52 Week Money Challenge
Are you looking to make some extra money this year? Well, the 52-week money challenge will be able to help you earn more cash.
Creating a cash reserve that you can depend on is always a good idea and you should make the time to do so. Making a habit out of saving money is essential if you plan on attaining financial freedom.
Once you have some money saved up you create the freedom to take risks and make investments that can speed up your financial goals.
With that being said, finding ways to save money can be tricky, especially if money is tight in the first place.
Paying the bills on time is an unfortunate problem that too many people face, however, that is why you need to educate yourself on new ways to increase your income.
The 52 Week Money Challenge is a fun savings challenge to help you put away money to better your financial future.
Let's take a look.
Savings Challenge
Is your savings account looking dryer than the Sahara?
The 52-week money challenge is a great way to boost your savings account while still having fun.
The traditional way this challenge works is simple: You put away $1 the first week you begin and increase the amount by $1 dollar each week for the entire year.
Example:
- Week 1 - $1
- Week 2- $2
- Week 3 - $3
Etc...
This process continues all the way up to week number 52 which makes one year and your last deposit should be $52.
If you follow this exact process you will have saved up a total of $1,378 dollars at the end of the year. Amazing!
This process is very simple and very effective. It will help you create good habits and ultimately become more financially sound.
Set Bigger Goals
In my opinion, the traditional 52 week money challenge is too easy, especially for people who really want to challenge themselves.
The traditional method is a very solid foundation, but I believe that you need to challenge yourself even further by putting away $100 a week for the year.
That may seem like a lot of money and seem unrealistic, but I truly believe that if you educate yourself and work hard that you can achieve this with no problem.
The question is, how are you going to find an extra $100 a week? You're not just going to find it laying around so you're going to have to figure out a different way to make money.
This is where a side hustle comes in. A side hustle is a means of making money alongside one's main form of employment or income.
There are plenty of side hustles that can easily net you a couple of hundred bucks every week if you're willing to put in the work.
If you're eager to jump-start your savings account, then you absolutely need to find a side hustle that works for you.
Easy Side Hustles
An easy side hustle will give you all the flexibility you need in order to achieve your financial goals all while keeping your stress levels low.
The best part of a side hustle is that you are in charge. A side hustle allows you to make cash without having to work for a traditional boss which makes it even more rewarding.
I personally have multiple side hustles which I truly enjoy. My two favorites are basketball skills training and flipping items on the internet.
These two allow me to have fun while making money and it honestly doesn't feel like more work.
Skills Equal Money
What if I told you that you can turn your skills into money?
Everybody has some type of unique skill that they can use to make a profit. If you have specific knowledge in a certain field you can take what you know and monetize it.
Some examples of this would be giving piano lessons to a beginner, giving 1-on-1 tutoring sessions, or like myself, teaching the fundamentals of basketball to clients.
I've seen people charge anywhere from $25 to $100 an hour depending on their experience, so yes making an extra $100 on the weekend is very possible.
1-on-1 private sessions are a great way to earn some extra cash in order to start your savings challenge.
Flipping Items
Flipping, also known as arbitrage, is essentially buying items and goods that are undervalued and then reselling them for a higher price.
The best place to find valuable items are thrift stores, garage sales, and Facebook Marketplace.
Once you find items to flip, you can re-list them on places such as eBay, Mercari, and Facebook.
A popular flipping method is to find old furniture for free on Facebook, give it a makeover, and sell it for a higher margin. If you're willing to put in a little effort you can definitely make some cash.
If flipping sounds like something you're interested in, I wrote a more detailed article about the process. Check it out here.
Meet Your Goals
The 52-week money challenge is a great way to start saving some serious cash.
If you are disciplined throughout this process then you will end up with a nice treat of $5,200 at the end of your journey.
It may be challenging at first, but once you get in a groove you will be smooth sailing to the finish line. You'll have a nice lump of cash that you can invest with as well.
Get Started!
