“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.
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?