How to Save $20,000 52 Weeks

Saving money is tough. Whether you're starting out saving and trying to get out debt or you're working on other financial goals the saving part is tough!

In 2022 Kevin and I have a big financial goal we want to hit and it's going to take some pretty big saving. We would like to save $15,000-$20,000 above what we normally save in the year to put toward our mortgage principle. Clearly this is going need a big savings challenge!

What is your savings challenge for the year? Are you trying to save up your emergency fund? Pay off a debt?

Why do a 52 week savings challenge? 
Completing this type of challenge will start your savings off small and gradually increase it over the 52 weeks. If you're not used to saving this is an especially good way to start building the habit. 

It helps you flex your savings muscle without being so overwhelming you want to quit right away. 

This challenge also gives you a plan and a goal. Having the steps of X amount per week laid out makes it easy to see what you need to do next.  

How to start your 52 week challenge
Get a way to track your challenge progress and decide on your goal are the first things you need to do. I made this simple printable tracker for us and our $20,000 journey. 

Keeping a visual that you can check off is a great way to keep you on track! 

Our plan is to designate a specific account that the savings will go into. That way it's not mixing in with our normal transaction accounts and we end up spending the money. Some sort of savings account is perfect for our challenge since we're saving to pay off a chunk of the mortgage. 

If you're saving for retirement put it in your retirement account right away. Always want to take advantage of that interest! 

Keep going!
52 weeks can be a long time to keep at something, especially when it entails cutting back for a goal that is further away. 

Be sure to keep up your motivation to crush that goal. It will be tough but no matter how big or smaller you challenge is the you of 52 weeks from now will thank you for starting this challenge!

What savings challenge are you taking on this year?

Post a Comment