How to Save Money with the 52 Week Money Challenge

How to Save Money with the 52 Week Money Challenge

How to Save Money with the 52 Week Money Challenge

Saving money can be a daunting task, but with a structured approach, it becomes manageable and even enjoyable. One popular method to build savings incrementally is the 52-Week Money Challenge. This challenge is designed to help you save a significant amount over the course of a year by gradually increasing the amount you save each week. Here’s a comprehensive guide to understanding and successfully completing the 52 Week Money Challenge.

What is the 52 Week Money Challenge?

The 52 Week Money Challenge is a simple yet effective savings plan where you start by saving a small amount in the first week and then increase your savings by the same amount each subsequent week. By the final week of the year, you will be saving a significant sum, resulting in a substantial total savings.

How Does it Work?

The beauty of the 52 Week Money Challenge lies in its simplicity and flexibility. The core concept is to start with a manageable amount and gradually increase your savings each week. This method helps you build a savings habit without feeling overwhelmed.

Here’s how the challenge works:

  • Start Small: Begin with a small, easily manageable amount in the first week.
  • Incremental Increases: Increase the amount you save by a fixed increment each week.
  • Consistent Growth: Continue this pattern for all 52 weeks of the year.

You can tailor the increments to match your financial situation and savings goals. Below are examples with different weekly increases to illustrate how much you can save by the end of the year.

Example 1: $1 Weekly Increase

Week 1: Save $1

Week 2: Save $2

Week 3: Save $3

Continue increasing your savings by $1 each week until …

Week 52: Save $52

Total Savings by Year-End: $1,378

Example 2: $10 Weekly Increase

Week 1: Save $10

Week 2: Save $20

Week 3: Save $30

Continue increasing your savings by $10 each week until …

Week 52: Save $520

Total Savings by Year-End: $13,780

Example 3: $20 Weekly Increase

Week 1: Save $20

Week 2: Save $40

Week 3: Save $60

Continue increasing your savings by $20 each week until …

Week 52: Save $1,040

Total Savings by Year-End: $27,560

For those with a higher disposable income, this last version of the challenge results in significant savings, making it perfect for big financial goals.

These examples show how varying the weekly increase can significantly impact your total savings by the end of the year. Choose the version that best fits your financial situation and goals.

Benefits of the 52-Week Money Challenge

Gradual Increase 

The incremental nature of the challenge makes it easier to start and maintain the habit of saving. You begin with a small amount that is easy to manage, which gradually increases each week. This slow progression helps you adjust your budget gradually, making it less overwhelming.

Cumulative Growth

Small weekly contributions add up to a substantial amount over the year. This challenge leverages the power of cumulative growth, showing how even modest savings can grow significantly when consistently applied over time.


Starting with a small amount ensures that anyone can participate, regardless of their financial situation. The low initial savings requirement makes it accessible to everyone, allowing individuals from different financial backgrounds to join in and succeed.

Builds Discipline

The challenge encourages the habit of saving regularly, which can be beneficial for long-term financial health. Developing this discipline can help you become more financially responsible and prepare you for future financial goals and emergencies.

Tips for Success

  • Automate Your Savings: Set up automatic transfers to your savings account to ensure you don’t miss a week. Automating the process removes the temptation to spend the money elsewhere and ensures consistency in your savings efforts.
  • Track Your Progress: Use a chart or an app to keep track of your weekly savings and stay motivated. Visualizing your progress can provide a sense of accomplishment and encourage you to stay committed to the challenge.
  • Adjust as Needed: If you have a particularly tight week, you can adjust the amount saved and make up for it later. Flexibility is key to maintaining the challenge, so don’t be discouraged if you need to alter the plan temporarily.
  • Involve the Family: Make it a fun family activity to teach children the importance of saving. Involving family members can make the challenge more enjoyable and educational, fostering good financial habits in children from an early age.

