• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Financial Panther

Financial Independence, Side Hustling, and Ebikes

  • Home
  • About
  • Blog
  • Side Hustle Reports
  • Best Credit Card Offers
  • Current Money Bonuses
  • 70+ Side Hustle Apps/Gigs
  • Bank Account Bonuses
  • Ebikes
  • Archives
52-week-money-challenge

The 52 Week Money Challenge: The Easiest Way To Save $1,378

Last Updated on April 17, 2023December 29, 2016 14 Comments
This post may contain affiliate links.Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

As we start a new year, I thought I’d issue probably the easiest call to action out there – the 52 Week Money Challenge. This is by no means an advanced money concept. Still, I think it’s a good thing for anyone to do, no matter where you are in your financial journey. We all should have some money set aside for emergencies. And the 52 Week Money Challenge is an easy way to keep that emergency fund topped off each year.

I first learned about this challenge a few years ago when I started getting interested in personal finance. You have to start somewhere and I was looking for ways to push myself just a little bit more. When you’ve got money coming in, it’s pretty easy to get lazy with your paycheck. Even if you think you’re saving money, a lot of it can slip through your fingers if you don’t put it to use somewhere else.

52 week money challenge money fight
One way I let money slip through my fingers is when I get into money fights.

The 52 Week Money Challenge itself is pretty straightforward. Save a little bit of money each week and gradually increase the amount saved by one dollar every week. The idea is that by the end of the year, you’ll have a decent stash of money saved away without even trying.

The great thing is that the 52 Week Money Challenge is totally automated. All you need to do is take a few minutes to set it up once at the beginning of the year, and then you don’t have to think about it for the rest of the year. The computers take care of it all for you! I love seeing my emergency fund slowly grow each year without me even realizing it.

So with the new year, my challenge for you is to take the 52 Week Money Challenge.

The Normal 52 Week Money Challenge

The normal way to do the 52 Week Money Challenge is through what you could call a gradual build-up. In week 1, you save $1. In week 2, you save $2. Week 3, you save $3. And so on and so on. By the time you get to week 52, you’ll be putting away $52 for the week. When you add it all up, that’s a cool $1,378 over the course of a year.

Take a look at the below spreadsheet to see the 52 Week Money Challenge in action.

A chart showing how the 52-week money challenge works.

If you want to do it the normal way, that’s totally fine. I’m personally not a big fan of doing it this way though. It seems to take way too long and doesn’t seem all that efficient. Why save only $10 in the first month when you can definitely save much more?

Plus, doing it this way puts unnecessary strain on yourself as the year progresses. I prefer balancing things out over the year. I feel like I notice the money disappearing even less if it’s the same amount being deducted, every week, without fail.

The Way I Recommend Doing The 52 Week Money Challenge

Instead of doing the 52 Week Money Challenge in the normal way, I instead divide $1,378 by 26. The number 26 represents the number of paychecks I receive in a year. Most of you probably get paid in the same bi-weekly manner.

$1,378 divided by 26 means you need to save $53 every two weeks in order to complete the challenge. That’s only $3.78 per day! I think every person reading this has the ability to save $53 every two weeks without even thinking about it. Would you even notice if your paycheck was $53 less each time?

Setting up the 52 Week Money Challenge is a simple thing to do. Take whatever savings account you use and automate it to deduct $53 every two weeks from your checking account.

I use Ally Bank and have it set up so that every 2 weeks, Ally withdraws $53 from my checking account and sends it to a savings account. The 2-week periods line up with my paychecks. Each time my paycheck hits my checking account, I’ve already got $53 getting deducted from it. I don’t even notice the money leaving my account since it’s coming out at the same time that I’m getting paid.

Set It Up Once And Do It Forever

Obviously, the 52 Week Money Challenge isn’t going to make you rich. But what it does do is set a floor for what you’ll save each year. We all need that emergency fund. If you’re still building it up, then putting away $1,378 automatically is a good way to get started.

Even if you have a full emergency fund, saving an extra $1,378 isn’t a bad idea. We all have emergencies and my guess is that, over the years, you’ll start dipping into that emergency fund. Isn’t it much easier to keep that emergency fund slowly growing, with minimal work, instead of having to scramble to refill it if something happens?

I’ve been doing this challenge for half-a-decade now and I plan to keep doing it for the rest of my life. It’s a low-impact way for me to save some extra money each year, without even noticing it.

If you really don’t want to store that extra money away in an emergency fund, that’s fine too. Just find something else to put that money into. The point is to keep it doing this challenge forever, automatically.

And of course, if you’re saving more money, keep doing that too! The point is that the 52 Week Money Challenge sets a floor. No matter what happens, you’ll automatically save $1,378 by the end of the year.

