Commit to This 52-Week Savings Challenge to Save $5,000 in 2023

Published on Jan. 5, 2023

Natasha Etzel

By: Natasha Etzel

Writer

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KEY POINTS

  • Now is a good time to outline your savings goals for 2023.
  • It may be easier to save $5,000 than you think.
  • This 52-week savings challenge can help you stay on track as you work hard to boost your savings account balance.

If you want to save more in 2023, committing to a savings challenge may help.

Is one of your New Year's goals boosting your savings account balance? Having extra money in the bank can make it easier to deal with unexpected costs and make those situations less stressful. Are you hoping to save $5,000 in 2023 to boost your emergency fund? This savings challenge may help you stay on track with your personal finance goals.

Follow this plan to save $5,000 in 52 weeks

The first step to working toward a savings goal is to decide how much you want to save. $5,000 is a fantastic goal. For some people, a challenge may help them stay on track. By following a savings challenge, you can have fun and remain committed to your money goals. To reach your $5,000 goal, here are the amounts to save over the 52 weeks that make up a year:

Week Amount to Save Total Contributions
1 $50 $50
2 $50 $100
3 $50 $150
4 $50 $200
5 $75 $275
6 $75 $350
7 $75 $425
8 $75 $500
9 $100 $600
10 $100 $700
11 $100 $800
12 $100 $900
13 $110 $1,010
14 $110 $1,120
15 $110 $1,230
16 $110 $1,340
17 $130 $1,470
18 $130 $1,600
19 $130 $1,730
20 $130 $1,860
21 $150 $2,010
22 $150 $2,160
23 $150 $2,310
24 $150 $2,460
25 $130 $2,590
26 $130 $2,720
27 $130 $2,850
28 $130 $2,980
29 $110 $3,090
30 $110 $3,200
31 $110 $3,310
32 $110 $3,420
33 $100 $3,520
34 $100 $3,620
35 $100 $3,720
36 $100 $3,820
37 $90 $3,910
38 $90 $4,000
39 $90 $4,090
40 $90 $4,180
41 $80 $4,260
42 $80 $4,340
43 $80 $4,420
44 $80 $4,500
45 $75 $4,575
46 $75 $4,650
47 $75 $4,725
48 $75 $4,800
49 $50 $4,850
50 $50 $4,900
51 $50 $4,950
52 $50 $5,000
Data source: Author's calculations

Why this is a winning savings strategy

What is nice about this challenge is that the weekly amounts are manageable, and you'll never have to set aside more than $150 weekly. Additionally, the savings contributions get smaller as you near the end of the year. This can be a massive win for your wallet if you plan to spend extra money on gifts and other holiday purchases during the last few weeks of the year.

Find a plan that works for you

If the above savings challenge doesn't appeal to you, that's okay. You can create a savings plan that fits your lifestyle and goals. There are many paths available to make your goal a reality.

Here are a few more ways to save $5,000 by the end of 2023:

  • Save $96.16 every week
  • Save $192.31 every two weeks
  • Save $416.67 every month
  • Save $1,250 every quarter
  • Save $2,500 every six months

You can reach your savings goals if you remain committed. If you plan to save money throughout the year, be sure to store your extra funds in a savings account so you don't miss out on the opportunity to earn interest. If you only have a checking account, take a look at our list of best high-yield savings accounts to learn more.

Our Research Expert

Natasha Etzel
Natasha Etzel

Natasha is a freelance writer who specializes in personal finance, credit card, credit card rewards, and travel hacking content.