![]() ![]() Many people who start the 52-week challenge in January find that it gets really difficult in December. The third week it will be $1.50, and so on.īy the end, you will have saved $689, which is still a nice amount of money if you haven’t been saving in the past. Instead of starting with $1, you’ll save $0.50 the first week, and the amount will increase by $0.50 each week. This one is ideal for people who’ve had trouble saving in the past or have a small amount of disposable income. If the 52-week challenge seems a little too aggressive for you, consider the mini version. The third week you’ll save $6, and so on. With this version, you simply double everything. If you’ve been saving for a while or if you have more disposable income, this one may be realistic for you, and it will allow you to save a lot more money. If the 52-week challenge seems too easy for you, another option is to double it. Of all the money saving challenges, this one is probably the most popular. As you go, you’ll probably get better at saving money, and you’re likely to find a few ways to save a little more each week or each month. Anybody can save a few dollars per week, so the first few weeks are simple. One of the nice things about this challenge is that it starts off very easy and it builds up slowly. If you complete the challenge, you will have saved $1,378! And it goes on like that until you save $52 in the final week. Throughout the 52 weeks, you’ll gradually increase the amount you save each week. ![]() The 52-week savings challenge is very popular, partly (in my opinion) because of its simplicity. Looking for ways to free up some extra cash to save? Check out this list of 101 Practical and Realistic Ways to Save Money and this list of 40 Smart Ways to Reduce Your Monthly Bills for plenty of money saving tips. Now, let’s take a look at some of the specific challenges that can help you to save money and make progress toward financial freedom. You can start at any time and take the challenge for the next 12 months (or however long the challenge lasts). ![]() Money saving challenges are often associated with New Year’s Resolutions and get mentioned a lot near the end of the year, but there’s no reason why your challenge needs to start in January and end in December. Having a friend join you in the challenge can make it a little more fun, and it may also serve as extra motivation. You can either take the challenge yourself or find a friend who wants to take it along with you. Consider the different options and see which one may be a good fit for you and your financial goals.Ī s you’ll see when you read the descriptions of the challenges, the way you’re paid (weekly, bi-weekly, twice per month, monthly) may have some impact in determining which challenge is right for you. There are a number of different money challenges you can try, and we’ll look at some of the best options in this article (like the 52-week money challenge, 100 envelope challenge, and more). A money saving challenge can be a fun and effective way to help with developing those habits and to provide the motivation and accountability to stick with them. Regardless of your personal or family situation, spending less and saving more are good financial habits to develop. What would you do with some extra money? Pay off debt? Build an emergency fund? Save for a vacation? Save for retirement? ![]()
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