Money Saving Challenges is essential, but it can be difficult when you don’t know what strategy works best for you. It’s smart to set aside some money for any emergency you may encounter in the future. This includes unemployment, accidents, tragedies, and other unfortunate situations that may cost A LOT. Saving can also be for recreational activities like traveling, attending concerts, or buying your dream car.
Have you ever seen outrageous stacks of bills on social media, posted by people claiming to have saved them through money challenges? Most of them might have exaggerated their stories to earn likes, but saving challenges can actually be effective especially if it suits your lifestyle.
Below are 6 doable money challenges for you to try. Choose one the can work best for you, and reap what you sow after a year!
1. 365-Days Money Challenge
Collect $667.95 at the end of the year!
This is best for beginners who aren’t sure they can set aside chunks of money weekly or monthly.
Start by saving $0.01 on the first day, $0.02 on the second, $0.03 on the third, and so on. Then, save $3.65 on the last day. By the end of the year, you’ve already saved $667.95.
2. Mini 52-Week Saving Challenge
Collect $689 at the end of the year!
This one is the mini version of the 52-Week Saving Challenge (#3) where you save less per day. This technique is great just in case you’re not ready to go all out just yet.
Start with $0.50 on the first week, $1 on the second, $1.50 on the third, and so on. Just keep adding $.50 to the previous amount until you save $26 on the 52nd week. You’d have $689 savings at the end of the year, which is half of what you get in the original 52-Week Saving Challenge.
3. 52-Week Saving Challenge
Collect $1,378 at the end of the year!
Among all the challenges, this is most popular since it’s the most realistic technique to try. The process is the same as the Challenge #2, except you start with $1 and increase it by a dollar each week.
After saving $52 on the 52nd week, you would have saved a total of $1,378. However, it can be difficult to stick with as the weeks go by. That’s because you need to set aside more money weekly, not knowing what financial obstacles you might have in the months ahead.
4. Reverse 52-Week Saving Challenge
Collect $1,378 at the end of the year!
This is the reverse version of the 52-Week Saving Challenge. It caters to those who don’t love the idea of saving an increasing amount over time.
Start big by saving $52 in the first week, and then decrease it by a dollar as you continue. Keep in mind, though, to start only whenever you’re sure you can set aside huge chunks in the first few months.
The upside to this, however, is it’s easier to stick to since you need to put lesser and lesser in the future months. It won’t burden you as much in case you encounter any financial difficulties.
5. Bi-Weekly Saving Challenge
Collect $1,378 at the end of the year!
You’d save exactly the same amount with this challenge as you would in #3 and #4. The process is similar to the others, but you only need to set aside money every two weeks. This is an ideal approach to individuals who receive bi-weekly paychecks.
You must save $3 ($1 for week one, $2 for week two) from the first paycheck. Then, $7 ($3 for week three, $4 for week four) from the next, and so on. Essentially, you’re doing the 52-Week Challenge in a friendlier pace — paycheck by paycheck.
6. Monthly Money Saving Challenge
Collect $1,425 at the end of the year!
Last but definitely not least is the classic money-saving method. Saving a big amount but only once in a month. You can start with any amount between $25 and $150.
Let’s say you prefer the minimum. In the first month, save $25. Then, increase it by the same amount until you reach $150 in the 6th month. Try to remain realistic and stick to the maximum until the last month. After 12 inputs, you’d have a total of $1,425 all to yourself!
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