The 52 Week Savings Challenge has gained popularity around the world, from Kenya to America. And if you search it on Facebook you’ll find groups with hundreds of thousands of people, all following this cult strategy for saving.
How the 52 Week Savings Challenge works
Start by saving just £1 in the first week of the challenge. Then the next week, set aside £2. The week after, £3. And so on!
By the end of the challenge, you’ll have saved £1,378!
You could try moving the money into a separate account at the start of every week. And there are lots of charts online that you can download and print off to track your progress. But this can be a little manual, and makes it easier to forget!
So why not trying doing the 52 Week Savings Challenge automatically with Monzo instead?
How to do the 52 Week Savings Challenge automatically with Monzo
Thanks to our integration with the world’s largest automation platform If This, Then That (IFTTT), you can set up your Monzo account to do the challenge automatically.
Head to the £1 Weekly Savings Challenge on IFTTT and tap ‘Get Started’
You’ll need to log into Monzo and agree to some terms
Next, choose which pot you’d like to put your savings in (or go to your Monzo app to make a new one)
Tap ‘Save’ to get started!
We’ll automatically move the money into the pot you chose every week
You can even set a goal for your pot of £1,378, and we’ll let you know when you’ve reached it at the end of the challenge!
When you add use Monzo and IFTTT, we’ll send IFTTT details of your transactions in real time. We don’t send over any information unless you give IFTTT explicit permission to have it. And if you choose to opt back out of the service, we’ll stop sending stuff altogether. When you connect your account to IFTTT, we’ll let you know exactly what we’re sending to them.
You can find out more about Monzo and IFTTT here.
Alternatives to the 52 Week Savings Challenge
Even though you start off by saving just a few pounds, bear in mind that by the end of the challenge, you’ll be setting aside more than £50 a week. Gradually getting used to setting aside more and more money every week can help you build up momentum. But it might not work for everyone.
When you're trying to save, it’s worth picking a system you’ll stick to. Which usually means one with realistic goals. So if the 52 Week challenge sounds a little ambitious, explore other options to find one you can afford. Why not try one of these alternatives to the 52 Week Savings Challenge instead?
Do it backwards
If you start the challenge at the beginning of the year, Christmas will coincide with the weeks where you’ll have to set bigger sums of money aside.
So if you’re worried about how you’ll cover your costs, you could consider doing the challenge in reverse!
Start big by setting aside £52 in your first week, while you still have lots of enthusiasm for the challenge. Then decrease the amount you save by a pound every week instead. It means saving will get easier over time, rather than harder. And you’ll end up with the same amount at the end anyway!
Do the 1p Savings Challenge
If saving £1 a week seems feasible but £52 is out of reach, consider less a aggressive alternative to the 52 Week Savings Challenge. There are loads of other options out there based on the idea of saving little and often. So do some research to find one that works for you!
Skint Dad's 2018 1p Savings Challenge 😎— Skint Dad (@SkintDad) January 1, 2018
Not only is it an easy way to save; if you manage to complete to whole 365 days of savings, you'll have a tidy sum of £667.95 saved 😮
Get your free printables here >> https://t.co/onxOVNYSWQ
Happy savings & a very happy New Year! 😁 pic.twitter.com/r6LiAlIQNn
The 1p Saving Challenge works a lot like the 52 Week one, and involves saving a little money every day, starting with 1p. The next day you save 2p, the day after 3p, and on the final day you’ll set aside £3.65. At the end of the challenge, you’ll have a total of £667.95 in savings. And you can do this automatically through Monzo as well.
Taking on a savings challenge? Share your experiences and tips in our community!
To start the 52 Week Savings Challenge, download Monzo today!