By now, you've probably heard about the popular 52-Week Money Challenge that has everyone motivated to stash their extra dough to reach their savings goal. From exotic vacations and high-tech electronics to new cars and much-needed home upgrades, this fun and financially savvy challenge makes an excellent New Year resolution or a fantastic money decision any time of the year.
So What is the 52-Week Money Challenge?
The 52-Week Money Challenge is a fun way to build your savings account by depositing a pre-determined amount weekly. Since there are 52 weeks in a year, the clever name of the challenge gives you an idea of how many deposits you will make into your savings account!
And while there are several ways to complete the 52-Week Money Challenge, each requires different deposit amounts each week. It will help you stash away some extra cash during the year, and your savings account will reap the benefits!
How Much Can You Save?
When you go all in and join the 52-Week Money Challenge, you will be rewarded with a whopping $1,378 over the next year. The great thing is that it doesn't matter when you decide to start the challenge or which of the three methods you choose to complete it – you will still save a nice chunk of change by the end of the year by stepping up and completing the task to reach your financial goal.
Here are some ways to help you earn cash throughout the year to ensure you have the necessary funds to complete this fun money-saving challenge and relish in the rewards of extra money in just 52 weeks!
5 Ways to Earn Extra Cash
1. Participate in Paid Online Surveys: Unlock the power of your opinions and earn money effortlessly by participating in paid online surveys, turning your insights into cash while shaping the future of products and services!
2. Become an Online Tutor: Empower minds and boost your income as an online tutor, sharing your expertise with learners worldwide, all from the comfort of your home. You will also have the flexibility to set your working hours.
3. Proofreading: Proofreading is crucial when writing for an important event. Jump-start your money-saving challenge by working as an online proofreader for admissions essays, resumes, business correspondence, academic papers, writing for publication, and more for extra money.
4. Test Websites and Apps: Feedback on the user experience is important to companies, so they are willing to pay you for your opinion. Give them feedback about their websites and apps, and get paid anywhere from $10 to $60 per test.
5. Become A Transcriber: If you have good listening and accurate typing skills, you can make extra cash by becoming a transcriber. Online transcription jobs can help you save for the 52-week money challenge while listening to an interesting court case or TV report.
Once you have decided how to make some extra cash to fund this popular money-saving challenge, here are some tips to help you make the most out of your newfound income and succeed with your financial goals.
3 Saving Tips to Enhance Your 52-Week Money Challenge Goal
1. Record Your Expenses – Tracking your savings progress using a digital or printed spreadsheet is a savvy money move. Use Middlesex Federal's budgeting eBook now to keep track of your expenses and savings.
2. Map Out and Time Major Purchases – Paying attention to annual end-of-the-year or seasonal sales or planning a major purchase after your income tax refund is in your bank is key to saving money on a regular basis. Plenty of dollars are available for the money-saving challenge for savvy planners who correctly map out a plan and time major purchases.
3. Cancel Unnecessary Subscriptions - You might be surprised to learn how quickly things like movies, cable TV, magazines, clothes subscriptions, and weekly meal plans add up! Try negotiating a lower cost, canceling unused subscriptions, or limiting this spending to add extra money to your savings account. To learn more about canceling your unwanted subscriptions, check out our "Looking to Cancel Subscriptions But Don’t Know Where to Start?" blog post.
Start the Money-Saving Challenge Today!
Are you ready to save for a new car, beach vacation, home, or nest egg? Make plans today to accept the 52-Week Money Challenge to help you reach your money goals. At Middlesex Federal, we make it easy to open a savings account online. If you prefer, stop by one of our branch locations to open your savings account in person. Middlesex Federal is here to help you make the most of your hard-earned savings!