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Saving money isn’t the easiest thing to do, nor is it the most fun. It takes a lot of discipline to willingly put money aside versus using it on a new pair of shoes or for a night out on the town. Sometimes it can feel like downright torture, but if you want to be financially secure then it must be done!
I remember those times when I had zilch saved and then something unexpected popped up. Guess what I had to do? Run up credit cards! Trust me when I say that having no money saved it all is a lot less fun than the actual act of saving.
As with anything in life, I know that everyone’s budget and income differs. Not everyone has hundreds of dollars they can throw to savings each week, so I’ve done a bit of research to help you find the best (and most realistic) money saving challenge around!
Money saving challenges
The ‘singles’ money saving challenge!
This is the money saving challenge I started to increase my savings and in just 30 days this was my result!????
I recommend starting out with the singles challenge, especially if you’re a beginner because it’s a painless way to ease yourself into the habit of saving. It’s a lot less noticeable when you put back a dollar or two versus $5-$10, and when you see your stack growing you’ll build the momentum needed to keep doing it!
Here’s How it Works
From your budget, choose the categories you will withdrawal in cash using the cash envelope system. If you don’t know what the cash envelope system is, I wrote a post with all the details you can check out here.
To sum it up, you use cash vs. plastic (debit and credit cards). I love this system because it gives you an accurate visual of how well you’re staying on budget. No need to worry about pending transactions or overdraft fees because once the money is gone it’s gone!
For example, let’s say you budget $100 every paycheck for entertainment. This means that once you get paid, you will withdrawal that $100 in cash and place it into an envelope labeled something like “Personal funds.”
Any time you make a purchase using the funds from that specific envelope, place the exact change back inside.
Now, to take on the challenge, take any singles ($1 bills) you receive in change and set them aside in a separate envelope or clip. You can continue this cycle until you reach a targeted goal or deposit your singles into your savings account each pay period.
Join my FREE 30-day singles challenge here! You’ll get a 30-day chart and money envelopes I’ve created just for you!
$5,000 in 52 weeks challenge!
I know, 52 weeks may seem like a long time but technically it’s only a year and we all know how fast those fly by.
Think about it. In one year from now, you can be $5,000 richer when you take on this money saving challenge created by Gathering Dreams. I like how the weekly amounts vary, so you do not have to damn near sell your soul in order to save the required amounts.
For example, one week you may be required to only save $25, while the next you’re required to save $85.
Money-saving posts to check out next!
$5.50 a day challenge
Look, not everyone can afford to give up $100 a week to savings so this challenge is perfect for those on a low income. You’re only required to save $5.50 a day and thassit! Simply ditch your Starbucks drink or skip eating out and you’ll have your savings for the day.
Doing the math, that’s around $165 a month you’ll be putting back. At the end of the year, you will have $1,848 in your account! You can use this as an emergency savings, for a vacation, a sinking fund, or whatever your heart desires! Not bad.
Unfortunately, I didn’t find a direct link to the savings chart created by Teal Notes but simply saving the image should do the trick! Save the image here.
$5 savings challenge
Similar to the singles challenge, whenever you get a $5 bill back in change stash it wherever you prefer to keep your money! Some prefer to avoid counting the bills but this is no rocket science. Whenever you come across $5 bills, save it. Boom, that’s all.
I was reading an article by Fabulessly Frugal, whose friend took on this challenge and found that they had saved $1,365 in just 10 months. The kicker? They rarely use cash at all!
Needless to say, this money saving challenge is an easy way to save money when you don’t have a lot to spare.
Similar to the singles challenge mentioned above, I’ve created a 30-day chart specifically for $5 bills. Click here to grab it plus my cash envelopes!
$465 in 30 days challenge
This challenge is perfect if you’re looking for something simple and want to help give your savings nearly a $500 boost over the next month. Even though the targeted goal is not as large as the others, this challenge is a little more fast-paced. This means that every single day out of the 30 days you will need to put back the required amount.
Before you start busting a sweat, just know that the daily amount never surpasses $30. The day actually dictates how much you should deposit.
For example, on Day 10 you are required to deposit $10. On Day 13, you are required to deposit $13 and so on. This means that the first week should be smooth sailing and enough to get up your momentum.
$1378 bi-weekly money saving challenge
When you’re paid bi-weekly, it can be difficult to scrape up the required contribution on the week’s you’re not getting paid. With this plan, you make the full two-week contribution on the day you’re paid and boom you’re done until the next check hits.
I love that this challenge has two different versions you can choose from based on your preference. If you choose to use the first version, the bi-weekly contributions start off low and gradually pick up as you near the 26th week.
The second version allows you to choose which payment you make for the week, which is helpful when an unexpected expense pops up!
As you can see, saving is not a one-size-fits-all act. This means that the money saving challenge you choose may differ from the next person’s. There are different amounts, frequencies, goals, and strategies that come into play but, if there’s one thing I know, anyone can save!
If you’re a saving newbie, and not quite sure where to start then you definitely need my FREE savings course! I’m giving you the strategies that allowed me to go from saving $15 per paycheck to $200 on a single income…with two kiddos! Click here to sign up now!