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Hi, I'm Kevin and I'm an attorney, writer, gig economy expert, side hustler, and the blogger behind Financial Panther. I paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer. I started this blog to share all I know about personal finance, travel hacking, and making more money by side hustling. Click here to learn more about me.
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The 52 Week Money Challenge: The Easiest Way To Save $1,378

Last Updated on January 24, 2021December 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.

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

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  • 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.
  • Digital Federal Credit Union ($100) – Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $100 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.
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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.
  • DCU. Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $100 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.
  • Novo Bank. 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. It’s the business checking account I currently use for this blog.
  • 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 $10 for opening an account.
  • 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.

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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

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