Have you ever tried a money-saving challenge? I know many people consider doing this at the start of a new year because it feels like the time to re-examine your goals and create new ones. But you don't have to wait for that; you can start now.
I like challenges because I'm a very competitive person and I love to win. So if I'm trying to reach some goal, I turn it into a challenge.
I hate to lose.
I was surprised to find so many different money challenges like:
- The $5 Saving Challenge - Save every $5 bill that comes into your possession. Put it aside into a dedicated jar or envelope and watch the bills stack up.
- 365 Penny Saving Challenge - Save a penny on the first day of the challenge and add a penny to your savings balance every following day. For example, day one you save one penny, day two you save two pennies, which will give you a total of three cents in your savings account. Day three you save three pennies, which will give you a total of six cents in your savings account. You repeat this process for 365. (Not a fan of this one)
- 52 Week Money Challenge - Save an increasing amount each week. The dollar amount corresponds with the week. So the first week you save $1, the second week $2, the third week $3 and so on. On the 52nd week of the year, you save $52. By the end of the year, you will have $1,378.
Which is just ok. But in the situation I'm in right now I can do better than that, and that's when I found the 52-Week Money Challenge to $10,000
- You start off saving $125 the first week
- $150 the second
- $175 the third
- $300 in the fourth week and repeat
The very last week is even more aggressive, but it's just for one week and you can always find ways to make money online. You can check out the money-saving chart here. If you want to increase your earnings you can always look at some part-time weekend jobs.
Which Money Saving Challenge Would You Try?