Other Popular Money-Saving Challenges
Not all savings challenges will fit your financial situation. If your partner or spouse is paid on a different schedule for instance or if you want to save more frequently, there may be other savings challenges that better fit your needs.
52-Week Money Challenge
With the 52-week money challenge, you increase the amount you save by $1 every week for a year. In the first week, you save $1. In the second week, you save $2, and so on, increasing the amount you save by $1 until you reach week 52. If you stick to the savings plan, you’ll save $1,378 by the end of the year.
Reverse 52-Week Challenge
The reverse 52-week challenge is a twist on the classic 52-week challenge. Instead of starting small, you start big. In the first week, you save $52, then decrease the amount by $1 each week. This approach lets you front-load your savings with a large amount at the start when motivation is higher. As the weeks progress, the required savings amount shrinks and makes your savings goal more manageable as each week passes.
Incremental Savings Challenge
You’ll start by saving $5 in the first week, then increase the amount you save by $5 every week. In week 2, you would save $10. In the third week, you would save $15, and so on, until the end of the challenge. Gradually increasing the amount you save weekly may make it easier to adjust to saving larger amounts over time.
The Pantry Challenge
This popular money-saving challenge encourages you to use up the items in your pantry before going out and buying groceries. By challenging yourself to get creative with the ingredients you already have, you can save money by avoiding unnecessary trips to the grocery store. Then you can pocket the money you saved towards your goal.
No-Spend Challenge
Another popular money-saving challenge is the no-spend challenge. You commit to not spending money on nonessential items for a set period of time and save the money you would have spent. This challenge helps you gain awareness of your spending habits and encourages you to find ways to occupy your time that don’t involve spending money.
100 Envelope Challenge
Here’s how you do it: collect 100 envelopes and number each from 1 – 100. The cash you deposit in the envelope will correspond to the number on the envelope. For example, you’ll deposit $5 in the envelope labeled #5 and $10 in the envelope with #10 written on it.