It’s been years since I first started the 52 Week Money Challenge. And I don’t even notice I’m doing it anymore. 

If you’re looking for ways to save more money, check out some additional apps I use that help me squeeze a little bit more into my savings every month: 

  • Dobot is a free app I use that monitors my checking account and automatically saves small amounts for me each week that it thinks I can afford to spare. It’s a great way to save more money without thinking about it. You can read my full review of Dobot here: Dobot App Review: A Legit Free Alternative To Digit.
  • Peak is another free app I use that monitors my daily transactions and rounds my transactions to the nearest dollar. It then saves the spare change for me in a separate savings account. You can read my full review of Peak here: Peak Money App Review: A Free Goal-Based Savings App.

Have you done the 52 Week Money Challenge?  Do you put your own spin on it?

More Recommended Ebike/Scooters

Check out these other ebikes/scooters I've had the chance to do a review for:

  • GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
  • Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
  • Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
  • Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
  • Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.

More Recommended Investing App Bonuses

For additional investing app bonuses, be sure to check out the ones below:

  • M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
  • SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
  • Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
  • Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
  • Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
  • Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.

More Recommended Bank Account Bonuses

If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.

  • GO2Bank ($100) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $100 referral bonus.
  • Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
  • US Bank Business ($750) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
  • SoFi Money ($275) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $250 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
  • Fifth Third Bank ($225) – This offer is limited to customers in the following states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, West Virginia, and South Carolina. If you don’t live in one of those states, you won’t be able to open an account online but you can still open an account in-branch if you happen to be visiting a city that has a branch. This is a fairly easy bank bonus to earn, especially since there are plenty of data points showing what will trigger the direct deposit requirement. In addition, you can open the Fifth Third Momentum Checking bank account, which comes with no monthly fees or minimum balance requirements. Read my guide on this bonus here.
  • Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
  • Netspend ($40 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $40 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $40 to start! Make sure to check out my in-depth guide on how to set up these accounts.
  • Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
  • Digital Federal Credit Union ($20) – Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a saving account that gives you 6.17% interest on your first $1,000. Check out my in-depth post on how to set this account up.
  • Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
  • Varo ($30) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $30 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
financial panther

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

  • SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $250 if you complete a direct deposit.
  • US Bank Business. US Bank is currently offering new business customers a $750 signup bonus after opening a new account and meeting certain requirements.
  • M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
  • DCU. Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a savings account that gives you 6.17% interest on your first $1,000.
  • Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.

Feel free to send Kevin a message here.

Related

Filed Under: Saving

Reader Interactions

Comments

  1. SomeRandomGuyOnline says

    December 29, 2016 at 7:33 pm

    Yeah I really need to stop getting into money fights. 🙂 I’m a big fan of automatic savings and paying yourself first. Great idea splitting it up based on when you get paid. Like you said, if you have things set up correctly, you won’t even notice the money missing from your paycheck. What’s more, your lifestyle will adjust to the lower pay which is a good thing.

    Reply
    • Financial Panther says

      December 30, 2016 at 9:46 am

      That’s the great thing! I just set it up once a long time ago and I never mess with it. Every year, without fail, that’s $1,378 saved away. I obviously save much more on top of that, but I’ve at least set up a floor that I’ll always reach no matter what.

      Reply
  2. Michael @ Financially Alert says

    December 30, 2016 at 2:21 am

    FP, I like the 52-week challenge idea. Any way to gamify savings is an advantage to most people. We want to do fun things, not sacrifice.

    What will you do with your $1378?

    Reply
    • Financial Panther says

      December 30, 2016 at 9:48 am

      I always just put the $1,378 into my emergency fund. My emergency fund is enough for me to survive right now, but I would like to see it higher.

      Reply
  3. Joe says

    December 30, 2016 at 2:49 pm

    Hey, you should try Digit. That’s a very easy way to save and it’s in a different account. The money is out of sight, out of mind. Really cool.
    Happy New Year!

    Reply
    • Financial Panther says

      December 30, 2016 at 2:56 pm

      I love Digit! Been using it for almost 2 years now! It’s definitely an app I recommend to people as well. Just another easy way to keep money flowing out of your checking account and into savings. Happy New Year Joe!

      Reply
  4. Mrs. Groovy says

    December 30, 2016 at 6:09 pm

    Great idea! And I love that you just use the money for your emergency fund.

    I’m a huge fan of automated anything. What you don’t see you won’t miss. (Thus works for food too. Ice cream is only in the house during weekends.

    Reply
    • Financial Panther says

      December 30, 2016 at 9:47 pm

      Ice cream is in my house everyday!

