We’ve got all heard of 52 week money challenge reverse. You begin and put $1 at a jar. As the weeks grow so does the amount of money you’re placing from the jar. In the end of the year, you’ll have amassed $1,378.
I really enjoy the idea of this because it appears to be difficult for all of us to save money. I really don’t like having the bigger amount of money being placed in the jar at the end of the year.
With Christmas and land taxes due at the conclusion of year, it’s more difficult to place that money to the savings jar. I got to thinking and decided it’d work better for us to perform the 52 week money challenge reverse.
What is the 52 Week Money Challenge reverse?
Allow me to take a step backagain. If you have never heard of this 52 week money challenge, here is how it works:
- Per week 1, you save $1
- The second 7 days, you save 2
- Per week after that, you save 3
- Finally you get per week 52 and you also save money: 52
Which might not look like much, however at the conclusion of this 52 week money challenge, you will have saved $1,378.
That is only the traditional 52-week money challenge however. It functions perfectly well, but you can find different ways to do it as well. And that is what I will be showing you in this post.
To be specific, I will be showing you 9 unique spins you’ll be able to set on the 52-week challenge.
52 Week Money Challenge Reverse
Beginning with the first 7 days, you may place $52 at a unique savings jar. Week 2, you may put $51 dollars to the exceptional saving jar. The amount keeps falling as the weeks go by.
When using the cash sitting in a jar is too tempting for you, yet another choice is to make an account with your bank to get money transferred periodically.
Personally, I like the jar method since we use money. Additionally, this can allow our sons to view saving money and it’ll help them comprehend saving too.
We’ve got all heard of this money challenge that’s more than 52 weeks. You begin with 7 days and put $1 at a jar. As the weeks grow so does the money you’re placing from the jar. In the end of the year, you’ll have amassed $1,378.
I really enjoy the idea of this because it appears to be difficult for all of us to save money. I really don’t like having the bigger amount of money being placed in the jar at the end of the year.
With Christmas and land taxes due at the conclusion of year, it’s more difficult to place that money to the 52 week savings jar. I got to thinking and decided that it would work best for people to perform the 52 week challenge reverse.
52 Week Money Challenge Reverse
At the beginning of the year, you may place $52 at a unique savings jar. Next 7 days, you may put $51 dollars to the exceptional saving jar. The amount keeps falling as the weeks go by.
When using the cash sitting in a jar is too tempting for you, yet another choice is to make an account with your bank to get money transferred every week.
Personally, I like the jar variant since we use cash. Additionally, this can allow our sons to view saving money and it’ll help them comprehend saving too.
Need help keeping track of exactly what week you’re on and how far you’ve saved? Enter your email in the mailbox below.
Things To Do Before Beginning Your 52 Week money Challenge
The most crucial thing to do before beginning a 52-week money-saving challenge would be to determine where you are going to put your money.
If you would like to use cash, take action! You won’t get any interest on your money but that is really the only drawback.
If you are going digital, then you need to look for an account that delivers the maximum interest rate possible. Brick and mortar banks generally provide less than 1% interest on savings, but there are better rates on the internet.
As an instance, the Wealthsimple Savings Account I prefer to use is now offering a 2% interest . That is among the greatest I have seen.
By keeping your savings in an accounts that offers a high rate of interest, your money will be making money while it sits at the account.
One other advantage of working with an internet is that your savings will probably be different from your normal bank accounts, which makes it more difficult to”unintentionally” spend.
Different Ways to Do the 52-Week Challenge
1. Classic
Much like that I explained briefly above, the traditional means to do this 52-week challenge would be to begin with saving $1 per first seven days, and finish up saving $52 per week 52.
This method can work out great, but there are a couple of problems with it:
- If you begin in the beginning of the year, you are going to need to save the most money directly around the holidays, which is normally the toughest time to save.
- If you are on week 36 and also you can not manage to save $36, you are sort of screwed.
Not to fret however, these issues are readily solved with a few spins on the challenge.
2. Reverse
This method is straightforward, only do the reverse 52 week money. So, rather than saving $1 per first seven days, save 52.
As a result, you are going to need to save the smallest amount of money around the holidays (presuming you begin the challenge in January).
This still does not solve issue #2 which we recorded above though, which explains why this second twist exists…
3. Selective
This is my preferred method to do exactly the 52-week money saving challenge since it provides you complete control. Rather than needing to knock the savings milestones in a particular sequence, decide on any sequence you desire!
- Week 1: You get a bit of extra cash this and decide to knock off the $52 right away.
- Week 2: Pretty typical situation, you opt to save $20.
- Week 3: Bad Times. Automobile restoration. You save only $1.
You can essentially choose how much to save according to how your week belongs. This makes the challenge more interactive.
4. Random
If you are seeking to have a little more fun with your 52-week challenge, knock the landmarks randomly!
To do it, you could print out sheets of paper using $1 all the way around $52 composed on them.
OR, you could go to random.org, place the generator to create amounts from 1-52, then generate numbers before you get one that you have not gotten before. That is the simpler means to do it.
I like this method since it makes the challenge resembles a match, but it likely will not work for everybody.
If You Would like to test one of those challenges over, you can download this easy (and user-friendly) 52-week money challenge printable:
5. Automated
Just like I discussed in my listing of money-saving challenge and hacks, automation is crucial if you would like to enhance your finances effortlessly.
See, all of the methods above work excellent, but they only work in the event that you really adhere to the app. This usually means you’ve got to be sure to transfer money from 1 account to another each and every 7 days.
Conclusion
A couple of distinct 52 week money challenge to select from, but can you really take the jump?
…Can you take the reverse 52 week money challenge? On a real note, in the event you choose to take one of those 52 week savings challenge above, fantastic luck! I wager you will own it.
Only think… You will have a wonderful amount of money… Utilize it to pay debt off , begin your emergency fund, spend, purchase something for yourself, go on a holiday, or anything else!
Prior to going, make a comment below telling me that 52 week savings challenge variant you plan on attempting. Or, if you’ve got your own variant, allow me to know how it works!
Additionally, allow me to know exactly what you plan to do with your money as soon as you complete the challenge!
Have you done the 52 weeks money challenge before? Were you able to complete the task?
