Money Saving Challenges

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. You can check out the money-saving chart here.

Which Money Saving Challenge Would You Try?