The 52-week Money Saving Challenge explained

Stock picture of women saving money. (Getty Images)

The 52-week-long money-saving challenge makes it easy to stash some cash. (Getty Images)

One woman shared her simple, but effective, method with us. money-saving challenge that saw her put away £1378 last year.

With the cost of living crisis People are still looking for ways to save more money, and the economy continues to roar on.

We recently learned about the 1p a day method which could help you save over £600 for Christmas 2023.

Now, a TikTok user shared another clever money-stashing hackShe also uses this to boost her savings.

The hack is simple: Take a piece of paper and draw 52 circles, one for each week of the calendar year, with the numbers 1 to 52 in the middle.

Then each week you pick a circle filled with an amount of money you can afford to put away, whether it’s £2 or £30, and you repeat this throughout the year, colouring the circles each time you save an amount.

Continue reading: Mum says buying reduced food items in the supermarket has slashed her bills in half

According to the money-savvy user, if your monthly earnings are not enough, you can calculate how much you have saved each month. You can then choose from four amounts, one for each week, based on this goal.

For example, you may find that one month putting away £50 feels doable – so you might set aside £20 in week one, £15 in week two, £10 in week three and £5 in week four of the month to tot up to the £50 total.

Sharing several video clips detailing her progress with the challenge last year, the user explained: “Each week I picked an amount I could do, I found that doing some of the higher numbers earlier on in the year helps as it’s not so close to Christmas then.”

Although the super-saver claimed she would use the money raised by this challenge to go on a holiday abroad, it is possible to put money aside to pay your bills, to buy Christmas presents, or just to save money for the day.

Continue reading: 30 ways to save cash: Brits battle cost of living crisis with these top hacks

The 52-week money-saving challenge could see you stash away £1300 a year. (Getty Images)

The 52-week money-saving challenge could see you stash away £1300 a year. (Getty Images)

Responding to comments that the current climate could make it difficult for some, the user stated that even small amounts can add-up.

The comment stated that “It would have had to be a pound each week for most people today.” “Don’t have a lot left after food, bills, rent, mortgages.”

TikTok user responded: “I completely appreciate that, even one pound per week adds up, but each person’s situation is different.”

In a separate video, the user clarified that the challenge is possible regardless of whether you receive a weekly or monthly payment.

Responding to a comment that read “Can you help me with a plan for monthly payment?” She wrote: “So, I am the same. I get paid every four week and I still completed this challenge based upon my monthly payments.

“So, what I would do is look at what I was paid in that month, figure out how much I can spare for that month, and then pick four amounts from there. I hope that helps.

Watch: Lidl: Christmas sales increase by a quarter, Lidl claims that this will boost the cost of living

Experts’ opinion

Pete Hykin is the co-founder of PenfoldThese money challenges are simple and can motivate people to save.

“One of the key benefits of this method is that it can start small and gradually increase the amount saved each week, making it easier to save more money over time,” he explains.

“This will help people avoid becoming overwhelmed by the task at hand of saving large amounts of money.”

This method can also be visually motivating, since the person can track their progress each week by ticking off any circles they’ve completed.

He says, “To maximize the hack, one might consider setting a specific saving goal, whether it be a holiday or a deposit for a car or an emergency fund.”

“Setting a goal gives the individual a clear goal to work towards. This can motivate the person to stay on the path to achieving their goals.”

It is important to be realistic with how much you can put aside each week, and not to overcommit.

“Saving should be done in a way that doesn’t cause undue stress or strain on your finances,” he adds.

Continue reading: Savvy mum saves thousands through yellow sticker shopping and funds family trip away

The cost of living crisis is seeing more of us turn to money-saving challenges. (Getty Images)

We are seeing more people turn to money-saving measures because of the current cost of living crisis. (Getty Images)

What is it that makes money-saving challenges like the 1p challenge or the 52-week challenge so successful?

Vix Leyton, host of Money Podcast False Economy, and Hotukdeals consumer expert, says that it is the “gamifying” aspect of saving that appeals to people who want to stash more money and makes schemes work.

He explains that creating a game in reverse advent calendar fashion adds fun and reminds you to stay on track.

“The 1p savings Challenge is a great way of gradually building good money saving habits. This mindset can be a great, low-effort way for you to start managing your money better.

For those looking to make more of an impact, Leyton says apps like Cleo and Plum that can do some calculations for you on how much you can afford to save provide brilliant ‘rainy day’ options.

He says, “With margins as tight and as important as they are, these practices have never been more necessary.”

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