How much do you need to save per week to reach $5,000 or $20,000 in a year?
Divide the goal by 52 and round up to the cent: $5,000 takes $96.16 a week, $10,000 takes $192.31 and $20,000 takes $384.62. If a fixed amount feels heavy at the start, use the rising version of the 52-week challenge: put in a small amount in week 1 and add the same step each week. For $5,000 the step is $3.63, so week 1 is $3.63 and week 52 is $188.76.
Weekly amounts for common goals
| Goal in 52 weeks | Same amount each week | Rising: week 1 | Rising: week 52 | Rising: total |
|---|---|---|---|---|
| 1,000 | 19.24 | 0.73 | 37.96 | 1,005.94 |
| 5,000 | 96.16 | 3.63 | 188.76 | 5,002.14 |
| 10,000 | 192.31 | 7.26 | 377.52 | 10,004.28 |
| 20,000 | 384.62 | 14.52 | 755.04 | 20,008.56 |
Amounts are rounded up to the cent, so every plan ends at or slightly above its goal. Interest is left out.
How the rising version works
In the classic 52-week challenge you save $1 in week 1, $2 in week 2 and so on, $1,378 in total, because 1 + 2 + … + 52 = 52 × 53 ÷ 2 = 1,378. Scale the step to reach any goal:
Step = goal ÷ 1,378, rounded up to the cent.
For $20,000 that is $20,000 ÷ 1,378 = 14.51, rounded up $14.52. Week 1 is $14.52, week 10 is $145.20, week 52 is $755.04. The rising plan starts gently but ends with deposits about twice the flat amount, right in December. If December is a tight month for you, reverse it: start with the biggest deposit and go down.
If you meant $5,000 every week for 52 weeks rather than $5,000 in total: that is $260,000 a year.
Worked example: Casey's $5,000 by next November
Casey wants $5,000 in 52 weeks and already has $800 in savings for it. $4,200 is missing: $4,200 ÷ 52 = 80.77 a week. In the rising version the step is $4,200 ÷ 1,378 = $3.05 (rounded up), so week 1 is $3.05 and week 52 is $158.60. Casey gets paid every two weeks and moves $161.54 per paycheck, the same as two weekly deposits.
Calculate your weekly amount
Common mistakes
- Dividing by 12 and then by 4. A year has 52 weeks, not 48. $5,000 ÷ 48 is $104.17 a week, which overshoots by about $400.
- Leaving it in checking. Money for a goal is easier to keep in a separate savings account with an automatic weekly or per-paycheck transfer.
- Skipping a week and stopping. Missed a week? Add it to the next one or spread it over the remaining weeks; the calculator above shows the new amount.
Follow-up questions
What does the classic $1 52-week challenge add up to? $1,378. Our savings challenge calculator shows the totals for the 52-week and 100-envelope challenges with any step.
How much per month is that? Multiply the weekly amount by 52 and divide by 12: $96.16 a week is about $416.69 a month.
All figures are our own calculations and illustrative.
Disclosure: Still Penny makes the All-in-One Budget Planner App Bundle (19.90 EUR, one-time purchase on Etsy). Its Goals & funds module tracks savings goals with a target, a date and the amount still needed, next to your budgets and bills. It runs offline in a computer browser, not on phones. It is optional: the calculator above is free.
General information, not financial advice.