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Raise your hand if you need help saving money!
I’m going to raise my hand in the air, and wave it’ like I just don’t care and if you’re ready to save extra money let me hear you say Oh YEAAHHHHH!!! C’mon, don’t act like you don’t know the song Rock Box by Run DMC? All of my 70s, 80s and early 90s babies should know what I’m talking about. LOL.
Seriously, though. Do you wish you had more money saved in the bank? Are you interested in saving money but are unsure of where to start?
For me, I wanted to get out of credit card debt and to stop living paycheck to paycheck! This was the primary reason why I wanted to save money. I was paying the minimum balances on my credit cards and as a result it was taking FOREVER to pay off one credit card. Did you know that credit card make money off of consumers by charging fees. Interest charges, annual fees, and penalty fees are the primary source of revenue for credit cards? According to CNBC, U.S. consumers have paid $100 billion dollars in credit cards fees and interest in 2017!
I was TIRED of giving my money away, so I stopped using my credit cards and I decided to start working on paying off my debt.
Honey, let me tell you – when I found out that it took little to no effort to save money with the money-saving challenges, I was like sign me up RIGHT NOW! The challenges make saving money fun and extremely EASY!
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What Is A Money Saving Challenge
A Money Saving Challenge is nothing but a savings plan. Yes, it’s that simple.
The one thing that I really like about the money saving challenge is that you may start the year out with zero dollars but by the end of the year you will have hundreds or maybe thousands of dollars in the bank. I can only guarantee positive results, if you stick with the challenge.
There are countless of money saving challenges to choose from. Once I mastered the basic 52-week challenge, I decided to put on my creative hat and I started to make my own. Money Saving Challenges allowed me to accomplish financial goals that I would not necessarily been able to accomplish such as:
- Paying in full for a Walt Disney World Vacation
- Replacing the A/C unit in my car
- Building up cash for a rainy day (well hello…emergency fund)
If you think that you don’t make enough to save, you’re wrong. There’s such a stigma that it’s so hard and impossible to do, it’s not. Saving money is very much possible. The best part is you can even do it if you’re drowning in credit card or consumer debt or perhaps you’re living paycheck to paycheck.
There thousands if not millions of money challenges available. I participated in a standard 52 week challenge that came across my Pinterest feed. I initially wanted to use the money to purchase a handbag but instead, this challenge funded my savings account. Read my story of how a Louis Vuitton handbag encouraged me to start saving money.
This post contains six ideas for weekly savings plans. Try one of these money saving challenges to jump start your savings this year.
Money challenges to save money:
- Traditional 52-Week Money Saving Challenge
- Coin Countin 52-Week Money Saving Challenge
- 40-Week Maternity Leave Challenge
- 26-Week Money Saving Challenge
- 30 Day Money Saving Challenge – Low and High Risk
- No spend challenge
1 | Traditional 52 Week Money Challenge
Savings Goal: $1378.00
Duration: 12 Months (52 weeks)
The Traditional Money Saving Challenge is a great challenge to start! You do not have to wait until the new year to get started. If you’re determined to save more and spend less this year, try it out! This is the challenge that I used to fund my savings account. With this challenge you save $1 for the first, week, $2 the second and $3 for the third.
Follow this pattern for the duration of the year and you will find that you’ll have $1378 by the end of a year!
**FYI – If you want to watch your money grow quicker, try the reverse money saving challenge. Start with week 52 and work your way down to week 1.
2 | Coin Countin Mama Money Saving Challenge
Duration: 52 Weeks
The Coin Countin Money Saving Challenge is a great challenge to start off the new year! This is my special twist to the traditional 52 week money saving challenge. If you’re determined to save more and spend less this year, try it out! I decided to create my own challenge to commemorate the new year. Follow the guide below to save $2020 by the end of the year.
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3 | Semi-Annual Money Challenge
Duration: 6 Months
A traditional money saving challenge may not be feasible for everyone. A semi-annual challenge is just a good as the 52 week challenge. The different is you are saving half of the full amount in half of the time. If you cannot commit to a full 52 week challenge, give this one a try. If you do well on it, start the challenge over to earn more money!
4 | Maternity Leave Money Challenge
Duration: 40 Weeks
The $1,000 Maternity Leave Challenge is a great for new & expecting parents! Having a baby is exciting and although you’re preparing for this new bundle of joy, you should also prepare your finances for this new addition. According to the U.S. Bureau of Labor Statistics, 17 percent of all civilian workers had access to paid family leave, and 89 percent had access to unpaid family leave. Unfortunately, I fall into that 89% category and I have access to unpaid family leave.
I recently had a baby and I found myself strapped for cash. So many unexpected events popped up (baby contracted RSV at birth and had to be hospitalized) and I found myself scrambling for cash.
This money saving challenge allows both mom and dad to commit to save money each week of the pregnancy. Two heads are better than one, so if mom and dad both commit, you will have double the amount on hand to help with miscellaneous expenses during maternity leave and postpartum recovery. If you plan ahead, financially preparing for the new baby should be a piece of cake.
5 | Monthly Money Saving Challenge
Duration: 30 days
This 30-day challenge for those individuals who want to save a certain dollar amount in one month. The monthly challenge is perfect for if you need to come up with cash quickly (ex. holidays, birthdays, build an emergency fund etc.). Remember, it’s up to you to determine the parameters of the challenge. Depending on how you get paid, y If you wanted to save let’s say $500 a month, the w
If you’re able to save $300 in one month, continue to commit to this challenge and after about a year of commitment, you’ll have $3,600 in your savings account.
6 | No Spend Challenge
Goal: To stop spending money on unnecessary items and to ONLY spend money on things you need.
Duration: It’s up to you
Before committing to this type of challenge, complete the following tasks:
- Set Goals. Ask yourself what are you trying to accomplish? How much do you want to save? The answers to these questions will help you to meet your end goal.
- Plan Ahead. – Evaluate your prior spending. Identify your weaknesses and develop a plan that prevents you from falling back into this habit. Review your prior budget to examine how much you’ve spent on impulse purchases in the past 30 days. By doing this, you can easily determine how much you’re projected to save during the challenge. As you complete the challenge, be sure to make changes as needed.
- Challenge Duration. – Set the time frame. Figure out when you will start and end this challenge. Ask questions, will I be able to commit to a weekend challenge or a 30-day challenge. Make realistic goals!
- Identify your Spending Triggers. – Can you drive by Starbucks without being tempted to purchase a coffee? I can, but I can’t drive past Target. Target is my weaknesses. If I walk in Target without a list, I am setting myself up to spend outside of my budget. These are triggers that I had to learn how to identify what they were and take the necessary steps in order to begin fixing them.
Track your progress with the Money Saving Challenge
- Print out your FREE printable and place it where you will see it daily.
- Each week when you get paid, cross off one box (if you get paid bi-weekly, cross off two boxes).
- Open a high yield saving account with a bank (I prefer Ally Bank). Schedule automatic transfers to come out of your paycheck on a bi-weekly basis and watch your money grow in 52 weeks.
Be sure to sign up today to receive all 6 printables for the money saving challenge referenced above.
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