twocents.lifehacker.com

Photo: Piece of Cake (Shutterstock) If your new year’s resolution includes a savings goal, consider the 52-week money challenge. The increments you save are meant to be so small that you barely notice you’ve been saving money. Is it a gimmick? Absolutely—but it works. The 52-week money challenge explained The challenge is quite simple. Each week you put an increment of cash aside and watch the amount grow throughout the year: In first week of the year, you save $1 . For week two, you save $2 . For week three, you save $3. For week four, you save $4. By the end of the year, you’re putting aside more money: For Week 49, you save $49. For Week 50, you save $50. For Week 51, you save $51 . For Week 52, you save $52 . At the end of 2021, you’ll total $1,378 in savings . The appeal of this challenge is that the initial amounts are so minimal that it feels like you’re creating something out of almost nothing. It also gets you into the habit of saving, which is something that a lot of people struggle with. There are variations to this challenge, too, including: Saving in reverse order, in case you want more breathing room during the holidays (the last week of 2021 would be $1) Simplifying the savings to a weekly averaged amount of $26.50—convenient if you want to make regular, automated payments from your checking account Adjusting the weekly amount to meet […]