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How to Save Money in 2024: 52-Week Money Challenge

Are you looking for a fun and achievable way to save money in 2024? What if we told you that you could save over $1,000 by the end of the year with a 52-week savings challenge?

At Peoples Bank, we recognize the challenges many face when trying to save money in today’s fast-paced world. Between rising costs and unforeseen expenses, saving can feel daunting.

That’s why we’ve introduced the 52-Week Money Challenge, a unique and structured approach to help you set aside over $1,000 in 2024. This guide features our top tips for saving money this year, tailored for both seasoned savers and those just beginning their financial journey.

We’re offering a few innovative strategies to enhance your savings without sacrificing the joys in life, so dive in and discover how small changes can lead to significant financial growth.

Photo: Dad helping daughter put money in piggy bank
Text: The 52-Week Money Challenge is a savings method where you save an increasing dollar amount weekly, accumulating $1,378 by year's end.

The Magic of the 52-Week Money Challenge

So, how exactly do you save money in a 52-week challenge? Our approach is a simple yet effective savings strategy that’s designed to help individuals gradually build savings over the next 12 months.

The concept is simple — in the first week, you save $1; in the second week, you save $2; then in the third week, you save $3, and so on. As each week progresses, the amount you save increases by just one dollar.

By the end of the last week of the year, you’ll be saving $52 for that week. And when you add it all up across those 52 weeks, you’ll have accumulated $1,378 by the end of the year. With that being said, we realize that when Christmas comes at the end of the year, you might be spending more on gifts. You can take this challenge and adjust it to what makes sense for you.

Incremental savings like this are a great place to start as a new saver or a fun way to top up your current savings account if you’re already saving regularly. This approach turns saving into a manageable and insistent skill that will benefit you forever.

To help you get started on your incremental savings journey, we’ve put together a few ideas to get you started on ways to save money this year.

Digital Detox Weekends

Do you ever wonder if you spend too much time on your phone, computer, or in front of the TV? If so, you're not alone. Choose one weekend or even one day of the weekend to go on a digital detox. That means no streaming, online shopping, or ordering takeout from your phone. You’ll be surprised at how much you can save when you do this, even once a month.

Instead, find screen-free activities that you can do to spend quality time with your friends and family. And if they’re free, even better! Meet up to go for a walk with homemade coffee or tea, try a new recipe you’ve been looking forward to making, or stop by your local library to check out a book or film.

If you want to make your weekends a little more competitive, talk your friends into a group savings challenge. It’ll help you stay on track and can be a fun way for all of you to save together. Have a small prize like a candy bar or coffee for the person who saves the most money over the weekend or month, and turn your savings challenge into something fun.

Sell-It Saturdays

Once a month, think about going through your home and selling any unused or unwanted items you have lying around. This could be clothes, electronics, books, furniture, or seasonal décor that gets your post-holiday savings back on track.

We have fantastic local secondhand stores where you can sell your items! You can also sell items on platforms like eBay, Facebook Marketplace, and Poshmark. If you have any designer labels you no longer want, Vinted can be a good place to sell these and make some serious cash to add to your savings account.

You can also host a good old-fashioned garage sale. Many of our local communities have a community-wide garage sale weekend where multiple homes have garage sales.

Photo: Woman sitting on a bike
Text: Challenge yourself to walk or bike for short errands for a month instead of driving, saving on fuel and parking while improving mental and physical health.

Walk or Bike Challenge

If your location makes it possible, see if you can challenge yourself to walk or bike for short errands instead of driving for one month. This is a great way to save on both fuel and parking costs.

Not only will you save money, but you’ll also benefit from that extra bit of exercise throughout the month. Even if you’re a regular runner or gym-goer, that additional time spent outdoors and moving your body that month can significantly affect your mental and physical health.

Hydration Hustle

For one month, cut out all other beverages except water. You’ll save on drink expenses you might have.

If you don’t like the idea of drinking straight from the tap, invest in an inexpensive filtration pitcher that you can keep in your fridge or on the counter if you prefer your water at room temperature.

Photo: Man getting hair and beard cut
Text: Swap skills with friends to save money and use YouTube for guidance on unfamiliar tasks.

Skill Swap

Everyone has their own unique skills, so take this year to tap into the skills in your network. Trade skills with friends, like haircuts or car maintenance, if someone you know has a good grasp on how to do those things well.

If no one knows how to do something you need help with, take a look at a few YouTube videos to learn how to do it yourself! Picking up new skills is always helpful and can save you money now and in the future.


DIY Cleaning Formulas

One of the best ways to save money this year is by making your own cleaning solutions. Not only is this a budget-friendly approach to keeping your home clean, but it’s also a more eco-friendly solution in the long term.

Some easy solutions that you can use around your home are:

  • Vinegar, water, and lemon rind as an all-purpose cleaner
  • Baking soda and water for a good scrubbing cleaner
  • Water, vinegar, and rubbing alcohol for a window and glass cleaner
  • White vinegar or lemon juice and salt to clean brass and other metals

Update Your Banking

Don’t forget about the banking products you already have and how they could make you more money in 2024.

  • Empty that change jar! You can bring your loose change to the bank and get cash or deposit it into your account.
  • Leverage the rewards you have from your credit card to save money on everyday items you would’ve already been purchasing.
  • Think about starting a CD ladder. By opening multiple certificate of deposit (CD) accounts that mature at different times, you can benefit from higher levels of interest on your savings while getting access to your money at each of the various maturity dates.
  • You can also open a Money Market account instead of a regular savings account if you’re thinking about earning more with higher interest but need more immediate access to your savings.
  • Have a child? Peoples Bank offers Peoples Little Perks to get kids excited about saving, and they can earn Perk Prizes for doing so!
  • We also offer a great lineup of Personal Checking Accounts, some of which can earn you interest!


Photo: Woman looking at statement
Text: Utilize credit card rewards, build a CD ladder with your saved cash, and open a Money Market account for higher interest on savings.


Join the 52-Week Money Challenge Today

Remember, the key to the 52-Week Money Challenge is consistency and creativity. By making saving fun, you’ll build a lifetime habit leading to significant financial growth.

Print our 52-Week Money Challenge chart to keep track of your savings in 2024, and don’t forget to think of a reward to celebrate your achievement when 2025 comes around!

Peoples Bank is here to help!

We want to walk alongside you in your financial journey. As your community bank, Peoples Bank offers products and services specially tailored to you. We’re dedicated to listening to our customers and giving back to our communities. Our friendly employees make every effort to be a resource where customers can learn about financial products and services. We always take time to find the best banking solutions for you. Stop by or call us today! Peoples Bank offers ten convenient locations in Northwest Iowa, Southwest Minnesota, and Southeast South Dakota.