Easiest way to save over $1370 a year!

The 52-week money-saving challenge is ridiculously effortless — it starts with just a dollar per week.

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Canadian dollar loonie

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Saving money comes easily to some people; they shop within budget, pay their bills on time, and make sure a portion of their paycheque always goes straight into their savings account. If you’re not one of those people, however, and haven’t been staying on top of your finances, not to worry — you’re about to embark on a challenge that will change your entire relationship with money. Sound like it’s going to be a lot of effort? Well, it’s not.

The concept that’s been spreading like wildfire is so simple: start with a dollar a week and increase your savings by one dollar every week for 52 weeks. It goes something like this:

Week 1: $1, Account balance: $1

Week 2: $2, Account balance: $3

Week 3: $3, Account balance: $6

By 52 weeks, you’ll have saved $1,378! Why it works: You’re starting off small and working on building the habit of saving, rather than thinking about the amount itself. As time progresses, the act of saving will become effortless and your monetary achievement will be the reward to look forward to. Tip: if you keep your funds in a high-interest savings account, you’ll collect even more than $1, 378 by week 52.

The most you’ll ever need to put away is $52 in one week. You may feel like your purse strings are already pulled too tight — but there’s bound to be some wiggle room for more saving. Exercise those creative juices and come up with new ways to cut back, like reducing your grocery bill or buying second-hand items.

Do you have extra cash now? If so, do the 52-week money challenge in reverse. Start by putting $52 into your savings account and work backwards: week 2 would be $51, week 3 would be $50 and so on. Here’s a handy chart to keep you on track. By December, you’ll be saving dollars per week and will have over $1,370 added to your savings account — just in time for the holidays.

What would you do with an extra $1,378? Share your comments and money-saving ideas below!

7 comments on “Easiest way to save over $1370 a year!

  1. Great article!

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  3. Easier to start at $52 and reduce weekly! More incentive to continue!

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  4. Set up “Auto” transfer to another bank account, on a monthly basis. Never do it manually. You will make excuse and it will never able to save money. Also, if there’s a month have 3 payrolls, save one of it aside and never make excuse to use for personal expense. You’ll see how much you able to save, by end of the year. Plus, mark down every single penny you spent on anything. Compare it next month and this would alert you what should and shouldn’t spend.

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  5. What a great idea!! I don’t have trouble saving….I have trouble leaving it there and not spending it. Will give this a try for sure.

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  6. Yep! I did this last year, by putting first $1 and then so on. I kept the money in a BIG jar and when the 52 weeks were over, I put it in the bank. This year, I’m going backwards, and now have $103.00 so far. Great way to save!!! (Do it with a friend and choose a day of the week to put the money in)

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