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Knowing methods of how to save money per week is a great strategy for getting organized financially. However, this procedure is not simple, but the more sacrifice you make, the better the results. Check it out below. 

How to save money per week

The process of saving money is not simple, but the sacrifice is worth it. That's because saving money is important, especially if you want to achieve your financial goals. Not to mention that unforeseen events can happen in anyone's life, and that extra money can save you. 

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Challenges can be a great impetus to start your journey of how to save money per week. In recent years, these challenges have become a big hit with people, as they make the process of saving money easier. 

One of the most famous challenges lasts 52 weeks, or a year. It can also be shared with friends, partners, family or couples. Regardless of how you do it, the goal is always the same: save money to improve your financial situation. Check it out below:

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1. 52-week challenge

As mentioned earlier, challenges are important for those who want to start saving. Even if the process requires sacrifices on the part of those challenged, it is the first step for those who want to achieve their financial goals. 

These challenges are becoming a big trend among people. The creator of the 52-week challenge, Kassondra Perry-Moreland, started the practice on the first day of the year. The procedure involved saving US $1 for the week, with the amounts gradually increasing over time. 

Some experts advocate this practice, especially Brazilians. So if you have a real in your pocket or in the bank, don't hesitate to keep it for the first week. And, like the creator, increase the amount over the course of the challenge. 

It's important to adapt the challenge to your reality. In other words, if you can save more than a dollar a week, do it. However, as the weeks go by, don't forget to increase this amount in order to organize yourself financially. 

2. Know your budget

Before starting the challenge, it's important to know your budget. In other words, instead of relying solely on memory, write down all your expenses and income for the month, whether in a spreadsheet, notebook or notepad. 

To make the procedure easier, use technology to your advantage. Once you've found a platform to help you with the process, calculate how much you earn each month. Include your salary, benefits and other extra earnings. 

However, if your income is not fixed, consider the average of the last 12 months. People can list their accounts as follows:

  • Fixed Expenses: These are the amounts of fixed bills, such as electricity, water, internet, rent, transport, course fees, among others;
  • Variable Expenses: These are all the amounts spent on restaurants, travel, leisure, delivery, among others. 

In short, it's important to write down all your earnings and expenses during the month, such as that coffee you drink during happy hour or the movie sessions. These notes are important for understanding the weight these expenses have on the monthly budget. 

It's important to monitor every step of your financial life. This will help consumers visualize when they end up going overboard and, consequently, help you get rid of these consumerist habits. 

3. Create a realistic goal

In order to save money, regardless of the reason, creating a plan is one of the main parts. Goals should be considered in the short, medium or long term, with well-defined financial objectives. 

When people have a goal to save money each week, the procedure is no longer so complicated. In this sense, think of something "big" that you want to accomplish, such as going on an exchange, having surgery, changing your car, etc. 

Once you've decided what you want to do with the money, define the amount and the timeframe for realizing this dream. When you set your goals, there's an additional motivation: you're not just saving money, you're chasing a dream. 

4. 50-30-20 method

Another method for saving money is known as 50-30-20. Although it's not a technique for saving money on a weekly basis, the formula is broken down to help people divide their spending into categories:

  • 50% of income is used for essential expenses, such as electricity, water and internet bills, among others;
  • 30% of income is allocated to variable expenses, such as leisure and lifestyle;
  • 20% of the income is earmarked for investments. 

This method will help consumers to divide their spending well and save a lot of money at the end of the month. In short, this is a great strategy for anyone who wants to save money, whether in the short, medium or long term. 

5. Invest consciously

Last but not least, when you have a good amount of money left over, it's time to invest. After all, if you leave the money idle, it won't pay off. 

For this reason, to increase your profits, consider the best products on the market, such as Fixed Income, Shares, Investment Funds, among others. Once you've evaluated the options available, choose an investment that best suits your investor profile. 

The profile takes into account the investor's risk aversion, as well as the withdrawal time and their current moment in life. It is important to constantly monitor the investment market and, if you wish, change your strategy to get the best results.

Before you start investing, remember to study and understand how the market works. In this way, investors can diversify their portfolios and easily achieve their financial goals. 

How the 52-week challenge works in practice

Now that you know the best techniques for saving money for the week or month, you're probably wondering: how does the 52-week challenge work? 

In general terms, the challenge consists of saving one real per week, and gradually increasing the amount over the course of the weeks. 

In other words, for the first week, start saving R $1.00. In the second, save R $2.00, in the third R $3.00 and so on. 

At the end of the year, after 52 weeks, the challenged will have R $1,378 or more. Remember to adapt the challenge to your reality.

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