      Reply
  5. Millennial Money says

    December 31, 2016 at 1:49 am

    Have you ever thought about investing your emergency fund or do you keep it in cash? The return on the $53 deposits every 2 weeks compounding with some index fund dividends looks really nice over a 5,10,30 year period. Investing my emergency fund starting 6 years is one of the better decision I’ve made – it’s up about $28,000 more than if I would have left it as cash in my ally account. I’ve always considered my Roth IRA contributions as a potential back up emergency fund if I really needed it. Just a thought! Great challenge – I personally automate my savings across 4 different accounts that build from your escalation approach highlighted here.

    Reply
    • Financial Panther says

      December 31, 2016 at 4:52 pm

      Great question! I’m don’t like investing my emergency fund because I think of it more as insurance and I just feel more comfortable with it sitting as cash. One thing I do though is to keep it in FDIC insured savings accounts that earn 5% interest. This is something I learned from the churning folks, but basically, if you open up prepaid debit cards, you can put away around $10k in FDIC insured savings earning 5%. It doesn’t compound at 5% mind you, but it does beat inflation every year at minimum. And it’s still completely liquid.

      It’s definitely going to be the subject of a future post.

      And up 28k on your emergency fund? You must have a ton of money in emergency savings!

      Reply
  6. Mustard Seed Money says

    December 31, 2016 at 11:05 am

    I’ve never heard of the 52 week money challenge but it looks fun and I will definitely. be starting on Sunday. Thanks for the awesome tip.

    Hope you and your family have an awesome 2017!!!

    Reply
    • Financial Panther says

      December 31, 2016 at 4:53 pm

      Thanks MSM! It’s just an easy way to save some extra money. Happy new year and see you in 2017!

      Reply
  7. DC @ Young Adult Money says

    December 31, 2016 at 1:08 pm

    We’ve had a few posts on the site about the 52 week money challenge, but I hadn’t heard of this twist. Two other ways we’ve proposed doing it is backwards (start saving the big amounts while you are motivated early on in the year as well as doing it “randomly” where you cross off an amount each week depending on how much you feel like saving.

    Reply
    • Financial Panther says

      December 31, 2016 at 4:54 pm

      Backwards is definitely a good way to do it, and the bingo style of the 52 week challenge is great too. Really, any challenge is great. Just gotta make a point to push yourself!

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Close
Side Hustle Income(View Reports)
chart-icon
$150,478
Get exclusive content delivered right to your inbox.
My Reviews
Bank Signup Bonuses (Step-by-Step)
US Bank Biz ($750) SoFi Money ($275) GO2Bank ($100) Fifth Third Bank Bonus ($225) Chime Bank Bonus ($100) Netspend Account Bonus ($40 + 5% Interest Savings Account) Fairwinds Credit Union Bonus ($100) Current Bank Bonus ($50) DCU Bonus ($20) Novo Business Bank Bonus ($40) Varo Bank Bonus ($30)
Other Signup Bonuses
M1 Finance ($100) SoFi Invest ($25) Webull (6 stocks) Moomoo (10 stocks) Arcadia Power ($25)
Side Hustle Reviews
Doordash Uber Eats Grubhub Rover Pet Sitting Wag Dog Walker Shipt Grocery Shopper Airbnb Lime Scooter Charger Observa IVueIt
Most Commented
Popular
  • Insight Card: A Step-By-Step Guide to 5% Interest(690)
  • Netspend Account: 5% Interest Savings and $20 Signup Bonus(680)
  • The Ultimate Guide to Bank Account Bonuses(142)
  • Bird Charger and Lime Juicer – Side Hustling As An Electric Scooter Charger(125)
  • My Postmates Review: Getting Paid To Bike Around Town(78)
  • I Quit My Job – Rejecting The Clear Career Path And Going Out On My Own(76)
  • Barista FIRE: Not Quite Financial Independence, But Pretty Close
  • The Reverse Latte Factor – How You Can Side Hustle Your Way To Financial Independence
  • Where To Get 5% Interest Savings Accounts Now That Insight Is Gone
  • Monetize Your Life And Get Paid To Live
  • The Ultimate Guide to Bank Account Bonuses
  • Over 600,000 Miles Earned In One Year – A Recap Of My First Year of Travel Hacking

Footer

Financial Independence, Side Hustling, and Ebikes

Company
About
Press
Media Kit
Contact

Resources
All Posts
Financial Independence
Side Hustles
Bank Bonuses
Ebikes

Legal
Privacy Policy
Disclaimer
Affiliate Policy

  • About
  • Blog
  • Side Hustle Reports
  • Best Credit Card Offers
  • Current Money Bonuses
  • 70+ Side Hustle Apps/Gigs
  • Bank Account Bonuses
  • Ebikes
  • Archives

Copyright © 2023 · Genesis Sample on Genesis Framework · WordPress · Log in

Financial Panther © 2023 All rights reserved.