Why try the 52-Week Challenge?
The 52 Week Savings Challenge is a fun way to save a meaningful amount of money in one year. Based on a 52 week calendar year, the idea is to contribute weekly to a savings account, starting with a very small amount which then steadily grows each week, helping to exponentially increase the total amount of money saved over the course of a year.
Unlike some other programs that provide 52-week challenge functionality, Astra allows you to use any two bank accounts that you like to fund and store your new savings and we give you the flexibility to save any incremental amount of money, starting with an initial transfer between $1 and$5. Automation and flexibility together to make a powerful money-saving Routine that can help you stash away a meaningful amount of savings in one year – all with Astra!
Setting up a recurring transfer is simple:
- You want to put aside a meaningful amount of savings in one calendar year, so you decide to set up a 52-week challenge in your Astra app.
- You select to start the 52-week challenge on January 3rd 2020, which is a Friday. You also select that you would like to save $1 per week, growing at $1 per week so that your transfers will look like the following: Week 1, transfer $1 – Week 2, transfer $2 – Week 3, transfer $3, and so on until Week when you will transfer $52. To preview all of the transfer amounts and the total savings amounts by week, select the “Preview” button at the bottom of the setup screen before you finish creating the routine.
- On Thursday January 2nd, you will get a notification that your scheduled transfer of $1 is ready to go on January 3rd. At this point you can cancel the individual transfer or pause the routine to prevent future transfers from occurring. If you take no action, Astra will move $1 from your Source account to your Destination account that you established in the setup process on January 3rd.
- By Week 52, if you continued to complete the transfers uninterrupted you will have amassed $1,378 which would make a great emergency or vacation fund for 2021!
How to set it up