Do your rainy-day coffers look a little pitiful? Want to sock away more savings but you’re unsure how to start? Well, you may be open to jumping on the 52-week challenge, one way to stow some money.

So, what’s it all about? With the 52-week money challenge, you task yourself with saving. For each week during the year, you put incremental amounts of money into savings, and by the end of the 52 weeks, you’ll have a nice cushion. It’s all about creating a new habit in a simple way that doesn’t require a large cash outlay.

One of the most popular ways to go about the challenge is to put in $1 during week one, then $2 during week two, $3 for week three, and so on. By the end of your year – or the calendar year – your deposit amount will be over $50. You can also do things in reverse and start your first week with the largest deposit of $52.

Add up your total and it will be just under $1,400! Here is an example of a charted plan from Building Our Story:

 

It’s really up to you when it comes to the dollar amount you deposit into your account each week. If you want to do it in increments of $4, meaning you add $4 to the previous week’s deposit amount, do it! If you prefer to use a higher amount, go for it. It would depend on your budget and what you are comfortable with putting aside. The point is to get used to saving these dollars each week.

Some folks prefer to pluck $53 from their checks each biweekly pay period to stash away, so that by the time a year passes, they will have accrued $1,378. If you have a bonus paycheck in there somewhere, pull some from that too.

A common suggestion for this system is to set up a separate bank account – at a separate institution if possible – so that you are not constantly checking the balance or getting tempted to make a withdrawal. Some people do have their savings accounts connected to their checking, so work it in a way that is feasible and convenient for you, even if it means scheduled transfers.

If a bank account is not an option for you at the moment, a safe, envelope, jar, shoe box, or hungry piggy bank should do the trick. Why not?

Online, you’ll find printable charts that enable you to check off each week’s deposit. It will help you track what you saved and when. On social media, you’ll see success stories and people who have challenged their families and friends to do the same thing.

The other key here? Not to spend it at the end of the year. Don’t give in to Black Friday sales, Christmas vacation spending, or other fun stuff. Try to earmark the money for emergencies or a long-term savings plan. You can do it!

Will you be trying out this money-saving challenge? Do you already have a different strategy in place? What method will you use to tuck away some much-needed funds this year?