The 52 Week Challenge

An addiction to Pinterest occasionally reveals a very useful idea.  About two months ago, I discovered "The 52 Week Challenge," which seems to have become a bit of an internet sensation.  Now, I have no idea where or how the Challenge got started, but as a broke girl who is budgeting like crazy, I decided to give it a shot.

The 52 Week Challenge works like this.  Each week, you stash money into a jar, box, savings account, safe, or other holding place where for the duration of the challenge (one year), you will not touch it.  The first week, you put in $1, the second week, $2, and so on up to week 52, where you add $52 dollars to the kitty.

Starting with a dollar seemed a little ridiculous to me, and working up to $52 still seems a daunting task as I haven't gotten up to full-time hours at work yet, so I have been a little leery about the task.  But, as you can see from the chart below, if I can stick to it, it will be worth it.

Almost $1400 stashed away?  Who wouldn't love that?

One of the best parts of this growing way of saving is that by week 3, the money you have saved is already double what you're putting in for the week.  I'm only at week 5 at this point, so it's still pretty easy to put that small amount away.  However, I know it's going to get a lot more difficult, so here are my tips if you want to try the Challenge.

1. Decide beforehand what you're going to use the $1378 for, and whether you'll divide it or spend it all on one idea.  For example, you could put all the money toward a vacation, or you could split it in half and use $689 to pay off debt and the other $689 to buy a new TV or whatever it is you're desiring.
2. Write down what you will use the money for at the end.  No joke.  If you write down the goal and put it somewhere you will see, you're much more likely to actually follow through.  Plus, with it written down, you'll feel very guilty if you break your plan to pay off debt and instead go for a whirlwind shopping spree.
3. Find someone to do it with you.  Especially as the amounts climb, it'll be very easy to cheat and not put money in or take money out.  Having a friend do the Challenge alongside you will keep you both accountable.
4. Write the dates in your calendar, and cross off the weeks as you put the money in.  Otherwise you'll forget.  Obvious, but simple.