By now you’ve probably heard all about the popular 52-Week Money Challenge that has everyone motivated to stash their extra dough to reach their savings goal. From exotic vacations and high-tech electronics to new cars and much-needed home upgrades; this fun and financially savvy challenge makes a great New Year's resolution or a fantastic money decision any time of the year.
So What is the 52-Week Money Challenge?
The 52-Week Money Challenge is a fun way to build up your savings by depositing a pre-determined amount of money every week into a savings account. Since there are 52 weeks in a year, the clever name of the challenge gives you an idea of how many deposits you'll be making into your savings account!
While there are several ways to complete the 52-Week Money Challenge each requires different money amounts being deposited each week; It's certain that you'll stash away extra cash during the year and your savings account will reap the benefits!
How Much Can You Save?
When you go all in and join the 52-Week Money Challenge, you'll be rewarded with a whopping $1,378 over the next year. The great thing is that it doesn’t matter when you decide to start the challenge or which of the three methods you choose to complete it – you'll still save a nice chunk of change by the end of the year by stepping up and completing the task to reach your financial goal.
Here are some ways to help you earn cash throughout the year to ensure you'll have the necessary funds to complete this fun money-saving challenge and relish in the rewards of extra money in just 52 weeks!
5 Ways to Earn Extra Cash
This is essentially the first option, but you’ll be headed in the opposite direction. It’s a good option if you want to feel like your savings endeavor is getting easier as the year goes on.
You’ll begin with $52 on Week 1, then on Week 2, you’ll reduce this number by one dollar (to $51). On Week 3 you’ll save $50, on Week 4 you’ll save $49, and so on until you reach $1 on Week 52.
- 1. Sign up for Research Studies: Participating in research studies can help you earn some extra cash to boost your money-saving challenge. Some companies pay up to $400 which will pad your savings account quickly.
- 2. Use a Cash Back Credit Card: Take advantage of cash-back credit cards for monthly rewards. Choose a credit card that pays you as a reward for the dollars you spend each month. You can make hundreds of dollars each year with this perk as long as you pay off the balance each month to avoid interest.
- 3. Proofreading: Proofreading is crucial when it comes to writing for an important event. Jump-start your money-saving challenge by working as an online proofreader for work such as admissions essays, resumes, business correspondence, academic papers, a writing publication, and more as a way to earn extra money.
- 4. Test Websites and Apps: Feedback on the user experience is important to companies, so they are willing to pay you for your opinion. Simply provide feedback about their websites and apps, and easily get paid anywhere from $10 to $60 per test.
- 5. Become A Transcriber: If you have good listening and accurate typing skills, you can make extra cash by being a transcriber. Online transcription jobs can help you save for the 52-week money challenge while listening to an interesting court case or TV report each day.
Once you've decided how to make some extra cash to fund this popular money-saving challenge, use these tips to help you make the most out of your newfound income and be successful with your financial goals.
3 Saving Tips to Enhance Your 52-Week Money Challenge Goal
- 1. Record Your Expenses – Tracking your savings progress using a digital or printed spreadsheet is a savvy money move.
- 2. Map Out and Time Major Purchases – Paying attention to annual end-of-the-year or holiday sales, or planning a major purchase after your income tax refund is in
your bank is key to saving money on a regular basis. There are plenty of dollars to be rewarded for the money-saving challenge for savvy planners who map out a plan and time major purchases correctly.
- 3. Cancel Unnecessary Subscriptions – You might be surprised to learn just how quickly things like movies, cable TV, magazines, clothes subscriptions, and weekly meal plans add up! Try to negotiate a lower cost on these items, limit spending or cancel unused subscriptions to put extra money back into your savings account each month.
Start the Money-Saving Challenge Today!
Are you ready to start saving for a beach vacation, new car, home, or nest egg? Make plans today to accept the 52-Week Money Challenge to help you reach your money goals.
Finex Credit Union is always here to help you with all of your banking needs, and that includes saving money to reach your financial goals. We’d love to answer any questions you may have about saving money for your future and invite you to contact Finex today to learn more about how we can help you reach your financial goals.