Is saving money one of your resolutions? Here are 5 savings challenges to start in the new year that make it easier to save.
After the wallet-draining Holiday season, it can feel like you won’t ever get back on track with your finances. The idea of saving large sums of money might seem very daunting or even impossible if you already live paycheck to paycheck. Still, the importance of having savings looms over you and you want to get something going. This is where a savings challenge might be the perfect solution! A savings challenge is simply a way to save consistently, throughout the year, with very little impact on your day to day life and they are great for people on a tight budget. Here are 5 savings challenges to start in the new year. Pick the one that meets your needs and is easiest to stick with.
5 Savings Challenges to Start in the New Year
The 52 Week Money Challenge – This one was huge a few years ago on Pinterest so it’s pretty easy to find tips for following the 52-week money challenge. Basically, you go up in increments each week starting with $1 the first week, $2 the second week, $3 the third week and so on. By the end, you have $1,378 dollars if you can believe it! It gets harder when it gets double-digit numbers, and the biggest savings weeks are during the holidays, so a lot of people do it in reverse. You can also do a mini challenge and do it in $0.50 increments instead. Here's a great chart for following the 52 week money challenge.
The 5 Dollar Savings Plan – I did this one myself and I found it was an easy way to save money quickly. The idea is, you save every $5 bill you get and you don't really miss them either. I quickly found that saving $5 bills adds up mighty fast. This one can be a bit of a challenge if you never use cash though. I also ended up with so many bills that I ran out of spots to put them in my house so I had to devise a plan to deposit once I reach $100.
The Spare Change Savings Challenge – I also did the spare change challenge myself before. This one is almost just like when you were a kid. You simply save all change that you get throughout the year. I even had a piggy bank. You would be surprised how quickly change adds up especially when all members of the house are contributing. In one year, we were able to save a couple hundred dollars. We do this one almost every year, and then we take a simple weekend trip with the money.
The No-Spend Challenge- A no-spend challenge is a great way to not only cut frivolous spending but also cut some clutter. With a no-spend challenge, you simply set aside some time (a day, week, or even a month) when you will only spend money on needs and not wants. This is a great way for you to find out where your money is going You may find that you buy things you don't need more often than you thought. For this challenge to work, you may need to talk your family into getting on board. Here are some more tips for doing a no-spend day each week.
The $20 Savings Challenge – The $20 savings challenge is about as easy as it gets. You simply save $20 every week for the year. By the end of the year, you will have $1,040. $20 may seem like a lot, but you could save it by simply trading one take-out meal a month for a leftovers night, for example. Making Sense of Cents has a great $20 Savings Challenge Chart for you to follow, plus tips on how to cut some of your expenses to make it happen.
Are you looking for ways to save money? Check out these 52 small changes that will help you save more money this year. Don’t forget to Join the Facebook group to keep yourself accountable and discover more ideas for saving money.
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