Many people attempt the 52 Week Money Challenge but fail to complete it. Most people start the challenge the first week of January as part of their New Year resolutions. They fail because they may be unable to make the larger savings deposits later in the year or struggle to save weekly when they are not paid on a weekly basis.
The popularity of the challenge and lack of success for some challengers has led to several alternative 52 Week Money Challenges options. One popular alternative option is the bi-weekly challenge that allows challengers with bi-weekly paydays to save every other week. The bi-weekly version has challengers save $1,378 at the end of week 52, but the make deposits in a different sequence.
Another popular alternative to the 52 Week Money Challenge allows challengers to choose how much to save each week as long as by the end of 52 weeks they have saved $1,378. For example, a challenger may choose to save $1 week 1, but $39 week 2. The challenger marks off the amounts he has saved to ensure there are no duplicate amounts selected.
The 6 Month Money Challenge is an alternative challenge for people who struggle with the length of the 52 week challenge. The 6 Month Money Challenge lasts for 6 months or 26 weeks. There are several different versions of how much to save during the challenge.
One version of the 6 Month Money Challenge has challengers save $26 week 1. The amount increases by $1 each week until week 26 when the challenger saves $51. The total saved in this version of the 6 Month Money Challenge is $1,001. Another version of the 6 Month Money Challenge has challengers save $5 week 1. The amount increases by $5 each week until week 26 when the challenger saves $130. The total saved in this version of the 6 Month Money Challenge is $1,755.
Money challenges like the 52 Week Money Challenge and 6 Month Money Challenge are about more than saving $1,378 in 52 weeks. They are about getting into the habit of saving money. since it takes a while to create a habit, about – 66 days to create a habit. Participating in a money challenge that lasts 52 weeks or 6 months is more than enough time to get develop that key money saving behavior.
Zero Effort Money Saving Hacks
If you are looking to save more money you know how difficult it can be. Smartphone app designers have tried to make saving easier for everyone. One great savings application is digit.co. Digit analyzes your savings account balances and automatically takes money and places it into savings for you. It makes creating a financial safety net easy.¬†Check it out at digit.co.
Hat tip to Carlton Logans Insight Coaching for the image for this post.
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