New year, new savings challenge

If you’re looking for an easy way to save over $1,300 next year, look no further than the 52-Week Savings Challenge. There are couple ways to approach it.

The first, and probably most popular, is to start with $1 the first week and add a dollar each week until the end of the year. In other words, save $1 the first week, $2 the second week, $3 the third week and on up to $52 for the last week of the year and you’ll end up saving $1,378 total. Not too bad!

But The Penny Hoarder has a slight variation that I personally think is more fun (because saving money with The Penny Hoarder is always fun, right?). For the first half of the year, increase your savings by $2 a week. Then, after week 27 – halfway through the year – start decreasing the amount you save each week by $2.

No matter how you do it, it’ll feel good to save an extra $1,378 in 2023! Is anyone up for the challenge?

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I want to try to save the increase from my Social Security payment on top of regular savings from gigs. This challenge sounds like fun though.

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I can see how this seems more accessible to save less certain weeks but I think it would be too tricky for me to keep up with. Just my opinion, I’d prefer just to put $50 per paycheck into savings on auto pilot and just set it and forget it.

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Great idea. I use the Qapital app, which automates the process.

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Me too. I need to be consistent and automatic!

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Joining in on the challenge!

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I want to do this sounds like fun thank you for sharing

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When I worked, I use to adjust my withholdings for my (401)K and my Federal Tax withholdings to my raises, as I got them. My paycheck did not go up, but my reiterment account did. I used the extra withholding money for larger purchases, like cruises or paying down bills. If I didn’t blow the money, I would invest into a CD for one year. I would add that to my next year return. Now, I am living off my savings until I reach Social Security age. Two more years to go! I spend some of my down time working on paid surveys. I want to use the payout to invest in things like Robinhood. This way, if I lose, I have only wasted my time, not my money. Wish me luck!

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I take a little different angle. Every two week (matching when I get paid), I do an auto transfer from my checking to my savings. I do $100 for savings each pay check plus $40 to save for either a new car or repairs on my existing car. (The $40 is from a raise I received starting in the summer. The second I figured out how much more per pay check I would get, I added this amount to my auto transfer. I don’t need to spend my raise on daily stuff…it will just disappear). In the end, I save too but in a different format. I say “do what is best to motivate you to save!” Good luck! :four_leaf_clover:

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I agree I will save from the raise I got coming in social security

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welcome to this great community

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What do you think about the No Spend Month Challenge, @will? February is short, and frankly even that seems lengthy when you’re trying to stop spending :wink:. I’m thinking if I could go two weeks, it would be a success.

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I’ve tried this before and is fun and easier than you might think. That said, I haven’t tried it since I retired. It might be more difficult on a fixed income. :grinning:

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@sthom Yes, the no spend challenge is great. I’ve tried it and made it a few weeks. When my credit card debt was getting a bit out of control, I tried it and it helped me get my finances back on track. These money challenges, whether I stick with them a week or a month, help me be more mindful of my spending and saving habits, which is always a good thing!

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Here’s a Penny Hoarder article that touches on this 52-Week Savings Challenges and looks at a few alternative ways of saving all throughout the year!

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thats amazing thank you for sharing

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That’s a great idea! I’m not going to see that SS raise this year because I have to pay more for Medicare because in 2021 we sold a property and our income went up for that year. But it’s okay because it will only be for 1 year and then it will go back to the lower Medicare payment. Also, I no longer have to worry about that property (paying taxes, insurance, etc.).

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