Saving extra money can be a headache, but that is where this 52-week savings challenge comes in. Following this free printable savings tracker is an easy way to put away $2024 by the end of the year!
52-Week Money Challenge For 2024
As we reach the end of another very long year, it is time to say goodbye to 2023 and start planning for 2024. For the most part today, our menus are planned, our gifts have been purchased, and our credit cards are at their peaks.
A lot of people have had a hard time the last few years – between finances, health care, and other major stresses – so it’s not surprising that many of us are looking forward to the first week of January.
That said, as we go into the new year, let’s let the trivial things go and focus on the biggest things once again. And right now, let’s focus on our financial goals with a fun first challenge.
Money Savings Challenges Work
While most of us aren’t in the best financial situation at the beginning of the year, it doesn’t have to stay that way for very long. Money-savings challenges can be a great way to get yourself out of a slump and on your way to an end goal that you choose.
Whether you want to have an emergency fund, money for future Christmas gifts, a new car, or extra cash for a family vacation, one of the easiest ways to put money aside is when you are following a savings chart.
The idea is that by stashing away a set dollar amount and accumulating weekly savings over an entire year, you’ll have a lot of money saved without having to think too much about it.
Free Printable Chart
Here is my New Year’s challenge for you. With this savings plan, by putting away approximately $38.92 each week, you will have a total savings of $2024 by the end of this challenge – which is a good chunk of money.
That means that by the end of the challenge, even if you are on a tight budget, you will have developed a savings habit that has put you in a much better position than you would have been.
Don’t call it a New Year’s resolution, call it a simple way to develop a new habit that will help you with future financial goals.
Where To Keep The Money
There are different ways that different people prefer to save their money. Whether you want to open a savings account or checking account just for this purpose or you prefer to stash the cash away under your mattress or in a piggy bank, do what works for you.
That said, I highly recommend having a separate place to deposit money for this 52-week challenge. If you already have cash envelopes for savings, you will be inclined to take the money out as you want it. If you save everything in the bank account you use for everything else, you won’t be able to keep track.
You want to be able to see the amount of money that you are contributing each week, so the best way to watch your small steps turn into something larger will include something completely separate.
Weekly Savings Challenge Printable
Here is how this works – print out this 2024 savings challenge printable worksheet and put it on the refrigerator or in a safe place. Each week, save $39.92 or more. If you can save higher amounts or round up, do it. Even an extra dollar or two per week will add up over the time frame of an entire year.
And consider having automatic transfers from one account at your financial institution into the new account. This allows you to forget about the direct deposit until the last week of the year when all you see is that larger amount. If this new account is a high-yield savings account, that’s even better.
Enter the weekly deposits on the money savings worksheet. If you can’t save as much this week, try to make up the difference next week. It is okay to save different amounts, just keep track on the form.
If $39.92 is too much for you and you can only save small amounts of money, put in that effort. Because even $5 per week will have you finishing the year with a total amount of $260. That is enough for unexpected expenses or an amazing holiday meal from the grocery store plus gifts.
It may not feel like much money is being saved each week, but that is the point. You don’t need to have a side hustle to feel like you’ve found some easy money. The important thing is to set a savings goal and follow through each week. It’s a fun way to make things easier for the whole family. Good luck!
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FAQs
Match each week's savings amount with the number of the week in your challenge. In other words, you'll save $1 the first week, $2 the second week, $3 the third week, and so on until you put away $52 in week 52.
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 much is $1 a week for a year? ›
The 52-week money challenge is a savings method where you increase the amount you save by $1 every week for a year. So, you'll deposit $1 into your savings account during Week One, $2 during Week Two, and so on, until you reach Week 52 and deposit $52. Your total savings over the 52 weeks should total to $1,378.
How can I save $5000 fast? ›
How to Save $5000 in 3 Months [2024]
- Create a Budget and Plan.
- Pick up a Side Hustle.
- Sell Things Around Your Home.
- Refinance Debts.
- Cut Unnecessary Expenses.
- Reduce Living Expenses.
- Try an Envelope Savings Challenge.
- Use Cash Back Apps.
You'll end the challenge with over $1,300 saved If you successfully complete the 52-week money challenge, you'll have $1,378 set aside. You may have that earmarked for a specific financial goal —or you may choose to put it in a high-yield savings account as the start of emergency savings, if you don't already have one.
What is the envelope budget trick? ›
To begin, a good rule to follow is the 50/30/20 method: 50% of funds go to needs, 30% wants and 20% to financial goals. Make an envelope for each category that applies: rent, utilities, phone bill, gas, groceries, emergency, savings and leisure. Put aside cash in each envelope corresponding to the amount used.
How to save $1,000 in 30 days? ›
11 Easy Ways to Save $1,000 in 30 Days
- Create a Budget. ...
- Automate Your Savings. ...
- Create a Savings Bingo Sheet. ...
- Negotiate Your Bills. ...
- Separate Wants From Needs. ...
- Plan Your Meals. ...
- Buy Generic Brands. ...
- Cancel Unnecessary Subscriptions.
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.
What is the 52 envelope 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!
What is the $5 000 envelope challenge? ›
The 100 envelope challenge is easy to set up. All you need is 100 envelopes numbered 1 through 100. Each day, you pick an envelope and fill it with the amount of cash corresponding to its number. You put $1 into envelope #1, $2 into envelope #2, $3 into envelope #3, and so on.
The answer to that question depends on interest rates or rates of return. With no interest involved, putting one dollar a day into a bank account (or a jar at home) will see you end up with $365 in a year. Multiply that amount by 30 years and you'll end up with $10,950.
How much is $7 an hour annually? ›
How much is your salary? $7 hourly is how much per year? If you make $7 per hour, your Yearly salary would be $14,560.
How much is $100 every two weeks? ›
If you make $100 per two weeks, your Yearly salary would be $2,600. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 40 hours a week.
How much money is $500 a week for a year? ›
What is 500 a week annually? Earning $500 in weekly wages is the equivalent of earning $26,000 a year. This calculation is based on the person working 52 weeks a year; the math is 500 x 52, which equals $26,000.
What happens when a stock breaks 52 week high? ›
Effect of 52 Week High on Stocks
A 52 week high shows that there is a strong chance of significant gains ahead. It often nudges investors to buy more securities of the company. As risky as this may sound, the results can be quite rewarding too.
What happens when a stock breaks 52 week low? ›
Trend identification and market sentiment
For instance, a stock hitting new highs might be in a strong uptrend, indicating robust company performance or positive investor sentiment. Also, a stock touching new 52-week lows could be in a downtrend, possibly due to company-specific issues or bearish market sentiment.
How to calculate 52 week change? ›
This number is calculated by finding the difference between the current price and the high or low price over the last year, then determining what percentage of the high or low this difference represents.
Is 52 week high a good strategy? ›
Hitting a 52-week high can boost investor confidence in a company's performance and prospects. It implies that the company is achieving positive financial results and meeting or exceeding market expectations. This confidence can lead to increased buying interest and potentially drive the stock's price even higher. 3.
