by Christy Bieber | March 20, 2019
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Saving money can sometimes seem like an insurmountable task -- and it's rarely fun. After all, setting aside money for your future means you can't do stuff you want with your cash right now.
The good news is, with a little change in mindset, you can actually make saving into something fun and effortless.
You can do this by participating in the 52-week money challenge. If you do this challenge and start early, you can actually end 2019 with almost $1,400 more in your pocket with hardly any effort.
The 52-week money challenge is a simple challenge you typically start the first week of the year. You start by saving $1 during the first week, and increase that amount by $1 each week so you save $52 by the final week of the year.
The chart below shows how this looks in practice -- and how much you end up with in the end.
Data source: Author's calculations.
As you can see, each week you're only saving a small amount of money. But, over time, your balance grows so you end up with a substantial sum. Fulfilling the challenge can be fun as you find ways to cut spending just a little bit more each week to come up with the cash to save.
If you want to ensure you fulfill the 52-week challenge and end up with $1,378 at the end of 2019, there are a few techniques you can use to maximize your chances of success. You could:
Since you're saving only a small amount of money each week, especially at the beginning, fulfilling the challenge shouldn't be hard and shouldn't require any big lifestyle changes. But, you'll end up with a pretty big sum at the end of the year that could enhance your emergency fund, help you save for the future, or be used to pay cash for a big purchase.
The 52-week challenge may work best if you start at the beginning of the year -- but if it's well after January when you're reading this, you can start at any time and just follow the plan for the next 52 weeks. It's better to get a late start than not to start at all, and you'll still be $1,378 richer by this time next year if you start today.
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