The 52-week challenge: how to save € 1,400 in a year

Reading time: 3 minutes

The 52 week challenge It is a form of savings that has become very popular in recent years. Its success is due to the simplicity with which we can put it into practice and the good results that can be obtained in the medium and long term.

What is the method to save in 52 weeks

The mechanics of 52 week challenge It is very simple. It consists of saving one euro more each week than the previous week. That is, the first week we will have to save € 1; the second week, € 2; the third € 3, and so on, until we reach the last week of the year (number 52), where we will have to save € 52.

In this way, after a year, we will have saved the not inconsiderable figure of € 1,378.

Reaching a saving habit is possible

One of the virtues of 52 week challenge is that it allows us to acquire a saving habit in a simple way and without too much effort, especially during the first months. After 52 weeks, we will have learned a lot about personal savings from our experience and, little by little, we will be able to internalize habits as interesting as pre-savings.

However, as the challenge progresses, the amounts to contribute to the fund are increasingly significant, and saving becomes increasingly difficult. In any case, since we have already acquired a certain consistency during the early stages, continuing on this path should not require too much effort.

52 Week Savings Challenge Template

To meet the 52 week challenge, we propose a small template. In it, you will put the savings that you will need to make each week and you will mark with an “X” all the weeks that you have managed to overcome the challenge. At the end of the year, if you have managed to overcome it, you will have all the boxes with an “X” and significantly more savings in your bank account.

52 week challenge

Savings guidelines to meet the challenge

For this reason, during these last stages, it is advisable to establish healthier and basic savings habits. The following actions are good examples of this:

  • Set a monthly budget– A monthly budget has been proven to be an ideal tool to avoid overspending. The objective is to write down all our income and our expenses to establish a financial table that tells us what our current economic situation is and what we can do to improve it.
  • Choose cheaper products, whether we buy in the supermarket, in stores or through the Internet. Today, in many products, the price is not at odds with the quality. Choosing cheaper products is becoming easier, and we will notice considerable savings that we can well use to overcome the challenge.
  • Adopt healthier guidelines: for example, stop dining out and cooking at home, stop smoking, switch from private to public transport or a bicycle. All of them are clear examples of habits that, if carried out, will help us lead a healthier lifestyle and, of course, save money.
  • Waiver of unnecessary fixed expenses: The budget that we have prepared in the first point will tell us which expenses are necessary and which are not. Giving up some unnecessary fixed expenses, such as fixed telephony, or checking which company offers me the cheapest Gb to surf the Internet, among many other options, are decisions that will help us save and meet our challenge.
  • Take advantage of the offers and discounts: There are more and more moments throughout the year that allow us to take advantage of sales, promotions and offers. Of course, as long as we buy what we really need. The sales periods should not be seen as ways to accumulate more, but to take better advantage of the offers.
  • Enjoy leisure low cost: In all cities, especially the largest, there is a fairly interesting leisure offer. Therefore, it is advisable that you always take advantage of those cheaper or even free plans offered by your place of residence.

And the most important of all: no need to wait for January 1 next year. We can start at any time of the year and set a deadline that does not have to coincide with a calendar year. Obviously, the more time elapses between the beginning and the end, the greater our savings will be. And you, what are you waiting for to start saving?

Image | Pixabay

Saving habits

Similar Posts

Leave a Reply

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