$300 12-Week Christmas Money Saving Challenge (2024)

FAQs

What is the 3 month savings challenge? ›

3 Months Money Saving Challenge Book

Every week for 12 weeks, choose the amount you want to save then, save the amount of money indicated in each shape, every time you do you color in the square so you know you did that one already, and place the funds on your envelope!

Match each week's savings amount with the number of the week in your challenge. In other words, you'll save $1 the first week, $2 the second week, $3 the third week, and so on until you put away $52 in week 52.

The 1 Pound sterling Weekly Savings Challenge is a simple and effective way to save money. It takes just a few minutes each week to save £1,378 over the course of a year. That's over £25 a week!

It's easy to save a penny, right? Save $0.01 on day one and $0.02 on day two, continuing to add another penny to your savings goal each day. The penny challenge can save you over $600 in just a year!

This 12-month savings challenge encourages you to save money every month. Savers begin with £10 and gradually increase each month. Multiply the month by 10 to calculate the savings you need to set aside. For example, you'll save £10 in the first month (January) and £20 in the second month (February).

Start with the base amount you want to save each week, then the rule adds $1 every week for a year. For example, if you start with $5 on week one, you'll save $6 on week two, $7 on week three, and so on for 52 weeks. In a year's time, you would save a total of $1,568.00.

A money-saving challenge could be the ticket. These savings challenges are many in number, and simple ways to put cash in the bank for a rainy day. So, if you're ready for some financial fun, pull up a chair and dive into the benefits these challenges can bring to your finances. There's no shame in starting small.

Getting started is simple: During your first week, you save $1. The next week, stash away $2. Increase the amount saved by $1 each week for 52 weeks — a full year.

What is the 52 envelope challenge? ›

There are no complicated rules to remember. Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal. By Week 52, you'll set aside $52.00, which will bring the year's total savings to $1,378!

Saving Money With the Penny Challenge

If you stick with this money-saving challenge for an entire year, you would deposit $3.65 on the last day of the challenge and you'd end up with a total of $667.95. (Trust us, we did the math.)

The premise of the Penny Challenge is simple: You start by saving one penny on day one, two pennies on day two, three pennies on day three, and so on. Each day, you increase the number of pennies you save by one until day 365, where you will save $3.65. By the end of the year, you'll have saved a total of $667.95!

For every 365 days of the year you save pennies. Starting at 1p on day one and then each day you add on a penny to the previous day's amount e.g. Day 2 = 2p, Day 3 = 3p, Day 4 = 4p etc.

Life is full of uncertainties. An emergency fund acts as a buffer, allowing you to navigate unforeseen circ*mstances without compromising your financial stability. There's no hard and fast rule on how much you should save, but if you start from scratch, a good benchmark is to save three months' expenses.

Take stock of your savings At the end of 100 days, you'll have 100 envelopes containing $5,050. That's right—1 + 2 + 3 + 4 and every other number through 100 equals just over $5,000.

The 52 week money challenge

You'll save just £1 in the first week, £2 in the second, £3 in the third and so on until you save £52 in the final week. It'll be harder to put extra money aside as you move through the year, but it'll be worth it when you end up with £1,378 saved up.

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.