I love to save money, how about you? Currently, I save more than $150 a week through various automatic savings and investment platforms. I work super hard and have a side hustle that sometimes allows me to save even more.
One thing I’m always looking forward to is finding new savings challenges to conquer in addition to my current goals. One thing I tried last year was surviving the $5,000 savings challenge. How did I do and is it for you?
What Is The $5,000 Savings Challenge?
The $5k challenge occurs over 52 weeks of the year. Each week of the year has a designated savings amount. It starts small, with the first week being low at about $25 or less. As the weeks roll by, the savings amount incrementally become more and more. It goes From $25 to $155 in a repeated cycle based on these charts. If you keep up with the challenge, by the end of 52-weeks, you have $5000 saved in your designated banking account.
How Did I Do
Last year I tried out this challenge. I asked the ladies in my investment group to try it out as well. The challenge started off strong. I set up automatic withdrawals and deposits into my account that were on par with the $5k challenge schedule. I was adamant about making sure I had money in the bank to complete the necessary transfers. As time when by, I fell off track. There were a few times during the year I couldn’t make it work. I failed to set up withdrawals after the first batch, and a few times I didn’t have the funds to keep up.
Is It For You?
Yes, this challenge can be for you. I would say if you’re going to start the challenge, use an account that allows you to set up automatic deposits. Having to do that manually into my account was my biggest problem. Also, know that it is okay if you do not have all the funds you need to deposit for a specific week.
Don’t be like me and deposit $0. Instead, contribute a small amount into the account. You can make up for the deficit week by adding more money in future weeks. Lastly, stay focused on the finish line. If $5,000 is too much for you, go with a simpler challenge.
There is another challenge under $3,000 as well.
If you have done these challenges or are interested in them, let us know how they worked out for you.
Read More
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Save Nearly $500 with the 30 Day Money Challenge
Change Your Life With The 52 Week Mega Money Challenge
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Shatel Huntley has a Bachelor’s degree in Criminal Justice from Georgia State University. In her spare time, she works with special needs adults and travels the world. Her interests include traveling to off-the-beaten-path destinations, shopping, couponing, and saving.
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