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THE 52 WEEK saving challenge could leave Britons with over £1,300 by the end of 2022, but diligence is required to meet the goal.
By Rebekah Evans
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The 52 week savings challenge is often posited as one of the best ways to save money over a set period of time. Many people will find saving money a difficult endeavour, but sticking to a set plan could provide the push individuals need. Savings challenges may be a solution as a means of staying on top of one’s plans.
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Whether a person is trying to put away money for a rainy day or a specific goal such as buying a car or going on holiday, regular saving can help.
The 52 week savings challenge is a good example of this, and savers could rack up over £1,300 by the end of the year.
Individuals will need to put away a set amount of money each week to achieve their goals.
But in order to be successful, it is important to understand how the savings challenge works.
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52 week saving challenge will leave you with over £1,300 by the end of 2022 - act now (Image: getty)
People will start with £1 in week one, and then add an extra pound to the amount they save each subsequent week.
For example, in week one a person will save £1, rising to £2 by week two.
In week three, individuals will save £3, and so on, gradually building up their funds.
By the first month, only £10 will have been put aside, but this will snowball throughout the rest of the year.
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Once month six is reached, £90 will be in the individual’s savings account.
It shows the importance of sticking to the challenge until the very end to reap the full benefits.
By this time, people should have squirrelled away £1,378 - which could make a major difference to their finances.
The challenge is considered an easy solution for those who struggle to get into the habit of saving consistently.
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People will get to watch their bank balance grow as they save up a healthy sum which can boost confidence.
Savers are encouraged to build the savings challenge into a budget to plan ahead strategically.
This will provide individuals with an actionable plan to actually save and when they should be doing it.
To succeed with the 52 week savings challenge, people can also build other elements in to help
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This could involve setting weekly reminders on one’s calendar to ensure the deposits are actually made into the account.
Furthermore, individuals could even automate their deposits via direct debit or from their pay check, for example.
That method would allow the fund to build without a person actively looking at the money each week.
Finally, individuals could set up a new bank account specifically for their 52 week challenge.
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