6 Savings Challenges You Should Definitely Try
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Saving money is a pretty tough challenge, especially when we don’t know where to start. But thankfully there are plenty of savings challenges. So check these ideas out and give some of them a try!
Important Side Note:
If you’re in debt, then I would definitely read Dave Ramsey’s book The Total Money Makeover which you can check out here. He’s helped MILLIONS of people climb their way out of debt and have financial peace and security. So DEFINITELY check him out!
Also! He has another great book called the Legacy Journey which is a great read. Check it out here!
52-Week Savings Challenge
One of the most popular savings challenges is this 52-week challenge. The challenge has a very simple method; you start by making a chart with the numbers 1-52, representing the number of weeks in the year. Then under each number, write your savings goal.
So for example, for week one, you’ll save $1.00, then for week two, you’ll save $2.00, and then $3.00 for week three and so on. And by the end of the challenge, you’ll be putting $52.00 in your savings and you’ll have a total of $1,378 by the end of the year. Pretty easy, right?
Spare Change Challenge
Easy, fun and you won’t even feel like you’re putting a lot aside. At the end of every day when you get home, just empty your wallet of all the change from the day. You’ll definitely have a lot of single dollar bills to put in your piggy bank.
The best part of this challenge is that you’re not cutting down on any expenses as opposed to the no-spend challenge. You’ll be surprised by the amount you save after just a few months or a year.
The Weekly 401k Savings Challenge
This plan requires you to increase your monthly savings by 1% a week, but 1% of what? Well as the name suggests, you’ll be saving 1% for your 401k plan in the first week, and then increasing it by another percentage each week. And this is not money that you touch, it’s something that’s locked and saved until retirement.
This may seem easy initially but mind you that there are 52 weeks in a year and by the end of the year, you’ll be saving 52% for your 401k fund.
52-Week Savings Challenge Reversed
This will work just like the conventional 52-week challenge but in the opposite direction. You’ll still be saving $1,378 by the end of the year, but you will be starting by saving $52 in the first week and then $1 by the last week.
Some experts suggest this because you have a better chance of sticking to this routine if you put a larger amount of money upfront.
365 Day Savings Challenge
This one is great for students and people with inconsistent pay. It won’t compromise your lifestyle or anything else. It just requires only a $1 a day for a year.
No Spend Challenge
Don’t be immediately put off by the name of this challenge. I’m not asking you to stop living your life for a month. All this challenge requires is one month of no luxuries.
Say yes to things like gas for your car, groceries, mortgage or rent, and other necessities. But say no to extras like date nights, makeup, coffee shops, paid activates, or hobbies and anything which you would consider a luxury.
With these easy savings challenges, you are set for the year to start getting ahead financially. So give them a try!