Here are some weekly savings challenge ideas to try:
You’re not the only one whose budget is taking a hit due to overspending in 2023. You may find yourself under extreme financial stress when you are short on money. Budgeting and cutting expenses are key strategies to reduce financial stress. However, it can be challenging to feel secure in your finances if you don’t have any savings. I will have given here weekly savings challenge ideas; you can follow these…
Increasing your savings can help you take advantage of the good times and any tough times, no matter what 2024 brings. These are some ideas for weekly savings challenge ideas.
1. 52-Week Saving Challenge ideas
In order to participate in the 52-week money challenge, you must deposit $1 in week one, $2 in week two, $3 in week three, and so forth. Save your money in a savings account that pays interest.
You will have saved a total of $1,378 by week 52. That might be an ideal spot to start an emergency fund, or it could be a way to pay for a splurge or holiday shopping without taking on debt for next year.
Here’s an interesting twist. If you’re starting your weekly savings challenge ideas in the new year, you may have a little extra holiday funds that you’d like to put into savings. Try a 52-week money challenge in reverse: The challenge works similarly, except that you begin by saving $52 in week one, $51 in week two, and then decrease by one dollar per week. By the end of the challenge, you’ll have saved the same amount.
Related: Top 10 Low-Cost Index Funds to Buy in 2024
2. 26-Week Savings Challenge
This is a variation on the previous 52-week challenge that may be more suitable for you if you are paid every other week.
You’ll begin by saving $3 in week one, then increase your savings by $3 each week. You’ll save $6 in week two, $9 in week three, $12 and $15 in week four, and so on. You’ll have saved $1,053 by the end of Week 26.
The most you’ll ever deposit in a week is $75, and if you only deposit on paydays, that’s a manageable goal.
3. The No-Spend Savings Challenge
This is the general outline of the highly customizable No-Spend Savings Challenge. By putting strict limits on everything you spend your money on, such as housing, bills, and groceries, you can make saving seem like a game. You’ll prepare meals at home, locate free activities, and test your own level of frugal living. After that, keep the money you save and use it to create a stable financial future.
Remember that going cold turkey is difficult, so think about beginning modestly with a spending-free weekend. If you’re the hardest person to save money, you can challenge yourself to go without for a week or even longer.
4. Round-Up Saving Challenge
Use a roundup rule for this challenge. When making a purchase, always round up to the next dollar and keep the change in your pocket. For example, if you spend $28.57 at the store, 43 cents will be the difference.
If you pay with cards, keep track of the change you receive throughout the day or week and move that amount to savings. Put the change in a change jar if you’re paying with cash.
5. Dollar Saving Challenge
While $1 a day might not seem like much, at the end of the year you will have $365, which is a respectable amount that you could put into your emergency fund, use for holiday shopping, or put toward another long-term objective like saving for a down payment on a home.
Set up an automatic weekly transfer of $7 into your savings account to participate in the dollar saving challenge. To increase your chances of success, think about finishing this challenge along with another one.
6. Financial Minimalist Challenge
Have you thought about how adopting minimalist practices might help your finances, but you’re not sure if you can live a completely minimalist lifestyle? Next, consider taking a money minimization challenge and going minimalist for a week or even a month.
The secret to overcoming this challenge is to live simply, cutting back on purchases to only items you genuinely need or love. Try looking at it from the perspective of how little you can buy without sacrificing your quality of life, rather than what you can afford. Instead of spending money on entertainment, that can entail cooking more at home or attending free concerts. It might also entail shopping at thrift stores or Buy Nothing groups for items you actually need, like bakeware or clothes.
7. The Money Mistake Jar Challenge
Money mistakes occur. But what if you put a dollar in the money mistake jar every time you made an impulse purchase, went over budget, or otherwise made a money move you swore you wouldn’t?
The task is easy. If you promised yourself you wouldn’t eat out for lunch this week and then break your promise, put a dollar (or whatever amount works for you) in the jar. If you did some sudden online shopping that wasn’t budgeted for, put a dollar in the jar.
Will those dollars be enough to make up for the harm that deviating from your budget can do to your finances? Not in a way. Gamifying your mistakes, however, can assist you in unlearning bad financial habits and reinforcing good ones if you’re working to improve your long-term financial habits.
8. No Dining Out Challenge
How much money can you save if you never eat at restaurants? If you’re someone who orders takeout or dines out frequently, then yes. Because of this, there aren’t many rules for this money challenge—though it can be difficult if you rely a lot on ordering in.
Consider starting small with a weekend or week-long challenge. Don’t eat out at all during that time. Combine this challenge with a pantry challenge, in which you challenge yourself to consume everything in your pantry. To increase your chances of success, you’ll need to do some heavy lifting right away. Look up easy weeknight recipes online and stock your fridge with the ingredients you’ll need. Consider prepping meals and reheating them for busy nights.
Put whatever money you normally spend on dining out each week into a savings account. If you don’t know how much you spend on dining out each week, now is a great time to print out your bank or credit card statements and total up your typical dining spending.
Make 2024 your best financial year ever (final words).
Consider adopting these weekly savings challenge ideas to make saving a fun and rewarding habit. Know where to hide your money no matter which challenge you try or if you choose to combine challenges to stretch your savings even further. You can earn interest on your savings by opening a high-yield savings account.
Aside from committing to spending less than you earn and saving the difference, consider taking some other significant financial steps this year. Start a financial plan and set a retirement savings goal if you haven’t already, and then begin investing a portion of your entire salary into it. Create a budget that supports your savings and investment plans.
Finally, begin monitoring your credit with Experian in order to improve your credit. A good credit score can help you save money on car insurance or qualify for financing.