If you want to save more in 2023, committing to a savings challenge may help.
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:
| 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.
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Here are a few more ways to save $5,000 by the end of 2023:
- Save $96.16 every week
- Save $192.31 every two weeks
- Save $416.67 every month
- Save $1,250 every quarter
- Save $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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