An Effective Way of Building Your Savings: Saving Challenges
As we near the end of January, many of us have developed a pretty good routine that helps us keep up with the resolutions we started the year with. Whether your resolutions involved goals for health, fitness, career, personal development, or finances, creating a routine that challenges you to keep working towards goals is essential to achieving your aspirations, without the challenge your goals could risk falling flat. What if we told you that the same principle can apply to the way you save. There are two universal truths of saving: first, it’s never too early to start saving, second, it’s never to late to start saving. So, if you thought you missed the mark by not beginning the year with a savings plan we have a few encouraging words … just start saving.
Finding a way to save that fits the budget, schedule, and time frame you have can be tricky, especially if you’re finding that most traditional methods are not affordable or are just not the right fit for you. Sometimes you may even find yourself lacking the motivation to save up for that dream that seems unattainable or getting around to replenishing that rainy-day fund. By participating in a savings challenge you are essentially giving yourself mini goals for each week, day, or month to fund your end all goal. You are also developing smart saving habits that can help you with financial decisions for the rest of your life. Sometimes, the hardest part of saving can be just getting started, taking the first steps can be challenging when you don’t know where to begin or are unsure of the best savings method for you. We are here to help with 3 different savings challenges that you can use this year to start funding your goals!
52 Week Savings Challenge
The 52-week saving challenge is one of the most popular and time effective savings challenges out there. It is simple to start, you begin by depositing $1 into a savings account each week. As the weeks go on you match the deposit amount to the corresponding week number, for example, week 2 you would deposit $2, week 3 you would deposit $3, week 4 you would deposit $4, and you just continue you this until you reach week 52. By the time you have finished the 52 weeks you will have saved $1378!
Click here to access the 52 Weeks Savings Challenge Chart.
52 Week Savings Challenge $707 Total
If the method above doesn’t fit your budget for weekly contributions, we have another 52-week savings challenge for you. Just like the method above, you begin by depositing $1 on week 1 and increasing that amount by $1 each week. Once you reach week 27 you will deposit $26 then you will decrease your deposit amount by $1 each week. For example, week 28 you would deposit $25, week 29 you would deposit $24, week 30 you would $23, you will continue this until you reach week 52. This method can be especially effective if depositing larger amounts seems like a daunting task at the end of the year during the busy holiday shopping season, by week 52 you would only have to contribute $1 to your savings goal. This could also be the perfect option for your younger family members or friends who are looking to get a jumpstart on their savings. By the time you reach week 52, you will have saved $707!
Click here to access the 52 Week Savings Challenge $707 Total Chart.
365 Day Savings Challenge
If you are looking for a savings option that requires less of a weekly or daily contribution than the options above, the 365-day savings challenge might be the right fit for you. The same principle of the 52-week challenge applies here only instead of contributing weekly you will contribute daily. Each day you will deposit 1 cent to your savings goal and increase that amount by 1 cent each day. The most you will contribute at one time will be $3.65, by the end of the challenge you will have saved $ 667.95!
Click here to access the 365 Day Savings Challenge Chart.
Challenging yourself to contribute to your savings goal weekly or daily could be the perfect recipe for a financially successful 2021 and help to develop habits that will help fund your wild and wonderful dreams for years to come.
