may be times when you may need to dip into these accumulated funds in case of an emergency, such as an unexpected car repair.

This is also a wonderful family endeavor. Do you have roommates? Well, create a competition. The winner gets to be king or queen for a day and the other 'roommies' must obey their commands, such as taking over their chores for a month or serving them snacks from the kitchen. Make it fun! You can check off each week on the printable chart or design your own colorful poster to chart your success.

Who's going to accept the 52-Week Money Challenge? Here's to savings success!

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(Paula Goddard is a contributing writer for Atlantic City Focus. She is an award-winning writer, personal finance advisor, community organizer, and educator. She can be reached via social media @paulasuniverse - via email at pgMoneyMinute@gmail.com & via telephone at (202) 681-8767.)

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