Participants in the 52-week money challenge save increasing amounts of money each week starting with $1 in the first week, explains Bankrate. Each week, the amount increases by $1.Continue Reading
The weekly deposit matches the week number. For example, in week 5, the participant deposits $5. In week 10, he deposits $10. This continues throughout the year until week 52, when the deposit is $52. It doesn't sound like much, but the total deposits add up to $1,378 over the course of the year, according to Bankrate.
The idea of the 52-week money challenge is to save money in small increments that add up over time, notes Today.com. Participants gradually get used to saving and realize how even small weekly savings can equal big savings over time.Learn more about Financial Planning