52 Weeks Money Challenge - Save & budget weekly

This app is based on the popular 52-week Challenge for saving money. The challenge is simple and ideal for those who struggle with planning and saving money.

If you find it hard to save, this is an excellent way to kickstart your savings and accumulate a substantial amount over one year.

The challenge involves saving a set amount every week. To adhere to the original concept, you start by saving $1.00 in week one, $2.00 in week two, $3.00 in week three, and so on, up to $52.00 in week 52.

By completing this challenge, you will have at least $1,378.00 after 52 weeks (1 year) that you can use for Christmas shopping, a vacation, or establishing an emergency fund - the choice is yours.

For those able and willing to save more, you can choose to start the challenge with higher amounts such as $2, $3, $4, $5, or up to $10 (the suggested maximum starting amount), potentially saving up to $13,780.00 in just one year!

It's worth noting that depositing money into your Savings Account or investing through Treasury Direct can earn you additional returns.

How to do the 52-week money challenge

To do the 52-week money challenge most effectively, you’ll want to pick an account to park your savings in. You could opt for a normal checking or savings account. Or you can consider the following options that may be offered at banks or other financial institutions.

A high-yield savings account. Think of this as the savings account you already know and love—with an extra kick. As the name implies, the interest rates you’ll find on high-yield savings accounts typically exceed the national averageOpens in a new window, which can help your savings grow. High-yield savings accounts are generally available with FDIC insurance.

A cash management account. Cash management accounts are a special type of brokerage account that functions kind of like a hybrid checking and savings account. They also allow you to buy securities including certificates of deposit (CDs)—investments that generally pay a set rate of interest over a fixed time period.  

An investment account. Whether you opt for a regular taxable brokerage account or a tax-advantaged retirement account like an individual retirement account (IRA), investing your money, while risk of loss is involved, could give it a chance to grow over time. You may associate these types of accounts with investments such as stocks, bonds, mutual funds, and money market funds.

Key takeaways

Saving for a big money goal takes planning. Start by looking at your income, your current spending, and what's left over.

Lower essential expenses by negotiating bills, downgrading services, consolidating debt, and even reconsidering your living arrangements.

Spend less on "extras" by focusing on what brings you joy—and cutting out the rest.

Benefits of the 52-week challenge include:

- Cultivating a savings habit.

- Setting a specific saving amount and timeframe builds determination.

- Easy to initiate and as it progresses, you'll adapt to the challenge.

- Completing all weeks of the challenge may require expense control and curbing impulse purchases.

- Learning to say "No" to unnecessary spending.

Key features of the app include:

- Creating a challenge by specifying an amount and start date, allowing the app to manage subsequent dates and amounts.

- Monitoring the progress of your challenge and overseeing deposits.

- Weekly reminder notifications for making deposits.