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52 Week Savings Challenge Australia: Save $1,378 (and a Fortnightly Version)

The 52 week savings challenge is simple: save $1 in week one, $2 in week two, and so on up to $52 in week 52. Add it all up and you've saved $1,378. It's popular because it starts tiny and builds the habit before the amounts get bigger.

The maths

1 + 2 + 3 … + 52 = 1,378. The average is $26.50 a week. The catch is that the biggest amounts land at the end, which for a challenge started in January means November and December, right when Christmas costs hit.

Reverse it

The reverse challenge starts at $52 and counts down to $1. Same $1,378 total, but the hard weeks come first while motivation is high, and the end of the year gets easier. For many Australians that's the smarter version.

A fortnightly version for Aussie pay cycles

If you're paid fortnightly, combine two weeks at a time: fortnight one is $1 + $2 = $3, fortnight two is $3 + $4 = $7, and so on, finishing with $51 + $52 = $103. There are 26 fortnights and the total is still $1,378. Set it up as a transfer on payday so you never have to remember.

Other ways to play

• Pick-a-box: tick off any amount from 1 to 52 each week. Choose small ones in tight weeks and big ones after a good one.
• Double it: $2 to $104 a week saves $2,756.
• Goal-based: divide your goal by 52 and save a flat amount.

Tips to finish

• Use a separate high-interest savings account so the money isn't sitting next to your spending.
• Automate where possible.
• Tick it off visually: a chart you can see is surprisingly motivating.
• Missed a week? Don't quit. Pick a smaller amount or catch up next payday.

Where to keep the money

A separate high-interest savings account works best, ideally one without a debit card attached so the money is a little harder to spend. Compare the base rate with the bonus rate, because many Australian bonus-rate accounts need a deposit or no withdrawals each month to earn the higher rate. A challenge with regular deposits often fits those conditions nicely. If you'd rather not open a new account, a nicknamed sub-account at your current bank works too.

Worked example

Here's a worked example. Amy is paid fortnightly and starts the reverse fortnightly version in November, so the biggest amounts come first, before Christmas spending ramps up too far. Fortnight one she saves $103 ($52 + $51), fortnight two $99, and so on, dropping by $4 each payday. By January, when she has back-to-school costs, her amounts are down in the $70s and $80s. By mid-year they're in the $40s, and by the following spring they're tiny. At the end she has $1,378 in a separate high-interest account, plus a little interest. She misses one fortnight in January, so she splits that amount over the next two paydays rather than quitting. If the reverse version is too steep at the start for your budget, the classic version or pick-a-box works just as well. The best version is the one you'll actually finish.

How to do it: step by step

1. Pick a version: classic, reverse, fortnightly or pick-a-box.
2. Open or nominate a separate savings account.
3. Set up a payday transfer for the first amount.
4. Tick off each week or fortnight on your chart.
5. Review at the halfway mark and adjust if needed.

Frequently asked questions

General information only, not financial or tax advice.