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The 52 Weeks Savings Challenge can help you save money – even what you can! Canadian Budget Binder shows you how.
CBB friends, I always like to start the new year with a challenge because this is when we are motivated.
Often, it’s also a time of despair for people who are in debt or spend too much over the holidays.
Besides setting up a budgeting system, I feel a 52 Weeks Savings Challenge will help create a habit.
How Does The 52 Weeks Savings Challenge Work?
The good news is the 52 Weeks Savings Plan can be as aggressive or as little as you’d like.
There are no set rules for a savings plan of this magnitude because you are in charge.
The key is to be consistent and authentic to yourself without dipping into the money because once it’s dropped, it’s locked in for the year.
- Get a glass jar with a lid to see your savings through.
- Print out the 52 Weeks Savings Challenge Form Here.
- Fill out the form by writing your Savings Goal. Add something here, even an estimate.
- Add $1, $2, $5, or $10 to the jar each week and pencil it in on the chart. Each column has 50 circles, so you can decide how and when to save.
- If you fill in an entire section with $1, and that’s all you can afford, pencil in the amount under one of the other columns so you can keep track of what you deposit in your jar.
- Another idea is to color code each dollar amount with pencil crayons. This could make it easier to add the final numbers at the end of the year. Keep a color chart in the Notes section for reference.
- At the end of 2024, whoever joins me will add everything and see how much was saved.
- We can also discuss what you will do with your new savings stash at that time.
How Much Can You Save With The 52 Weeks Savings Challenge?
This is a great question; the answer depends on how much money you can save.
For example, saving $1 a week for 52 weeks will save $52.
Double that dollar to two dollars; you will save $104 in 52 weeks.
Perhaps you have a savings goal of $5000 to build an emergency savings fund for 2024.
You’d have to save $96.15 weekly for 52 weeks to save $5000.
Divide whatever amount you want to save by 52; the answer is how much you need to save weekly.
Just because you only save $52 for the year, that’s a giant step if you’ve never had any savings.
The lesson for this 52 weeks challenge is more about training yourself to save than how much you save.
You see, once we get into a motivated state, it’s easier to strive for bigger goals.
Believe you can do it, and you will.
Optional Savings Plan Ideas
There are two other optional savings plan ideas for this challenge using one denomination.
For example, you could opt for a $1 weekly savings plan, a bi-weekly savings plan doubling the amount, or a monthly savings plan.
Not everyone is paid weekly, so consider what might be the best option for your budget.
Things To Save Money For
The list is endless whenever I do one of these savings challenges and get asked what we are saving for.
No matter who you are, we all have to pay for something, and savings will come in handy.
Below are some examples of what you could put your 52 weeks savings challenge money towards.
- Saving for a Tax-Free Savings Account
- Registered Retirement Savings Plan
- Emergency Savings and Peace Of Mind
- Registered Educational Savings Plan
- Home Renovations
- Pay Off Debt
- Reduce Credit Card Debt
- Save For Something You Want Or Need
- Donation
- Travel Plans
- New or Used Vehicle, Repairs and Accessories
- Pay Off Your Mortgage With Extra Savings
You get the idea; whatever you choose is personal as it’s your money. Just make it count.
Build Your Savings Strength With Confidence
I hope to see some of you comment below that you will support this 52 weeks savings challenge with me.
Contact me via email or comment below if you’re in!
For those who complete it and report to me monthly via email for the year, your name will go in a draw for a gift card in December 2024.
Mr. CBB
Discussion: Why would you want to participate in my 52 Weeks Savings Challenge?
Please leave me your comments below.
I want to participate this year (I always say that) I would like to save to contribute to a TFSA for my future self/ retirement. I’d like to save $2 per day (seems doable) and also any windfalls that may come my way. count me in!
This is wonderful. I look forward to hearing about your journey each month. Ensure you email me with stats each month. 🙂
Mr. CBB
I have always wanted to take a vacation and go somewhere but never have the funds to do anything when I take my vacation. This year I am being proactive and working on the 100 envelope challenge and have booked a cruise in January 2025. This should pay for my vacation in full as well as provide a date to complete my challenge.
How does a 100 envelope challenge work?
We are accepting the challenge! My partner and I plan to set up an emergency fund now that our finances are getting better and this sounds like a great way to start it. We have set an ambitious goal (for us) of $50 per week.
Hi,
That’s fantastic and what a goal! I look forward to hearing about your 52 week journey to set up your emergency fund.
Mr. CBB
Hi Mr. CBB.
I do the 52 Week Challenge every year, with the Week number corresponding with the number of dollars. I usually give myself a head start in the New Year with a couple of hundred dollars and work from Week 52 down to Week 1. The end of the year cash flow gets a bit tight and more difficult with the higher weekly contributions so going in the reverse really helps me.
At the end of the year, I take that accumulated cash and pay off Christmas spending on my credit card (or that amount handles the bulk of the Christmas spending). I could not do Christmas without this year long savings.
I would love to try this bubble method where you fill in the $1 – $10 bubbles as you accumulate.
Angelina
Hi Angelina,
That’s a great way to save money by going in reverse to save money for Christmas. I can’t wait to see how you make out with the bubble method!! Send me your stuff monthly. 🙂 Good luck but you don’t need that. Mr. CBB
I didn’t know to hit you up with this! I made it a goal to save $42/week. Why $42? 1 $20 bill, 1$10 bill, 1$5 bill and 7 $1’s (one for each day of the wek) So far I’ve put in at least this much. It goes in a glass jar so I remember to do it. To be honest, it’s also less likely to be spent if I see it in the jar and not in the bank. I took your bubbles and adjusted them to what I wanted save.
I plan on using this for next years vacation planning. Cruise anyone?
How’s your 52-week challenge going Lisa? I’d love to hear back from you.
Mr. CBB
Love your blog and I really like the 52 week shavings challenge.Your blog is fantastic.
Thank You Rose for your kind words. It means lots to me.
MR. CBB