Does 52-weeks sound a bit long? Don’t worry there’s a 30 day money saving challenge that may be more suitable.
The best thing you can do for yourself is to learn how to save money the right way. Learning to save money gives you the momentum you need to break the cycle of debt once and for all. Setting up a
Now of course in a perfect world, you’d be regularly saving a portion of your paycheck. But the world isn’t always perfect. Sometimes you need something like a money saving challenge to push you towards achieving your goals.
The challenges below are a great way to save a significant amount of money over the next 52 weeks. This isn’t something you have to start on the first day of the year.
You can start whenever the time is right for you (I do suggest starting sooner than later). As we all know there are always excuses to made as to why the timing is never right. How about this
Small Steps Towards Starting a Savings Challenge
It’s all about perspective and developing habits. What I love most about these money saving challenges is you start out with an easy amount to save like $1 for week 1. By doing a small manageable amount it gives you time to adjust and gain perspective of your spending.
Why You Need A Savings Challenge
Let’s face it, saving money isn’t the most fun thing to do. But unless you are one of those lucky people who has won the lottery most of us don’t have a ton of extra money hanging around.
Savings challenges are great for saving up money for last minute vacations or if you need to repair something unexpected like the screen on your phone.
I Don’t Have A Lot Of Extra Cash, Are Their Creative Ways To Save Money?
Absolutely, this is where I excel. I love finding new and creative ways to save. I don’t necessarily call myself a complete cheap $#@! But I definitely know where to draw the line and I love discovering alternative ways to make a bit of extra cash.
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By signing up for CIT Bank I was able to save thousands of dollars last year.
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What Kind Of Savings Challenges Are There?
1. 52 Week Money Saving Challenge (Save $1,378 in one year)
This is one of the more popular savings challenges for good reason it works! What I love about this particular challenge is you start out with an easy amount like $1 for week 1, as you develop new financial habits the amount of savings begins to increase.
As you continue saving by week 52 week you will have saved $1,378! Of course, when you get towards the end it can seem a bit tricky to save the money
2. MONEY SAVINGS CHART
Savings Goal: $1000/year
I love this idea money savings chart. With this challenge, you get to pick which amount you’re saving each week!
We’ve all been in the position where unexpected things happen. Some weeks are easier to save money than others. This challenge is great because it allows you some flexibility. It’s also perfect for someone whose income varies and needs a bit of flexibility.
How it works: Let’s say you are able to save $36 dollars this week and only $8 the next. Simply cross off what works for your budget that week and then continue until you’ve used up all the amounts. Turn it into a fun money savings challenge!
3. BULLET JOURNAL MONEY CHALLENGE
Savings Goal: $1200/year
I can’t tell you how many times I’ve wanted to start bullet journaling, I’ve seen so many fantastic bullet journal ideas and have yet to start. When I came across Suzi’s post, I knew I had to include it in my list on how to save for little goals.
I love how Suzi uses the jars to show her savings progress, it’s a great visual aid. Plus, the actual
Want more bullet journal ideas to organize your finances check out this article
4. SAVE AGE CHALLENGE 2018 – SMALL STEPS TO SAVE MONEY
I love the idea of this savings challenge. Every month you deposit your age in dollars to a separate bank account. This could be a regular savings, Roth IRA, college savings – whatever type of account you want.
However, the key is you cannot withdraw money from the account during the year.
5. Reverse 52 Week Saving Challenge
Money Savings Challenge goal: $2500
Different money challenges have different plans for saving. For instance, the 52-Week Money Challenge helps individuals save more than $1,300 over the span of a year.
The 365-day challenge, on the other hand, helps you save less than $700 over the same period of time. You may be wondering what exactly is the reverse 52-week saving challenge?
The 52-week reverse savings challenge is popular because you get the hardest part out of the way right from the start. The amount you save lessens over time making saving easier as time goes on.
This is basically the same as Savings Challenge #1 (the 52-week savings challenge) but the other way around. Seeing a greater amount saved right off the bat can be a big motivator.
You start off by saving $104 the first week, then $102 the second week, and $2 on the 52nd week of the year.
6. Extreme 52-week savings
Does the basic 52-week challenge sound too easy for you? I mean, having $1,378 is great and all. But $13,780 is SO much better.
This is an “extreme” savings challenge for those with more aggressive savings goals or who have quite a bit to save each month. If you follow this challenge for the whole year, you’ll end up with $13,780!
7. Our Family Savings Challenge
For us saving money is easiest when we plan for it in our monthly budget. I have a set amount that is automatically transferred from our banking account directly into my CIT Bank Account. This method works really well for us and especially well for some of our larger money goals. I’m a firm
8. Envelope Savings Challenge
If you are looking to start the cash envelope system as a way to save money and get your budget back on track yeah for you! Here’s an article that tells you everything you need to know about getting started with the cash envelope system.
If you are looking for the queen of all queens when it comes to an envelope savings challenge you have to check out The Budget Mom. Kumiko knows what it takes to bring some awesomeness to an envelope savings challenge . Honestly check it out, she has some beautiful artwork on her envelopes.
9. Money Saving Challenge Bi-Weekly (26-Week Savings Challenge)
This is a great way to save money for people who are paid every other week. This bi-weekly savings challenge helps you save around $1,300 over a year just like the 52-week challenge however you only deposit your money twice a month.
Final Thoughts on Money Saving Challenges
If you’re interested in taking control of your finances and boosting your savings a money savings challenge may be just what you need.
I’m interested to hear from anyone who’s finished a 52-week money savings challenge? What did you think? How’d it go?
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