52 week money challenge

I'm participating in the 52 week money challenge and was wondering if anyone else is. I just found out about this last night and made my first "deposit". I'm hoping my finances work out and I can stick with it. It would be nice to have $1,378 saved at the end of the year.

If you're not familiar with it, what you do is the first week you "deposit" $1, then the second week $2 and so on until the 52nd week of the year you deposit $52. If you make all the "deposits" you'll have saved $1,378. Some people are starting with the larger amount and working to the $1 at the end of the year since they're more motivated early in the year.

There's various websites about it with spreadsheets to help you keep track of your savings.

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13 replies since 5th January 2013 • Last reply 5th January 2013

Reply #1:

Sounds interesting. It's easier for me to just not spend money though since I rarely have any to deposit.

I might try it though. $1378 is enough for a trip to my favorite tattoo artist with enough left over for the bicycle I want.

Plus, I suppose... a weekly deposit makes it pretty easy. I think I'm going to dust off a piggy bank. I'll see if my fiance wants to do it with me, then we could double the money and do something awesome together.

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Reply #2:

Saving money is one of my goal this year, since I want to go to New York next New Year Eve.

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Reply #3:

I think I might try this, but with a set amount of money every week, because I don't have a job and I don't know if I will be able to put in the larger amounts at the end of the year.

This would be roughly $114.83 a month. So about $30 a week. Maybe I should start small and see if I get a job...

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Reply #4:

I think I will have to try this. Happy

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Reply #5:

I never heard of that but I think I'll talk to my boyfriend about doing it. That sounds like a great idea for us as we're needing to save money more than ever now.

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Reply #6:

I thought more about it and realized how genius it is, really.
$1378 is enough to pay off my credit card in full, or if my fiance and I do it together, we can go to Hawaii or somewhere nice for winter break.

I just need to find one of my piggy banks. The irony is that I might have to go buy a new one ._. We don't have anything safe to keep money in right now, other than our bank accounts. lol

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Reply #7:

Even if you share the amount with someone each week, it will still be nice for the two of you to have $1378 at the end of the year. Especially when October, November and December roll around and the weekly amounts reach the $40+ mark. Even doing half of the amount will be a nice treat at the end of the year.

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Reply #8:

I'll just put my money in a piggy bank/ safe place so I don't have to go to the bank just to put in a dollar haha

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Reply #9:

I'm in for sure and got my friend to join in too. It's a battle now to see which one of us will make it to 52wks and the loser have to take the winner out to eat. Also I posted a D.I.Y piggy bank challenge on the challenge board.

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Reply #10:

doin it!!!

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Reply #11:

I think I'm going to modify this a little and make a list of $1-$52, and put in what I can as I can and cross off the amounts as I go. That way it'll stay easy.

I might even sneak in some extra cash every once in a while to boost my savings. I can't wait until the end of the year so I can pay of my credit card or get some new ink. Happy I'll have to do it every year if it's successful this year!

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Reply #12:

Great idea, its about time i saved some extra euros!

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Reply #13:

This doesn't sound like much, but I have $3 in my fund already. Two weeks down 50 to go.

Good luck everyone! We are going to do great things in 2013.

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