Choosing The Right Money Saving Challenge
If you spend any time on Pinterest, you’ve probably seen multiple Money Saving Challenges pins as your scroll up on the platform.
Or maybe you’re here after reading my article Budget Goals: 52-Week Money Challenge to $10,000 and loved the tips and tricks but are searching for a more budget-friendly option that you can participate in.
While there are many different types of money saving challenges floating around the internet, you may still feel like none apply to your financial situation.
I get it, everyone doesn’t have a ton of money left over after paying off their bills and other expenses. Not everyone has a spare $25+ each week.
But I really want to encourage saving at any level that you can. We all have to start somewhere if we want to start working towards a more secure financial future.
So while we will cover the money-saving challenges to $1379 and $5000, there is also what I call the Freestyle Savings version.
FREESTYLE SAVINGS CHALLENGE
In this Freestyle Savings Challenge, the goal is to save something each week, anything that you can afford, even if it is $2.
“What’s the point?” you might say! Well, one of the main issues people face when trying to save (besides needing the funds to be available) is learning how to budget and to start building those money-saving habits.
If at the end of the year you have saved $200, well that’s $200 more than you had before and that could come in handy during tough times.
And the best way to start this journey is by reviewing your budget. Sign up for our newsletter and grab your free monthly budget template (you can unsubscribe at any time).
Now it’s still a challenge so try to find ways each week that can help you save even more. I know that sometimes it can seem like you have no spare money to save (and many people legitimately don’t).
But for many, it can be a simple question of evaluating where your paycheck is going and shifting some of it into a savings account. It could be something small like skipping one Starbucks drink a week.
Maybe grab one extra shift a month and that be your total monthly savings.
In order to get you started, I’ve created free money-saving challenge printables for you. Grab your Freestyle Savings Challenge PDF.
Don’t forget to check out this helpful article if you need some budgeting and finance tips.
MONEY SAVING CHALLENGE TO $1378
Now if you are able to take on a bigger challenge, we have the money-saving challenge of $1378. I’ve prepared printables for both the forward and reverse approaches.
- You decide, start off slow, starting with $1 and adding an additional dollar each week to match the week’s number (Example: $7 for week 7)
- Or give the reverse version a go, starting off with the largest contribution of $52 on week one and working your way down to $1.
Choose whichever technique works best for you. Do you prefer to build momentum or hit the pave running?
By the end of the 52 weeks, you will have $1378 to put towards your emergency fund. This study shows that 57 million Americans lack an emergency fund.
Another fun approach to saving is grabbing a box of envelopes from your local Dollar Tree and writhing a number from 1 to 52 on each envelope and randomly selecting a different one each week.
Grab your Money Challenge Printables to $1378. The printables for both the forward and reverse versions are included in the link above.
MONEY SAVING CHALLENGE TO $5000
The $5000 goal will naturally be more challenging and may require some extra creativity from you. You may need to come up with a side hustle to make all the weekly contributions.
If you need some side job ideas, give this post a read. Are you willing to trim the fat from your expenses? Grab an extra shift at work?
The first $1000 I saved in my life came from taking on a second job on top of my full-time course load and 35 hours work schedule at my regular job. It was a grueling few months but it got me on the road to financial freedom.
Since your monthly savings will well over $100, I highly suggest transferring it into a dedicated savings account where you get additional interest.
Rates are currently down everywhere but you can still get up to 0.40% APY with the Savings Builder by CIT Bank.
Your money-saving challenge printables for $5000 (filled and blank) are available to print here.
As with any challenge, there will be ups and downs. There may be moments where you are tempted to stop and give up but try to remember the reason why you started down this path.
Try to view every sacrifice you make along the way as the step forward it really is.
You’ve got this!
Don’t forget to pin and share this challenge with anyone looking to improve their savings account!
About the author
Clara is the founder of Blue World Dreams, an entrepreneur & budget-savvy personal finance expert. She’s invested in helping others attain financial freedom using her knowledge from running a successful seven-figure corporation and building an extensive and diverse investment portfolio. Find out more.