Have you heard of or are doing the 52 Week Money Challenge?
This challenge helps you save almost $1,400 in one year (52 weeks) by saving incremental amounts of money every week. Click here to read more about the 52 Week Money Challenge.
Although, this challenge is usually started at the first of the new year, it’s never too late to start saving at anytime and there’s no time like the present!
Most people who are doing this challenge with me have expressed their difficulty with automating the process. Well, I am excited to share a way that we can automate the 52 Week Money Challenge with ease and for free with a cool money saving app called Qapital.
Here’s how it works: During the first week of the challenge, you save $1. During the second week, you save $2. You keep adding a dollar each week so that during the last week, you’re putting away $52.
This adds up to $1,378.
Qapital uses Rules (unique, automated savings strategies, triggered by your everyday habits), and automates your savings. This makes all the difference in the world when you are trying to get to the finish line of your savings goal.
Here’s how to get started:
To get started, download the app, connect your checking account and then set a Goal. Your Goal can be anything — a trip to Miami Beach, a shopping spree, a new laptop — as long as you’re saving for what is important to you. You can also add a photo of your Goal to inspire you! Once you’re all set up, it’s time to add the 52 Week Rule. Follow these simple steps and get started!
Create an account
Open the Qapital app and create an account.
Activate the 52 Week Rule
Tap the ‘+’ button in the top right-hand corner, then select the ‘New Rule’ banner. Scroll to the bottom of the list of Rules and select the 52 Week Rule.
Choose your strategy.
Decide whether you want to start small and work your way up ($1 for week 1, $2 for week 2, $3 for week 3, etc.) or if you want to start big and work backwards ($52 for week 1, $51 for week 2, $50 for week 3, etc.). Choose the one that works best for you. I prefer the start big and work backwards.
Select your Goal
Connect the Rule with a Goal. It’s up to you what you want to spend the money on.
If you want to ramp up your savings, you can also save your change by using Qapital‘s Round Up Rule while doing the 52 week challenge so that you will finish out the year with up to $2,000 or more in your pocket. That’s serious some serious spare cash.
So, what would you do with an extra $1,378 a year? Tweet at me at @msmadammoney and tell me what you’re saving for.