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The start of a new year always feels like the time to re-examine your goals and create new ones. It’s a common time to get your finances in order.
Saving challenges are popular for helping you get creative with saving. Sometime, there is hesitation to join them out of fear.
Nobody wants to do one and then fail to complete it, right?
Well, savings challenges are more than just completing them. They jump start your savings and get you on track to developing a consistent savings habit. Which is important when it comes to reaching your dreams.
Completing them, no matter if it’s finished fully or not, can help you get on your way towards bettering your finances and life.
If you’re looking to jump start your savings, here are eight different saving challenges to try.
1) 52 Week Saving Challenge
The most notable challenge is the 52-week saving challenge. If you’ve spent any amount of time on a personal finance site, you’ve probably seen it.
During the challenge, you saving an increasing amount each week. The dollar amount corresponds with the week. So the first week you save $1, the second week $2, third week $3 and so on. On the 52nd week of the year, you save $52.
By the end of the year, you will have amassed $1,378.
You could use this amount to save towards something like a travel or a mini emergency fund.
2) Reverse 52 Week Saving Challenge
The 52-week saving challenge is popular and many people have completed it. Although not everyone loves the idea of it.
People have pointed out how the challenge involves saving over $200 during the month of December. A time of the year when many people are buying gifts and things for the holidays.
The reverse 52-week Saving Challenge involves saving a decreasing amount each week. You start off by saving $52 the first week, then $51 the second week, and $1 on the 52nd week of the year.
A positive of doing the challenge this way is the quick win you get of saving a sizable amount of money. Doing the normal 52-week saving challenge would yield you $10 after four weeks. The reverse 52-week saving challenge would yield you $202 after four weeks.
Seeing a greater amount right off the bat could motivate you more. Saving the bigger amount at the start of the year could be easier to do since it won’t be during the holidays and you might have things like a tax refund to put towards savings.
3) Mini 52 Week Saving Challenge
For those looking to start small, the mini 52-week saving challenge involves starting at $0.50 rather than $1. You start off saving $0.50 the first week, $1 the second week, $1.50 the third week, and on the 52nd week, you save $26.
By the end of the challenge, you will have saved $689. Half the amount of the regular 52-week saving challenge.
If you’re looking to start small and save for small expense, this could be a good challenge to try.
4) Bi-Weekly Saving Challenge
If you get paid every other week, then that equals to 26 paychecks in a year. The bi-weekly saving challenge involves saving an increasing dollar amount corresponding to each week, except you save when you get your bi-weekly paycheck.
So for your first bi-weekly paycheck, you would save $3 ($1 for week one, $2 for week two). The savings for the second bi-weekly paycheck would be $7 ($3 for week three, $4 for week four). The final bi-weekly paycheck would involve a savings of $103 ($51 for week fifty-one, $52 for week fifty-two).
By the end of the challenge, you will have amassed $1,378.
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5) Monthly Saving Challenge
The monthly saving challenge involves saving an increasing amount month to month but a set amount each month. It can be an option for those who get paid once a month.
The saving amount varies from $25 to $150 for the month. In January you save $25, February $50. It goes up in $25 increments until you reach June and July when you save $150 for each month. After that it goes down in $25 with December being a month you save $25 for.
6) The No-Spend Challenge
No-spend challenges are usually done on a one-month basis, but people have also done it for an all-year thing.
A no-spend challenge may involve not buying anything outside of bare essentials. They could also be for not spending anything in “trouble” areas like eating out, shopping, or entertainment.
While there is no set amount you can expect to save, there are lots of benefits to doing a no-spend challenge. You’re able to pinpoint areas you’re struggling with and help you get resourceful with what you have.
7) Spare Change/Dollars Challenge
Do you remember the piggy bank you had as a kid? Yeah, this saving challenge is kind of like an adult piggy bank. You put all of your spare change into a jar and count it up at the end of the year.
There are a few ways to take this further. You could utilize financial technology services and download an app like Qapital which rounds up your bank transactions to the nearest dollar or two. So that $3.21 coffee means $0.79 in savings.
