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Do you want to stop living check to check but you don’t know exactly where to start? One step to ending the cycle is by building your savings so you have a cushion in the event of an unexpected expense.
In the Resource Library, there is a resource with 3 actionable steps help you start your building your savings but another way to start is by participating in a savings challenge. It’s something you can do on your own or with friends and/or co-workers.
No matter which method you use to start saving, you should save the funds in a account you cannot easily access accross town or an online savings account.
Check out the 4 savings challenges below:
Save $2700
This first challenge I found on Making MRS. M's website. It's based on a 52 week year and the amount you save weekly is based on what week of the year times two. For example, if it is week 16, you will save $32 dollars, which at the end of the year resulted in a total savings of $2700. To make it easier they actually on transferred their savings once a month. I say do it on payday so you get tempted.
$10/$20/$26.50/$50 Savings Challenge
Simply Stacie has 5 easy savings challenges that can help you start saving no matter what level you're starting at. For each challenge, you will save the specific dollar amount you choose weekly. For example, if you choose the $10 plan, you will save $10 each week.
The $26.50 plan is an alternative to the 52-week challenge. So she just took the final savings amount and divided it by 52.
When I did the 52-Week challenge when it first came out I contributed $53 every paycheck ( I was paid semi-monthly at the time).
I love all of these savings challenges because flat amounts are easier for automation!!!
The $5,000 New Years Challenge
Clark Howard has a 52-week savings challenge that gives you the opportunity to save $5,000 instead of $1,378. The savings amount varies each week but it does not go over $200. If you are interested in saving this way, I say save the larger amounts earlier in the year or make it a flat amount weekly, $96.15 a week.
52-Week Challenge
I mentioned the alternative to the 52-Week Challenge earlier so I have to mention the original 52-Week Challenge created by Kassondra Perry-Moreland. It challenges you to save based on the week number, so on week 5, you save $5. At the end of the year, you should have saved $1,378.
What savings challenge are you doing this year?
