A simple trick to help you save as much as $10,000 a year has taken social media by storm – and if you start now, you can put the easy-won funds towards next year’s summer holiday.
Dubbed the ’52-week challenge’, the easiest version of the method encourages you to save $1 in the first week, $2 in the second and so on, steadily increasing over 12 months to bank a tidy $1,378 in one year.
The challenge, which was first shared in popular Australian Facebook group Mums Who Budget and Save, is a great starting point for first-time savers, with October being the best month to begin to build your piggy bank for next year’s summer holiday.
The clever trick has generated hundreds of likes and comments from savvy spendthrifts, with many crediting the challenge for funding overseas trips and birthday presents.
A simple budgeting trick dubbed the ’52-week challenge’ has taken social media by storm, thanks to its foolproof approach to saving which can bank you $1,378 in just 12 months
Many credited the challenge for funding overseas trips and birthday presents, with one woman sharing her savings (pictured) which she plans to use for her next family holiday
One woman recommended turning the challenge on its head, saving $52 in the first week and reducing the sum as the months go by to ease financial pressure over Christmas time.
‘I’ve seen the reverse of this too where you start the year big with $52 and reduce by $1 so by Christmas you don’t need to bank as much each week,’ she wrote.
Different versions of the 52-week challenge have been doing the rounds in Australian budgeting groups on Facebook.
One method, from Tried and True Mum Jobs, involves depositing between $125 and $325 a week for 12 months to bank $10,000 in just one year.
‘The 52-Week Money Challenge to $10,000 is a bit aggressive but completely doable,’ the website said.
Some participants recommended turning the challenge on its head, saving $52 in the first week and reducing it as the months go by to ease financial pressure over Christmas
Different versions of the 52-week challenge have been doing the rounds in Australian budgeting groups on Facebook, including this method which involves depositing between $125 and $325 a week for 12 months to bank $10,000 in just one year
‘You start off saving $125 the first week… It gets even more aggressive the very last week but you’re at the home stretch, you can do it.
‘Don’t be intimidated by the amount you’ll need to save each week, you can change it up to whatever works best for you and make it up with the money-making options.’
The trick comes months after a $5 challenge emerged on social media, which involves keeping all $5 notes you receive in change stashed out of sight.
The important thing is to allow your notes to accrue in a secret spot while resisting the urge to dip into savings to pay for anything ‘unexpected’.
The trick comes just months after a $5 challenge emerged on social media, which involves keeping all $5 notes you receive in change stashed out of sight
‘Any notes broken and you receive a $5 put them away too. Save all your $5 notes for an entire year,’ wrote the challenge organiser on Facebook.
‘Do not spend or count until you have completed the challenge. Are you game? Trust me it works.’
The simple budgeting hack was first posted on the Facebook group Markdown Addicts where others shared the success they’d had with the challenge in previous years.
‘I did this last year and saved $2,095 and doing it again this year,’ wrote one.
Another said: ‘I am doing this with $10 notes. Started 1st January. Did it last year and ended up using it to pay for my entire Christmas.
‘Food, gifts, everything. Hope to do the same this year.’
‘We do this,’ a third said. ‘We only carry cash and save $1, $2, $5 and $10. It’s amazing how quickly it adds up.’