Saving money right now is hard. We’re living through days of high inflation, a cost of living crisis and a suffocatingly expensive housing market. But the 52 week savings challenge is savings plan that’s straightforward, pretty doable (especially at this financially tricky time of year), and means you could save over £1,300 this year. It’s safe to say it’s the savings challenge we at GLAMOUR HQ are giving a go in 2024.
Here’s how it works.
How does the 52 week savings challenge work?
The idea is that each week, you transfer an amount into your savings each week (any day of the week, whatever suits you best). The amount increases by £1 each week, so it’s also pretty easy to remember. So week one, you transfer £1, week two you transfer £2, all the way to week 52 where you transfer £52.
The total amount you can save during this challenge is significant – £1,378. And the nature of the challenge means the end of the year requires quite a lot to go into savings, but gives you plenty of time to prepare for this through your own budgeting. It also means the beginning of the year (and challenge) requires quite small amounts to be saved, giving you the chance to ease your way in during a time of year that can be quite financially tight.
How can I make sure I stay on track with the challenge?
Of course, these kinds of challenges seem like an amazing idea when a new year has just begun and you’re feeling fresh and shiny looking at the 365 days ahead. But sticking with it all year, when unforeseen expenses inevitably crop up? That’s the true challenge.
Here are some top tips to stay on track:
Set a savings goal
We don’t mean set an amount for your goal – put a face on what you’d like to spend the money on. Is it for a holiday? The beginning of a house deposit? Or just for a dreamy skincare shopping spree in January 2025? Whatever it is, having an experience or spend to aim towards makes you more likely to focus and succeed with the challenge.
Track your progress
It’s like with any challenge – you feel motivated by how far you’ve already come, which gives you the fuel to keep going. Whether you do that by using a financial tracking app, writing it on a post-it and sticking it up on your bathroom wall, or a spreadsheet, find a visual way to monitor your balance going up and up.
Plan ahead
If it helps, set your savings for each month aside ahead of time. That way, you may be less tempted to spend it throughout the month.
Reverse if necessary
If you’re balking at the thought of saving more over the festive period, you can always flip the challenge and begin the year making the larger savings. Make the challenge work for you.
Get family and friends involved
Whether they want to join in on the challenge themselves or just support you, sharing your efforts with your loved ones will keep you accountable all year around.
How can the 52 week savings challenge help me get better at saving and budgeting?
It’s a masterclass in discipline when it comes to putting money aside to save, starting out with small amounts that won’t feel too painful to live without.
Also, they say it takes 3 weeks to build a habit – 52 weeks of making saving a habit could take you a long way towards making it part of your long-term budget and routine.