How To Stay On Track With The 52-Week Savings Challenge
There are different ways to stay on course with the 52-week money savings challenge. Here are several guidelines to help set you up for success.
Determine Your Savings Goal
It’s important to establish savings goals with the 52-week challenge, whether it’s to save $1,378 by 52 weeks or to achieve another savings amount. Having a goal will encourage you to follow through with the weekly savings challenge.
For instance, are you looking to save the money for a family trip? Or do you want to add more to your emergency fund? Whatever it is, note it. It might also be helpful to have a visual reminder to remind you why you’re doing the money saving challenge in the first place.
At Rocket MoneySM, we’ve helped consumers participate in America Saves, a campaign led by the nonprofit Consumer Federation of America organization. Rocket Money helped consumers establish a savings goal of $15 million and initiate over $569,000 in new and existing savings transfers during a challenge in February 2022.
Want to join the challenge for 2023? Make sure to sign up for Rocket Money and stay tuned for America Saves Week at the end of February 2023!
Continue To Budget
Embarking on a savings goal is only one part of the equation. It’s important to continue to refine your budget to ensure you’re in good financial shape. Cutting out unnecessary expenses or finding other ways to earn additional income can be a good idea while you’re completing the 52-week challenge so you can use that money toward savings. You can also use Rocket Money’s Smart Savings feature to automatically transfer savings based on your spending habits to make sure you’re keeping up with your goal.
Adjust To Meet Your Needs
You can customize the 52-week money challenge to suit your needs.
For example, you can do any of the following:
● Start saving with the lowest to the highest amount, where you save $1 in the first week and increase the dollar amount you deposit in subsequent weeks.
● Start saving with the highest to lowest amount, where you save $52 in Week One and decrease the amount by $1 every week thereafter.
● Instead of increasing or decreasing the amount as you can, commit to a specific number to save once a week and set up an automatic transfer for that amount.
● Give yourself some grace if needed. Skip the challenge for a few weeks and have a plan in place to ensure you reach your savings goal.
