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Saving money is one of the hardest things to pull off. Many of us start saving with good intentions, then find ourselves putting in less and less until we stop all together. However, starting a money saving challenge may be the answer to your saving issues.
Saving money takes time, and they say time is money and money is time. With any of these challenges, you’ll find out just how true that is. As long as you stick with the challenge and continue to keep up your new saving habits, you’ll be saving money in no time at all.
The Money Saving Challenge
There are a ton of different challenges out there that people have come up with, all intending to help you put away as much as possible. Some are more difficult to do but yield better results. Others will leave you with a decent amount when all is said and done and will require less as you go.
The money saving challenge you decide to go with is dependant on how much you make and how much you’re willing and able to put away. Some of these deal with pretty hefty dollar amounts, while others deal with pennies.
Whether its a lot or a little, saving money is always a good idea. You never know when that savings will come in handy.
52 week challenge
This challenge is probably the most popular money saving challenge there is, partly because of its simplicity. There are also variations of this challenge that can increase your result. Again, it all depends on what you’re comfortable with.
Throughout the 52 weeks, you will slowly increase the amount of money you save each week. You start with just one dollar, then up it to two dollars the next week, and three dollars the third week. This goes on until week 52 where you save $52.
At the end, you will have put away $1,378, which is an excellent amount of money. While this challenge starts pretty easy, as the weeks go on, you’ll have to find new ways to save a little more.
However, once the challenge is over, those money saving techniques can stay with you, and you’ll find yourself saving regardless of the challenge.
Other variations of this challenge include the double 52, mini 52, reverse 52, and flexible 52. All of these differ in either the dollar amount or the amount of time spent doing the challenge.
This money saving challenge is perfect for those of us who get a paycheck every two weeks. Technically this is another variation on the 52 week challenge, but may be more accessible for some.
For this, you will save money on the week you receive your paycheck. So, it will be three dollars on the first paycheck, seven dollars on your second paycheck, and so on. The pattern is the same as the 52 week challenge, but you put money aside every two weeks rather than every week.
You’ll be adding the dollar amounts of each week to figure out how much to put away with each paycheck. At the end of it, you’ll be left with the same amount as the 52-week — $1,378.
365 day challenge
What do you think is more: $100 or 1 cent for each day of the year? If you chose the cents option, you have good common sense.
The 365 day challenge has you saving a penny for each day of the year. It works by starting with $0.01 the first day, $0.02 the second day, and on the last day, you’ll save $3.65. By the end of the year, you’ll have $667.95 in your reserve.
While it may not be a whole lot, it may surprise you how much 600 bucks can help in a pinch.
Spare change challenge
Also called the round-up challenge, this one has you investing all of your spare change from the money you spend. If you use cash, this will be a bit easier for you, as you can just physically put all of your change into a jar.
Of course, a money jar is a lot better if you can keep track of how much you’ve put in so far, like the Lefree Piggy Bank.
However, this money saving challenge is still possible if you use a debit card often.
If you keep an eye on your purchases, you can transfer your spare change into your savings account at the end of the day. For example, if you buy a drink for $1.75, round it up to $2 and deposit a quarter into your savings account.
You’d be surprised how much you end up saving with this challenge.
Five dollar challenge
There are a lot of different forms of this money saving challenge. There’s one that has you multiplying $5 by the number of the week you’re in. This one can get you saving up to $7,000 by the end of the year.
But not everyone has that kind of spare change.
Another version of this challenge has you physically putting any five dollar bill you come across into a jar. Then six months or a year later, depending on how long you want, you deposit all of the five dollar bills into your savings account.
The second method doesn’t have a definite end goal but instead has you surprised by how much you can save, which is just as good.
How to Start to save Money
Saving money can be a hard habit actually to start, but once you get into it, you’ll be happy you did.
We always say we will and most probably have good intentions, but those words rarely come to fruition. That leaves us sitting there with nothing to show, hoping people forgot what we had said.
But you don’t have to be one of those people. Saving money can be as easy as just putting one dollar away a day. You won’t be left with a whole lot of money by the end of it, but you’ll have something.
But probably the best thing you can do to help you save money is starting a budget. The 50/30/20 budget is a genius way to start and keep saving. It has you devoting 50 percent of your income to necessities, 30 percent to your wants, and 20 percent to your savings.
Keeping your budget is also a lot easier if you have a way to track how much you’re putting where. Something like an expense tracker is a good way to do that.
But whatever money saving challenge or method you go with, remember to stick with it and keep it up even after the challenge is over.
The worst thing you can do is wait too long to start saving. The earlier you begin to put just a little of your money away, the more you’ll be left with down the road.
However, that final amount is getting lower and lower as you’re reading this article.
Just finding a money saving challenge you like is a great first step. Once you do that, all you have to do is put the money away; then it just gets easier from there.
Everyone has dreams and goals that they want to accomplish. Starting to save money now will help you reach those goals much more quickly. Whether its a house, or college, or just a new gaming system, putting a little away now and then will help out a lot.
Why Is It Important to save Money?
Saving money can be one of the smartest decisions you can make. And whether you go with a money saving challenge to help with the savings or find other ways to save, it’s always a good idea.
Starting a money saving challenge and continuing it can help you in any number of ways.
Savings accounts are a great way to build up an emergency fund. These are one of the most common forms and can help out a lot in a pinch.
If you find yourself needing a flight ticket to go home for an emergency or find your bonus is lower than you expected, you no longer have to panic because you’ve prepared for any situation.
The amount that you could potentially save is unlimited. In fact, it all depends on you and your needs. Focus on the things you need first, like rent, bills, and food. Anything extra is something you could put away.
Common money saving mistakes
If you’re trying and struggling to save money, there may be something you’re doing that is detrimental to your efforts.
Believe it or not, some saving techniques are not all that great. One common mistake is panicking and putting everything into your savings at the expense of everything else. Your bills and livelihood should be your priority, and saving is extra.
Another mistake is trying to save money by buying cheaper products. Yeah, you may be saving a bit right then and there, but how good is that product?
Typically, when you buy a cheaper product, the quality is not great, and you may end up buying the same product in another month.
If you’re starting an emergency fund, you need to make sure that it’s easy to access if you need it, but not too easy that you’re tempted to dip into it all the time.
The phrase out of sight, out of mind is a smart way to keep yourself away from your money, but make sure that it is there if and when you need it.
Whatever you do, make sure you remember to put money away. One of the most common mistakes people make is simply forgetting about your fund. The only way it’s going to grow is if you remember to put money in it.
Save Your Sheckles
Using a money saving challenge can be a great way to introduce you into the world of saving money; however, it can only do so much. It’s totally up to you to keep saving money after the challenge is over. If you don’t, you’re back to square one.
But whatever money saving challenge you get into, it’s a great starting point. We want to know which challenge worked for you, if you tried one. Let us know about your experiences!