How To Save Money Even If You’re Broke

Saving money is hard.

It’s especially hard when you’re on a tight budget.

If you’re living paycheck to paycheck and struggling to save any money, here’s an idea to start saving money, starting with just $1. You don’t need to save hundreds of dollars each month to make progress.

This challenge will help you easily save money, $1378 to be exact.

Start by saving just $1

Start by saving just $1

It’s called the 52 Week Challenge. The idea is simple but effective and the money definitely adds up.

Here’s the idea:
Start by creating a separate savings account. Name it “Emergency Fund.”

Starting this week, save $1 in that savings account.

Then the next week, save $2 in that savings account.

The third week, save $3 in that savings account.

You get the idea, each week, add an additional $1 to your savings account.

At the end of 52 weeks, you will have saved $1378 in your savings account.

Easy. And You won’t have to add more than $52 for any given week. Even if you’re broke, you’ll see that you can save money slowly this way. This 52 week challenge is also a great time to keep track of your budget to see where you can save money.

Personal Capital is my favorite online tool to view all of my financial accounts in one place! I stated using them this year instead of Mint.com

Best of all, it’s FREE! It’s also fast and easy to set up. Try it today!

Have extra money?

Here are some ideas to increase that Emergeny Fund if you get some extra money one month:

-Add your yearly bonus
-Add your tax refund
-Add any side income or windfalls

Do you have an emergency fund?

Are you ready to start the 52 week challenge?

*Part of Financially Savvy Saturdays on Femme Frugality and The Frugal Exerciser*

Femme Frugality

Leave a comment

  1. says

    I started a Facebook page for the 52 week money challenge for me and my cousins on both sides of my family. Out of all of my cousins, aunts and uncles, I think only 8 of us are doing this. We started January 1, 2014, and it is an easy way save. I’m not a big on giving gift for Christmas so doing it in reverse wouldn’t have much affect on me.

    • says

      You’re welcome, Marie! Congrats on starting your 52 week challenge and good luck. I think adding it to your emergency fund is a great way to gradually increase it. Good thinking!

  2. says

    This is a great concept. First, the amounts are small enough that people can make it work without it seeming like a daunting task. Second, repetitively doing it can create habits that can later be scaled up.

  3. says

    I saw this idea on Good Financial Sense and I love it. But, in my case, I’m starting in reverse. I had the cash at the beginning of January to start with the $52 and have been decreasing it each week by a dollar as I go along. I can’t actually take credit for the reverse idea – someone in a comment mentioned that it might be harder near the holidays to save more (with December being the month a person would be depositing $49, $50, $51, and $52 respectively each week with this plan), so if you start with more, it gets easier as you go.

    • says

      I think doing the 52 Week Challenge in reverse is an excellent idea. The best part is that you’ll get the larger deposits out of the way in January and the challenge will get easier as the year goes on. Good luck with the Challenge!

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