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How To Do The 52 Week $5 Challenge and Save $7,000 In A Year

If you are looking for an easy way to jumpstart your savings this year, this weekly $5 Challenge is it!

woman putting money in piggybank for 52 week $5 challenge

How many times have you told yourself that you’d start saving and investing in your future? How many times have you talked yourself OUT of saving money but talked yourself INTO spending $10 at Starbucks?

For me, that was a reoccurring pattern, year after year. Until last year when I decided to start saving and doing less frivolous spending.

I’ve tried the 100 Envelope Challenge, The 200 Envelope Challenge and even the 52 Week Money Saving Challenge and I am giving you another idea…

piggy bank on a desk

The 52 Week $5 Challenge

The 52 Week $5 Challenge helps you start saving money by giving you an attainable goal of saving $5 then increasing each week’s savings amount by $5. By the end of 52 weeks, you will have saved $6,890!!

$5 challenge

How Does The $5 Challenge Work?

For the 52 Week $5 Challenge, you will start on week 1 by saving $5. Then week 2 you will add an additional $5 so you will save $10 that week. And so on.

Week 52 you will save $260 which will give you a total savings balance of $6,890.

I even made an easy 52 Week $5 Challenge Printable you can use to help keep track of the amounts and balances.

52 week $5 challenge
52 Week $5 Challenge Printable

While the later weeks may seem like they are quite hefty, keep in mind that as weeks go on you can adjust your spending habits, budget and even obtain side hustles to help put these amounts away. You’d be surprised how easy it is to save an additional $5 each week when you are actively looking at your income and spending habits.

woman doing budget

By now you might be asking yourself, “What if I don’t have enough money to do the challenge?”

Trust me, I know how this goes.

First off, keep in mind these money saving challenges are not meant to make you broke or put your finances in a world of hurt.

While these money saving challenges are fun to complete and they are a huge financial accomplishment, they are just that.

Once you decide you want to participate, my best two tips to help you save are to:

  1. Get on a strict budget – This will help you see where the money you make is going and help make adjustments to save more money. What ever is left after your bills are paid, you can give it a purpose (to save) utilizing a money saving challenge like this one.
  2. Increase your income – You can do all sorts of things to make extra money including side hustles, working overtime, selling things on Facebook Marketplace, etc. Get creative and see ways you can make some extra moolah. Once you start it, it very quickly becomes an addiction.

This $5 Challenge is quite straightforward but if you have any questions feel free to ask them below!

Happy saving!

Jackie White

Wednesday 11th of January 2023

I plan on mixing it up. For example this month do week 1, week 52, week 25 and 26. (Cross them off so I don’t lose track of what I’ve done. ) That way it’s almost equal all year long.


Wednesday 4th of January 2023

Do you share the printable?


Thursday 5th of January 2023

Hi Liv, I do have it in my shop here:


Friday 30th of December 2022

Hi I am trying to understand this $5 challenge because when u reach the 52 week I would save $260 how do it get to $6890 I really don't understand?


Saturday 31st of December 2022

@Brittanie, I started doing it but I can only do the $5 if I can put more I will thank you.


Saturday 31st of December 2022

@Brittanie, ok got it thank you.


Friday 30th of December 2022

Hi Rosie, in the post I explain that you increase your savings by $5 every week. So, you don't just save $5 per week, it's increased. So, week 1 is $5, week two is $10, etc. :) There is also a helpful printable I made towards the bottom that has each amount you'll save and how you'll get to that $6,890 amount.