Budgeting and Saving Money

To maximize the benefits of the 52 Week Money Challenge, it’s crucial to incorporate effective budgeting strategies. Here are a few tips:

Create a Budget 

List your income and expenses to see where your money is going. Identify areas where you can cut back. A clear budget helps you manage your finances better and ensures that you allocate sufficient funds toward your savings goals.

Prioritize Needs Over Wants 

Focus on essential expenses first. Limit spending on nonessential items. By distinguishing between needs and wants, you can make more informed spending decisions and avoid unnecessary expenses.

Look for Deals and Discounts

Take advantage of sales, coupons, and special promotions to save money on everyday purchases. Being mindful of discounts and deals can help you stretch your budget further and allocate more money toward your savings. ​​Many places have apps that allow you to see deals, earn points for coupons, and take advantage of special promotions.

For instance, many restaurants offer special deals that can help you enjoy dining out without breaking the bank. Ruby Tuesday is offering new everyday meal deals starting at $8.99 plus daily deals that are different every day of the week with options under $10. These deals and more are available for dine-in, TueGo, or through the Ruby Rewards app.

Plan Meals and Shop Smart 

Meal planning can significantly cut down on food expenses. Make a shopping list based on your meal plan and stick to it to avoid impulse buys. Cooking at home is usually more economical than dining out, but when you do want to enjoy a meal out, look for restaurant deals.

Use Cash Envelopes 

For variable expenses like groceries and entertainment, use the cash envelope system to control spending. Allocate a specific amount of cash for each category and only spend what’s in the envelope.

Review and Adjust Regularly

Regularly review your budget and savings progress. Make adjustments as needed to stay on track with your financial goals.

Save Smart and Eat Well with Ruby Tuesday

Embrace the 52-Week Money Challenge and watch your savings grow steadily throughout the year. While you’re on this journey to financial wellness, remember that you don’t have to sacrifice enjoying great meals. At Ruby Tuesday, we offer a variety of deals to help you dine out affordably, including our daily deals with options under $10 or our every day meal deals starting at $8.99 that provide you with delicious, budget-friendly dining options. Whether you choose to dine in, order takeout, or use the Ruby Rewards app, you can enjoy a variety of meals without breaking the bank. 

Ruby Tuesday Summer of Savings Sweepstakes

As you take on the 52 Week Money Challenge to build your savings, consider boosting your efforts with Ruby Tuesday’s Summer of Savings Sweepstakes. Enter your email and spin the wheel for a chance to win $1,000,000, exciting race car and Las Vegas experiences, and various gift cards. You can also instantly win food prizes like appetizers, entrees, and desserts, helping you enjoy great meals without breaking your budget. Visit the Ruby Tuesday Summer of Savings Sweepstakes to enter and maximize your savings potential!

Common Questions and Answers

Can I start the 52 Week Money Challenge at any time of the year?

Yes, you can start the 52 Week Money Challenge at any time. Simply begin with the first week and continue for 52 weeks from your start date. The key is consistency, not the specific start date.

What if I miss a week in the 52 Week Money Challenge?

If you miss a week, don’t worry. You can either make up the missed amount in the following week or spread it out over the next few weeks. The important thing is to stay committed and continue saving.

Can I adjust the weekly increase to fit my budget better?

Absolutely. The challenge is flexible, and you can adjust the weekly increase to better suit your financial situation. For example, you can start with a smaller or larger amount or change the increment to whatever works best for you.

Can I combine the 52-Week Money Challenge with other savings methods?

Yes, you can combine the 52-Week Money Challenge with other savings methods such as automatic transfers to a savings account, using budgeting apps, or participating in additional savings challenges to maximize your savings.

What should I do with the money I save from the 52 Week Money Challenge?

The money you save from the 52 Week Money Challenge can be used for various purposes, such as building an emergency fund, paying off debt, saving for a large purchase, or investing. It’s important to have a clear goal for your savings to stay motivated.

How can I stay motivated throughout the 52 Week Money Challenge?

Staying motivated can be challenging, but tracking your progress, setting short-term goals, involving family or friends, and celebrating small milestones can help keep you on track. Visual reminders, such as a savings chart or app, can also be helpful.