You could also incorporate dollar bills into it and save the $1 and $5 bills you have.
8) 365 Day Money Challenge
Think a penny saved can’t make a difference? Think again. With this challenge, you save money every day.
Start off with $0.01 the first day, $0.02 the second day and on the last day you save $3.65. In total you save $667.95 by the end of the year.
Final Word
A lot of saving advice out there advises saving a set amount each month. Automating your savings can be great, but starting out by savings a set amount can feel hard.
Do a saving challenge to help you kickstart your savings. Set up a dedicated savings account to keep track of your savings. If you contribute $100 a month you get a high 2.45% APY on a CIT Bank savings account. This high interest rate could make a huge difference (DC learned this the hard way).
Consistency is the key thing to remember. Even if you’re starting out small, staying consistent will help you reach your savings target.
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Saving Challenges: A Guide to Jumpstart Your Savings
Saving money is a common goal for many people, especially at the start of a new year. One popular method to kickstart savings is by participating in saving challenges. These challenges not only help you save money but also develop a consistent savings habit. In this article, we will explore eight different saving challenges that you can try to jumpstart your savings.
1) 52 Week Saving Challenge
The 52-week saving challenge is one of the most well-known saving challenges. It involves saving an increasing amount each week corresponding to the week number. For example, in the first week, you save $1, in the second week $2, and so on. By the end of the year, you will have saved $1,378 [[1]].
2) Reverse 52 Week Saving Challenge
The reverse 52-week saving challenge is an alternative to the traditional 52-week challenge. Instead of saving an increasing amount each week, you save a decreasing amount. You start by saving $52 in the first week, then $51 in the second week, and so on until you save $1 in the 52nd week. This challenge allows you to save a larger amount right from the start, which can be motivating [[2]].
3) Mini 52 Week Saving Challenge
For those who want to start small, the mini 52-week saving challenge is a great option. Instead of starting with $1, you start with $0.50 in the first week and increase the amount by $0.50 each week. By the end of the challenge, you will have saved $689, which is half the amount of the regular 52-week challenge [[3]].
4) Bi-Weekly Saving Challenge
If you are paid every other week, the bi-weekly saving challenge might be a good fit for you. With this challenge, you save an increasing dollar amount corresponding to each week, but you save when you receive your bi-weekly paycheck. By the end of the challenge, you will have saved $1,378, just like the 52-week challenge [[4]].
5) Monthly Saving Challenge
The monthly saving challenge is suitable for those who are paid once a month. It involves saving an increasing amount each month but a set amount each month. The saving amount varies from $25 to $150 per month, starting with $25 in January and increasing by $25 increments until June and July when you save $150. After that, the amount decreases by $25, with December being a month where you save $25 [[5]].
6) The No-Spend Challenge
The no-spend challenge is a popular way to save money. It involves not buying anything outside of bare essentials or avoiding spending in specific areas like eating out, shopping, or entertainment. While there is no set amount you can expect to save, the challenge helps you identify areas where you may be overspending and encourages resourcefulness [[6]].
7) Spare Change/Dollars Challenge
The spare change/dollars challenge is a fun and easy way to save money. You can start by putting all your spare change into a jar and counting it up at the end of the year. Alternatively, you can use financial technology services like Qapital, which rounds up your bank transactions to the nearest dollar or two, saving the difference. Another option is to save all your $1 and $5 bills throughout the year [[7]].
8) 365 Day Money Challenge
The 365-day money challenge is a daily saving challenge. You start by saving $0.01 on the first day, $0.02 on the second day, and so on, until you save $3.65 on the last day of the year. By the end of the challenge, you will have saved $667.95 [[8]].
In conclusion, saving challenges are a great way to jumpstart your savings and develop a consistent savings habit. Whether you choose the traditional 52-week challenge, the reverse challenge, or any of the other challenges mentioned, the key is to stay consistent and make saving a priority. Happy saving!
Note: The information provided above is based on the search results and does not include personal opinions or experiences.
