“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.
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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).
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.
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.
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.
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?
Stacy says
Thanks for the handy charts! My husband and I are both doing the 52-week money challenge (starting with $52 week one). Now the only thing I need to convince him to do is put it into a separate interest-earning savings account rather than keep it all in an envelope.
Elizabeth Matthiesen says
I should think that these will help quite a few people to actually save each week, it’s nice to see it accumulate into a big sum at the end of year so that you can buy something special or use it for a holiday, or perhaps just keep on saving for something even more expensive 🙂
Rachel Hanson says
What great suggestions, Stacie! Thank you so much for sharing :).
Claudia H. Blanton says
I love this idea, I am challenging myself to save a minimum every week, but shoot for more whenever possible (and whenever this fluctuating income allows me to, lol) thanks for the inspiration
Jennifer says
Such practical ways to save money. I really like all the options. I would love to have you post on my blog hop—the Weekend Blog Hop at My Flagstaff Home (www.myflagstaffhome.com). It begins on Thursday evenings and lasts through the weekend, if you’re interested.
Jennifer
Charlotte says
Thanks so much for sharing these handy charts! My bf and I participated in our first-ever savings challenge (so we could finally take a vacation) and each Friday, we contributed $1 the first week, then $2 the second week and so forth… Together we now have nearly $3K to go on a phat vaca! I kind of dig this $10 savings challenge though… maybe we can start that one for a different fund…
Cindy Eikenberg says
Hi Stacie! This is a great challenge and I know it will be helpful to a lot of people! Thanks for sharing this and your fantastic recipes with us at Best of the Weekend! Have a wonderful week!
Teresa says
These are fun, inspiring pintables. Anything that helps us to save is great. Thank you for sharing them!
Echo says
Thank you so much for sharing this at the #SmallVictoriesSundayLinkup! We are really trying to save this year, so this is super helpful!
Reio Lance says
As a student, I like these, I’m gonna try the $10 a week, that’s do able for a full-time student who is only working part-time! Plus $520 in 1 year is better than having $0 in 1 year! And what’s $10 a week? It could be the cost of your morning coffees for a week, a takeout fast food lunch that is full of unwanted fats and calories anyways! Here I go to try to save $10 a week or $520 in 1 year OR $1,040 in 2 years!