As we move into the new year, many people look for better ways to manage their finances. A fun and easy way to kickstart your savings habit is with the 52 Weeks Money Savings Challenge.
With children developing money habits as young as seven years old, this is a great opportunity for parents to involve their kids! Teaching kids how to create a strong financial foundation is invaluable these days, as the digitization of money has made hard currency almost completely intangible.
What Is the 52 Weeks Money Savings Challenge?
The 52 Weeks Money Savings Challenge is simple: A year-long savings plan designed to help you save consistently. The idea is to save a little more money each week than the last. Here’s how it works:
- Week 1: Save $1
- Week 2: Save $2
- Week 3: Save $3
- And so on, increasing your savings by $1 each week.
By the end of the 52 weeks, you will have saved a total of $1,378.
Customizing the Challenge:
One of the best things about the 52 Weeks Challenge is how flexible it is. You can tweak the amounts to better fit your goals. For example:
- Reverse the challenge: If you find it easier, start with saving $52 in the first week, then decrease the amount by $1 each week.
- Set your own increments: If $1 per week feels too small, try increasing your savings by $2 or $5 each week to save even more by the end of the year. Another option is to save the same amount each week.
Tips for Staying Motivated:
Like any long-term goal, it’s important to stay consistent. Here are a few tips to help you stick with the challenge:
- Make it a family affair: Get everyone involved! Track your family’s progress on a savings chart and celebrate milestones together. Younger children will love the visual progress, while older kids will appreciate seeing their goals come to life.
- Set reminders: Schedule weekly reminders on your phone or write it on your calendar to keep up with your goals.
How to Get Started:
Here are simple steps to help you kick things off:
- Choose your method: Decide whether you’ll start with $1 or reverse the challenge to save more at the start. You can also set up a fixed amount if that’s easier for you.
- Pick a place to save: Finding a secure place for your money is key. A savings account helps separate and grow your funds. At Arizona Financial, you can open a Youth Savings Account with no minimum deposit or monthly fees. Explore your bank’s options.
- Automate your savings: If you’re saving digitally, set up automatic transfers each week.
Whether you’re saving for a vacation, an emergency fund, or just to build better money habits as a family, this is a fun and effective way to get there.
