Personal Finance

5 Easy Savings Challenges to Try

“If you fail to plan, you are planning to fail.” ~ Benjamin Franklin

Wise words. I believe that you have a better chance of success if you get organized and plan ahead. It helps you stay focused and on task and also keeps you motivated to keep going when times get tough and you want to quit. Stick to the plan as they say.

This quote also applies to saving money. If one of your goals this year is to save money, have you figured out HOW you are going to do that or is it just an up in the air type of thing? You’ll have a much better chance of reaching your goals if you figure out the HOW first.

5 Easy Money Saving Challenges to Try - Try one of these 5 easy savings challenges to save money this year. Each one includes a set amount to invest over 52 weeks. Includes free printables!

One excellent way to save money throughout the year is by doing a Savings Challenge (aka Money Challenge). You’ll be saving a specific amount of money on a regular basis all year long. How you save it is up to you. You could put it in a piggy bank, an envelope under your mattress or transfer to a separate savings account. Many banks have free savings accounts you can set up yourself online. The one I have I can transfer money from my main account to the savings account for free online.

Here are five different savings challenges you can start doing right away. Choose one that works for your budget. All of them have free printables for you to print out and follow.

The $10 Savings Challenge

On the $10 Savings Challenge, you’ll be saving $10 a week for an entire year (52 weeks). At the end of the year, you’ll have saved $520 plus whatever you earn in interest from your bank (if you go that route).

$10 Savings Challenge - Perfect for a small budget! Save $10 a week for a year and you'll have $520! Free printable included.

The $20 Savings Challenge

With the $20 Savings Challenge, you’ll be saving $20 a week for 52 weeks netting you $1,040 at the end of the year.

$20 Savings Challenge - You won't miss the $20 a week. By the end of the year, you'll have saved $1,040! Free printable included.

The $50 Savings Challenge

If there is more room in your budget, try the $50 Savings Challenge. Here you’ll be saving $50 a week and will have $2,600 at the end of one year.

$50 Saving Challenge - If there is room in your budget, try this money challenge. You'll save $2,600 in one year! Free printable included.

The 52 Week Money Challenge

This 52 Week Money Challenge is probably the most popular and well-known of the bunch. I’ve done it a couple times. Each week you save a specific amount of money and at the end of the year, you’ll have $1,378.

The 52 Week Alternate Savings Challenge

With the 52 Week Alternate Savings Challenge, you are still saving $1,378 in a year, but doing it by saving the same amount every week.

52 Week Alternate Savings Challenge - Similar to the 52 Week Money Challenge where you'll save $1,378 in one year. The difference is that you are saving the same amount every week in this alternate savings challenge. Free printable included.

Now that you have the HOW figured out, you need to decide the WHAT/WHY. What are you saving for and why? Maybe it’s for next Christmas or retirement or a trip somewhere on your bucket list. That’s a whole other post though so I’m not getting into that today!

You might also like this bill payment organizer.

What savings challenge would you like to do?

Stacie Vaughan

Stacie is the mom of two girls and lives in Ontario, Canada. She enjoys cooking/baking, photography, reading, DIY and is fueled by lots of coffee!

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