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Money Management

Commit to This 52-Week Savings Challenge to Save $5,000 in 2023

By January 5, 2023No Comments

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If you want to save more in 2023, committing to a savings challenge may help. 

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Is one of your New Year’s goals boosting your savings account balance? Having extra money in the bank can make it easier to deal with unexpected costs and make those situations less stressful. Are you hoping to save $5,000 in 2023 to boost your emergency fund? This savings challenge may help you stay on track with your personal finance goals.

Follow this plan to save $5,000 in 52 weeks

The first step to working toward a savings goal is to decide how much you want to save. $5,000 is a fantastic goal. For some people, a challenge may help them stay on track. By following a savings challenge, you can have fun and remain committed to your money goals. To reach your $5,000 goal, here are the amounts to save over the 52 weeks that make up a year:

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Week Amount to Save Total Contributions 1 $50 $50 2 $50 $100 3 $50 $150 4 $50 $200 5 $75 $275 6 $75 $350 7 $75 $425 8 $75 $500 9 $100 $600 10 $100 $700 11 $100 $800 12 $100 $900 13 $110 $1,010 14 $110 $1,120 15 $110 $1,230 16 $110 $1,340 17 $130 $1,470 18 $130 $1,600 19 $130 $1,730 20 $130 $1,860 21 $150 $2,010 22 $150 $2,160 23 $150 $2,310 24 $150 $2,460 25 $130 $2,590 26 $130 $2,720 27 $130 $2,850 28 $130 $2,980 29 $110 $3,090 30 $110 $3,200 31 $110 $3,310 32 $110 $3,420 33 $100 $3,520 34 $100 $3,620 35 $100 $3,720 36 $100 $3,820 37 $90 $3,910 38 $90 $4,000 39 $90 $4,090 40 $90 $4,180 41 $80 $4,260 42 $80 $4,340 43 $80 $4,420 44 $80 $4,500 45 $75 $4,575 46 $75 $4,650 47 $75 $4,725 48 $75 $4,800 49 $50 $4,850 50 $50 $4,900 51 $50 $4,950 52 $50 $5,000
Data source: Author’s calculations

Why this is a winning savings strategy

What is nice about this challenge is that the weekly amounts are manageable, and you’ll never have to set aside more than $150 weekly. Additionally, the savings contributions get smaller as you near the end of the year. This can be a massive win for your wallet if you plan to spend extra money on gifts and other holiday purchases during the last few weeks of the year.

Find a plan that works for you

If the above savings challenge doesn’t appeal to you, that’s okay. You can create a savings plan that fits your lifestyle and goals. There are many paths available to make your goal a reality.

Here are a few more ways to save $5,000 by the end of 2023:

Save $96.16 every weekSave $192.31 every two weeksSave $416.67 every monthSave $1,250 every quarterSave $2,500 every six months

You can reach your savings goals if you remain committed. If you plan to save money throughout the year, be sure to store your extra funds in a savings account so you don’t miss out on the opportunity to earn interest. If you only have a checking account, take a look at our list of best high-yield savings accounts to learn more.

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