The 52-week money challenge
This challenge is efficient if you have a small budget. If you want to increase your emergency savings, save up for a vacation, or stash some cash you’d otherwise spend on things that you don’t really need, this money-saving challenge is super easy, especially if you want to work with a tighter budget.
Over the course of a year, you might increase your savings every week. The first week, put away $1 in an envelope or a budget binder. On the second week, save $2, and so on. One year from now, you’ll have a total of $1,378.
Or, another great alternative would be to try this challenge in reverse, by putting away $52 in week one, $51 in week two, and $50 in week three. I think this method might bring a psychological advantage to the whole process.
The biweekly savings challenge
This challenge is great for every-other-week pay periods. If you get paid on a biweekly basis, then this is the challenge for you. Probably the best part of this challenge is that it’s completely up to you. The only thing you need to do is stay consistent.
First, decide on a specific amount to stash away after every payday. If your budget is too small, you could also start with a smaller amount and increase it over time. First, put away $3, then on the second, pay $6, and so on. Up until your 26th payday, you’ll save $1,053. If you have a bigger budget, you could also save $100 every two weeks, which will eventually add up to $2,600 by the end of the year.
The dollar-bill challenge
This challenge is great for building a rainy-day fund. If you worry about rainy days, you might set up an emergency fund and follow the habits of debt-free people. Every time you find a $1 bill, put it away. Also, if your budget allows, do the same with a $5 bill.
This way, you’ll save money without feeling any kind of pressure! If it helps, you could also make a timeline that works for your cash flow and stick to it. You can try this challenge for six months or even a year. But trust me, you’ll love the results!
Now that we’ve discussed what to do to build those savings, let’s see how we can shop for groceries on a budget: 8 Affordable Limited-Edition Things to Shop at Costco This Season
