Debt relief doesn’t have to be an impossible dream. With a bit of hard work and creative thinking it is possible to save thousands of dollars to put towards paying off your debt.

It is often within this January period we find ourselves reflecting on the past year, many of us thinking about how we need to save more money, and get help with debts. We start off with a burst of enthusiasm but quickly that dissipates as it all gets too hard.

To help you come up with an easy way to save extra cash, we have decided to post one of the internet’s most popular money challenges – The 52 week money challenge.

Whilst there is some debate out there both for and against this challenge, there is no dispute it does save you money – $1,378 to be exact.

What is the 52 week money challenge?

The challenge essentially gets you to progressively save more every single week for an entire year until at the end of 52 weeks, you have a total of $1,378 saved.

The 52 week money challenge

Below is a table of how much you have to save each week in order to reach the $1,378 figure by the end of 52 weeks.

Week
Deposit amount
Account Balance
1
$1
$1
2
$2
$3
3
$3
$6
4
$4
$10
5
$5
$15
6
$6
$21
7
$7
$28
8
$8
$36
9
$9
$45
10
$10
$55
11
$11
$630
12
$12
$78
13
$13
$91
14
$14
$105
15
$15
$120
16
$16
$136
17
$17
$153
18
$18
$171
19
$19
$190
20
$20
$210
21
$21
$231
22
$22
$253
23
$23
$276
24
$24
$300
25
$25
$325
26
$26
$351
Week
Deposit amount
Account Balance
27
$27
$378
28
$28
$406
29
$29
$435
31
$31
$496
32
$32
$528
33
$33
$561
34
$34
$595
35
$35
$630
36
$36
$666
37
$37
$703
38
$38
$741
39
$39
$780
40
$40
$820
41
$41
$861
42
$42
$903
43
$43
$946
44
$44
$990
45
$45
$1,035
46
$46
$1,081
47
$47
$1,128
48
$48
$1,176
49
$49
$1225
50
$50
$1,275
51
$51
$1,326
52
$52
$1,378

How do I find the money?

Many people reading this blog are thinking I can’t find a single dollar let alone over a thousand! How can I possibly get debt relief? Stress not this challenge with a little bit of self-discipline will be relatively easy to achieve.

I want you to go grab an empty jar, tin or something to hold your coins in. Once you have this, go to your couch and start digging. The chances are, like me, you have found a few dollars, I found $5.25 to be exact. This little digging expedition has meant I already have the first 2 and a bit weeks done.

Continue to just take those few extra little dollar out of your purse, or bank account each week and put it aside. The increase each week is insignificant, you won’t even realise it has gone, but by the end of the year, you will have $1,378. That could wipe off a debt, giving you that little bit of debt relief.

If you think this challenge is a little bit too easy for you, I challenge you to double the amount you save each week, giving you a total of $2,762 by the end of the year!

What do you have to lose, try it today, and let us know how you are progressing throughout the year!

This blog is part 3 of our New Year’s eve series to read the rest of the series click below:
Part 1: Setting up the right resolution
Part 2: New Year New Year – creating a budget

Elise Bentley
Brand & Communications Manager

Elise is passionate about finance, and is on a mission to explore and share different tactics for tackling the everyday financial challenges in realistic and achievable ways. With a background in communications, digital marketing, and public relations, Elise uses her skills to generate new ideas and content to help make finance fun.