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

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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!

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16 Comments

  1. Hi, this is a little steep for some people. Myself I am retired and don’t have that kind of money for the later weeks. There are other challenges that don’t cost you that much by the end of the year.

    Example : weekly challenge. Mon. $1. Tues. $2. Wed. $3. Thursday. $4. Fri. $5. Sat.$6. Sun. $7. Week two start again. By week 52 you will have saved $1,456. A little more attainable for most people.

    Example: week one $1. Week two $2. Week three $3. Etc. up to week fifty-two $52. You would save $1,378.

    I know it’s not as much money but a little is better than nothing.

    Great idea what ever challenge you can do.
    By the way thank you for making me think of doing this again. Challenge is on. 👍🙂

    1. Hi Bev, I totally understand where you are coming from and I hear you! I’ve been working on several other money savings challenges so everyone can participate at all income levels. Another great one to try is the Penny Challenge I wrote about here: https://www.simplisticallyliving.com/penny-challenge/. I’d love to hear any additional feedback or ideas you may have on other challenges 🙂 Thank you!

  2. You lost me at week 5. I don’t have that kind of money. I already do next to nothing. So there is no extra I am spending to take away from. It’s a great concept if you have money.

  3. I love this challenge! I’m starting one Jan 1,2024. It’s a $5,000 challenge in a year and I’m getting my kids involved too. I think it will be fun and hold each other accountable.

  4. Lynn murrell says:

    I love these money tips and I’m struggling at the moment. This is a great tip

    1. I am so sorry to hear you are struggling right now but I hope this idea can help in the near future! Sending hugs and lots of good financial fairy dust your way!

    2. @Lynn murrell, I’m going to try this starting February this is a great idea I’m also struggling this may definitely help me.

  5. Jackie White says:

    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.

  6. Do you share the printable?

  7. 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?

    1. 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.

    2. @Brittanie, ok got it thank you.

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

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