You know you need to save money, but money is tight and saving seems impossible!
I hear you! Girl, I have been in those shoes and they are not fun to wear!
And yet you know that saving money is important, and the only way to stop that paycheck to paycheck cycle and finally have some breathing room.
So I want to introduce you to the 52 week money saving challenge for low income.
What is the 52 Week Money Saving Challenge Low Income
To explain the this low income savings challenge, let’s first understand what the 52 week challenge is.
In the original 52 week savings challenge, you save small amounts of money each week.
And every week, the number you save goes up by $1.
So the first week, you save $1. The second week you save $2. And so on for the whole 52 weeks.
On week 52, you save $52. And once you have done that, you will have saved $1358.
BUT this is the saving challenge for low income, so we need to make it a little more realistic and easier to achieve.
In the low income version, you still start out saving $1 on week 1, and you add a dollar each day.
You keep doing that until week 26, when you save $26.
But then, on week 27, you start over with $1 again.
Week 28 is $2. And so on until week 52 when you save $26 again.
Doing the 52 week challenge this way is still going to get you in the habit of saving, and you will make progress by saving small amounts over time.
But it will hurt less as you get further along in the year, since you go back to saving the smaller amounts again.
By doing the challenge this way, you will save $702 at the end of the year!
What could you do with $700? I think that would feel like having 700 little soldiers, fighting against crazy, unexpected expenses and ready to do your bidding–helping you reach YOUR goals.
How to track the 52 week low income savings challenge?
Keeping track of this savings challenge can be tricky, especially with the change half way through.
So we created a printable tracker, just for you, to help you achieve this savings goal.
First you are going to want to download and print this 52 week tracker, as it has been specifically designed for this low income 52 week challenge.
Next you want to pick your starting date. The great thing about this challenge is that you don’t have to start it at the new year.
You can literally start it at any time, and finish one year later.
Your “week 1” can be in the middle of July if that is when you have decided to start.
Once you have chosen you start date, then you need to save the amount listed in Week 1.
For our tracker, that would be $1.
Set this money aside in a specific place for this challenge. A good place to store it is a high yield savings account.
Once you have saved the amount for week one, make sure to check off the week 1 box on the tracker.
The tracker allows you to easily keep track of where you are in the challenge, how much you have saved, and how far you have to go.
Then, when week two rolls around, you save the amount for week 2.
And repeat the steps until you have saved for all 52 weeks and have $702!!
Final thoughts on the 52 week money saving challenge for low income
I know that saving money is the key to making progress on financial goals and finally feel like you have breathing room with your budget and finances.
Starting small, like with this savings challenge, will help you get there and allow you to have fun along the way!
Get your copy of the 52 week money saving challenge low income tracker and start saving today!