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 $2023 by the end of the year!
52-Week Money Challenge For 2023
As we reach the end of another very long year, it is time to say goodbye to 2022 and start planning for 2023. 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 $38.91 each week, you will have a total savings of $2023 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 savings challenge printable worksheet and put it on the refrigerator or in a safe place. Each week, save $39.91 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 $39.91 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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Insights, advice, suggestions, feedback and comments from experts
As an expert and enthusiast, I have personal experiences or beliefs, but I can provide you with information on the concepts mentioned in this article.
52-Week Savings Challenge
The 52-week savings challenge is a popular method for gradually saving money over the course of a year. The challenge involves saving a specific amount of money each week, typically increasing the amount as the weeks progress. By the end of the challenge, participants can accumulate a significant sum of money. In this article, the challenge suggests saving approximately $38.91 each week, resulting in a total savings of $2023 by the end of the year.
Benefits of Money Savings Challenges
Money savings challenges can be an effective way to improve one's financial situation and achieve specific financial goals. By following a savings chart or plan, individuals can develop a savings habit and accumulate funds without having to think too much about it. These challenges can be tailored to various goals, such as building an emergency fund, saving for future expenses, or funding a vacation. The gradual nature of the challenge makes it accessible even for those on a tight budget.
Tracking and Managing Savings
To effectively participate in the 52-week savings challenge, it is recommended to have a separate place to deposit the saved money. This can be a dedicated savings account, a checking account solely for this purpose, or even a physical location like a cash envelope or piggy bank. Having a separate place helps in tracking the amount of money saved each week and allows for a visual representation of progress. Automatic transfers from one account to another can also be set up to simplify the process and ensure consistent savings.
Printable Savings Tracker
The article mentions a free printable savings tracker that can be used to keep track of the weekly deposits and progress throughout the challenge. The tracker can be printed and displayed in a visible location, such as the refrigerator, to serve as a reminder and motivation. Participants are encouraged to enter the weekly deposits on the tracker and make up any missed amounts in subsequent weeks. Even small amounts saved consistently can add up over time and contribute to financial stability.
Importance of Setting Savings Goals
Setting savings goals is an essential aspect of participating in money savings challenges. Whether it's saving for emergencies, future expenses, or specific purchases, having a clear goal helps maintain focus and motivation. The 52-week savings challenge provides a structured framework for achieving these goals, making it easier to develop a savings habit. By following through with the challenge each week, individuals can make progress towards their financial objectives.
Remember, it's always a good idea to consult with a financial advisor or do further research to tailor savings strategies to your specific financial situation and goals.
I hope this information helps you understand the concepts mentioned in the article. If you have any more questions, feel free to ask!