Are you looking for a 52 week money challenge with $5,000 as a savings goal? This $5,000 money savings challenge can help you achieve that goal this year.
A money savings challenge can help you save more money than you would without a plan.
The structure and consistency of a savings challenge helps many people achieve more than they would otherwise.
Even if you are on a lower income, saving up $5,000 in 52 weeks with a money savings challenge is definitely possible.
Saving up this amount of money could help you build an emergency fund, pay off debt, or start saving for your first home.
If you use this challenge you will have $5,000 saved up after 52 weeks.
Could you use an extra $5,000 one year from now?
Why Do A 52 Week Money Challenge?
Saving money can be hard. It often takes consistency over long periods of time like 52 weeks.
Doing a 52 week money challenge to save $5,000 allows you to work towards saving up $5,000 in one year.
Here are some of the benefits from doing a year long money challenge:
- Saved money ($5,000). The money saved up at the end of the challenge is the main benefit of doing a challenge. This is the first benefit of doing a money challenge – you actually save up money!
- Improved savings habits. A savings challenge helps many people improve their relationship with saving money. A money challenge might be the thing to change your lack of savings habits. During the savings challenge you will be creating a new or better habit of saving money.
- Improved discipline. Savings challenges help with discipline because you have to work towards the goal every week. Forcing yourself to start and finish the challenge means you’ll develop good routines and discipline over 52 weeks.
Those are just a few of the benefits and reasons why you might want to do a savings challenge.
52 Week Money Challenge $5,000 Printables
There are multiple 52 week money challenges available in my money printables library bundle but a very popular one is the $5,000 in 1 year savings challenge.
The 52 Week Money Challenge $5,000 printable is available in the Pennies Not Perfection shop.
This challenge gives you a certain amount to save each week so you have $5,000 at the end of 52 weeks.
There are TWO different options included in this money savings challenge:
- $5,000 money savings challenge tracker with random amounts to save each week
- $5,000 money savings challenge tracker with the same amount to save each week for slightly over 10K
This challenge is a PDF file you can download, print, and use again and again. You can print it at home or have it printed at your local print shop. To adjust the size you can print scaled to fit the correct planner sizes.
Or you can also upload it to apps like GoodNotes to use digitally. This is how I use many of my savings trackers after switching to planning on my ipad.
I’ve also found printing the challenge and putting it up somewhere you see it daily can be very motivating!
Starting A 52 Week Money Challenge
Many people start savings challenges in January. This is a great time for making financial goals and resolutions to save money.
However you can start a 52 week money challenge at any time!
Regardless of when you start you’ll have saved up $5,000 a year from that beginning.
When you start you have a few different options for how to complete the challenge. You can follow the challenge in order that the amounts appear on the paper. Or you can skip around the page and tailor the challenge to your lifestyle.
Some weeks you may need to save less and others you can save more. For example, maybe you want to save more in the beginning because you will be motivated.
If you know that January will be your best month then choose some of the higher amounts for each week.
Or you could plan to pay bigger amounts in December when you get a yearly bonus. Then you would start out with the smaller amounts in the beginning of the year.
The most important thing is to actually get started.
There is no “perfect” time to start a savings challenge. Why not start today?!?!?
Tips For Saving $5,000 In 52 Weeks
I’ve now multiple savings challenges. During these I’ve found a few ways to make sure you are successful.
The list of tips below can help you successfully save money during the 52 week challenge.
Follow your savings plan.
Having a clear savings plan with exact numbers to save makes you much more likely to succeed. This is why many people choose to follow a savings challenge.
It’s also why I created and offer a $5,000 in 52 weeks savings challenge printable.
It gives you a clear plan to follow in order to save $5,000.
Obviously you might not want to spend even a couple dollars on a plan. Luckily there are also many free 52 week money challenges available online.
No matter which plan you choose to follow, commit to doing the savings plan for the whole 52 weeks.
Budget your money every paycheck.
If you want to save money then you need to budget your money.
Budgeting your money and knowing how much you have going in and out of your account is critical for success with a money challenge. Budgeting will help you find the money to put towards your savings challenge.
If you’re new to budgeting, here are some helpful resources:
- Budgeting Tips For Beginners
- Budget Categories List
- Budgeting Printables Bundle
- How To Grocery Shop On A Budget
Finding the right budgeting methods for you over the 52 weeks will help make the challenge successful. It will also set you up for a lifetime of good money management.
Pick a day of the week to contribute money.
Making savings contributions weekly on the same day can help you complete a money savings challenge.
When you always contribute on the same day each week you are much less likely to forget about your savings challenge. You’re also more likely to continue doing this as it becomes a habit.
Consistency is one of the best habits leading to financial success.
My version of weekly consistency is my Transfer Tuesday series on YouTube (feel free to join me) where I transfer money to savings every Tuesday
Use a high yield savings account.
When you are completing a money challenge you want to put your somewhere safe that earns a little bit of money. Using a high yield savings account (or the M1 Finance spend account) can accomplish this.
You’ll earn a bit of money while working on your 52 week challenge but it won’t be at risk by being invested in the stock market.
Keep yourself motivated for the year.
Making sure you are motivated and stay motivated is the best way to successfully complete a money savings challenge.
You can do this in a number of ways based on what motivates you mentally.
Maybe you print your challenge and place it so you can see it daily. Maybe you have to check in each week with a friend. Maybe you give yourself a reward at the end for completing the goal.
Find the motivation techniques that appeal to you and it will help you stick to the 52 week journey.
Plan for potential setbacks over time.
You will have some setbacks or difficult times during your year long savings challenge.
Making a plan for this will help you get through it.
For example, maybe you know that you’ll have a large expense during the year. You can plan to contribute smaller amounts for the challenge during that time. Instead of giving up, plan around things that come up or make changes.
Remember it’s also ok to pause the challenge and pick it up again when you can.
In the end if doesn’t matter if your 52 weeks are consecutive or not – you’ll still have $5,000!
Challenge Yourself To Save More
Sometimes you start a challenge and realize you want to challenge yourself even more.
If the $5,000 challenge sounds too easy you can always challenge yourself to save more money during the 52 weeks.
Instead of $5,000 maybe you decide to save $10,000 in 52 weeks instead.
Or maybe you really challenge yourself to save up $20,000 in those 52 weeks.
Changing your savings plan or doing a different challenge might be more motivating if you know you won’t achieve the $5,000 goal. That’s ok! You can readjust your plans at any time.
Check out the savings challenges in the money printables shop to find more options for challenges you can complete.
Money Making Ideas To Save More
If you want to complete your $5,000 savings challenge you might need to earn more money.
There are a number of ways to earn extra income on the side. You could get a part time job or a seasonal job or try an online side hustle.
Try out some of these ideas for making more money for your savings:
- Make money using Canva
- Make money selling stickers on Etsy
- How to start a reselling side hustle
- Side hustles ideas for moms
- Make money on YouTube (even with faceless YouTube channels!)
These ideas can help you earn a little bit of extra money throughout the year while you complete your challenge.
Mary is the founder of Pennies Not Perfection where she teaches how to make online income to build wealth and gain freedom. She quit her day job in 2021 after she doubled her salary.
Mary's favorite free financial tool is Personal Capital. She uses their free tools to track investments, grow her net worth and work toward to financial freedom.