Savings challenges and money challenges have helped tons of people to reach short-term savings goals. Some of the most popular challenges include the 365 Day Money Challenge, the 52-Week Money Challenge and the 12-Week Money Challenge. Each of these has variations to the rules because, as you know, saving isn’t the same for everyone.
52-Week Money Challenge
The 52-Week Money Challenge is a challenge that, in theory, starts the first week of the year. Many people begin this challenge as a part of their New Year’s resolution to save more money in the new year. The challenge starts out with the participant saving $1 in the first week, $2 the second week, $3 the third week and so on. At the end of the challenge you save $1,378.
Like many savings plans and challenges people found issues. What worked for some did not work for everyone. The main complaint surrounding the 52-Week Money Challenge is that you are required (by the plan) to save more money around the holidays. Since this time of year is when most people are low on money because they are buying gifts and preparing larger meals many found it difficult to save more. That is when the Reverse Money Challenge was thought of.
Reverse Money Challenge
The Reverse Money Challenge is just like the 52-Week Money Challenge described above. The only difference is that in the first week of the challenge you save $52. You then go on to save $51 the second week, $50 the third week, $49 the fourth week and so on. The last week of the year you save $1 and you still save the grand total of $1,378.
Many people like this approach for multiple reasons. As previously stated many people have a difficult time saving more money around the holidays. There are also quite a few people that feel more motivated at the beginning of a challenge than the end. As your enthusiasm about the challenge fades the amount of money that you will have to save will decrease. This will make it easier to stick to the savings plan in the long run for many people.
If you are looking to adopt a savings plan or take on a money challenge, make sure to do your research. Many money challenges are year-long challenges. If your need for the money saved is more urgent you may want to try something like the 12-Week Money Challenge, which helps you save $1,000 in 12 weeks. There are also money challenges for couples, kids and college students as well. You can find a savings plan or money challenge to suit your savings needs.
Zero Effort Money Saving Hacks
Smartphone applications are made to make your life easier. In recent years more and more personal finance apps have begun to surface. One great savings app is Digit. Digit studies your income and spending and then makes withdrawals to place in your savings account automatically. * Once you’ve registered for Digit, all you have to do is set your weekly savings target and from there Digit does the rest. Check it out at Digit.
* Banking services for new accounts provided by nbkc bank, Member FDIC.
Photo: Flickr: 401(K) 2012