bi-weekly money challenge

The 26 Bi-Weekly Money Challenge: The Easy Way to Save $1378

July 19, 2021 By Jeffrey Strain 8 Comments

I have received several requests from readers asking if there is a better way to do the 52 week money challenge if you are paid on a bi-weekly basis. They mentioned that it tends to be easier to save the money for the week when they get paid, but more difficult to do it the second week when no income is coming in. Those who are paid bi-weekly may want to follow this bi-weekly chart.

26 Bi-Weekly Money Challenge (click on image to print)

printable bi weekly money challenge — Printable Bi Weekly Money Challenge Chart

The concept is the same as the 52-week money challenge, where you’re adding a single dollar for each week of the year. The only difference is that instead of making the payment each week, you combine two weekly payments into one, and make it every other week. There is no difference in the amount of money you save.

At the end of the year, you’ll still have saved $1378. The only difference is, you’ll be making 26 payments during the year, corresponding to your paychecks, which should make the challenge easier to accomplish.

With the standard 26 week version, you would make a payment of $3 ($1 for week one and $2 for week two) for the first bi-weekly payment, $7 ($3 for week three and $4 for week four) for the second bi-weekly payment, and $11 ($5 for week five and $6 for week six) for the third bi-weekly payment, until you reach the 26th payment which would be $103 ($51 for week fifty-one and $52 for week fifty-two). While straightforward and simple, there is a major drawback. As with the standard 52-week version, this can make it difficult to save money toward the end of the year with the high payments during the holiday season. This is why we created an alternate version of the money challenge.

Alternate Version (click on image to print)

26 week bi weekly money chart alternative

The alternative version gives you more flexibility while still sticking with the 26 bi-weekly option. With this version, you still make the same payments throughout the year, but you get to choose which one you make for each bi-weekly payment. The goal is to pay the highest amount from the options at the bottom of the chart, then cross out that number. That allows you to pay off the higher amounts when it makes the most sense as the year progresses, rather than at the end of the year when money might be the tightest. This version takes into account that a steady increase in payments over the year doesn’t always correspond with the reality of life. For that reason, it’s nice to have some flexibility in the amount when making the payment.

As with most things that pertain to finances, it’s important to find the best savings method for you. The 26 week bi-weekly money challenge is simply another variation that might make it a little easier to save than the standard 52 week money challenge. It’s certainly an option worth considering if you are paid on a bi-weekly basis, and you know you’ll find yourself short on funds when it’s time for the next paycheck to arrive. As with all savings plans, they tend to be much more effective if you pay yourself first rather than at the end when there often isn’t any money left to save.

Go With Passive Savings Apps

If all this seems like too much effort, consider a passive way to save money. The last couple of years have seen rapid growth in apps that help people passively build their savings. One great piece of software is digit.co. Digit is clever. It analyzes your checking account balances and then automatically makes small deductions which are swept into a savings account for you. It’s super easy to install. Once you have it configured you pretty much need to make no effort to save – Digit does all the heavy lifting for you. Check it out at digit.co here.

Finally, if you’re still looking for the right money challenge to fit your personality, here are other variations of money challenges that might be worth taking a look at:

Earn More with the 52 Week Make Money Challenge
52 Week Kids Money Challenge
Printable Monthly Money Chart
365 Day Money Challenge

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26 Week Money Challenge: Build Your Savings Faster

January 11, 2019 By James Hendrickson Leave a Comment

A few years ago when I first heard about money challenges, I thought they might just be another opportunity for people to humblebrag about their money. However, since then, I’ve tried money challenges myself and now believe they’re actually effective in reaching savings goals.

Whether it be a fitness challenge or a money challenge, internet challenges help millions of people reach their goals. This is why I created the 26 week money challenge, which helps you build up to saving a quarter of your income.

How Money Challenges Work

Before learning about the 26 week money challenge, you should be aware of how money challenges work. Money challenges are typically online challenges which help people save more money. Many people start with the 365 Day Money Challenge or the 52 Week Money Challenge. These money challenges usually have you save a certain amount of money each day or week and slowly increase it over time. S0metimes the process doesn’t work for everyone, so, like me, others have decided to design personalized money challenges.

The 26 Week Money Challenge

When you hear the words “26 Week Money Challenge” you might think of the bi-weekly money challenge. However, this version of the 26 Week Money Challenge simply takes place over half a year (or 26 weeks). Like other money challenges, you can start at any time of the year and simply follow the week-by-week organizational chart below. (I’ve filled it out with my first 26 Week Money Challenge, based on a $1,000 per week salary).

Unlike many other money challenges, the 26 Week Money Challenge helps you increase the amount you save week-by-week through percentages instead of dollar amounts. Week one you’ll save 1% of your week’s salary, 2% week two, 3% week three and so on. After the end of the 26 Week Money Challenge, you’ll be saving approximately a quarter of your salary (which is a commonly recommended gauge on how much you should be saving). After the challenge is over, you can simply continue saving at the level you end up with at the end of the challenge.

Click here for a blank, downloadable version of the 26 Week Money Challenge.

Other Money Challenges to Try

If the 26 Week Money Challenge above doesn’t seem like it’s for you, don’t worry. No one’s financial needs are the same. There are plenty of other money challenges out there for you to try. Over the years, internet users have adjusted the original money challenges to better suit their saving needs. Here are just a few money challenges you might want to try:

It seems like there’s a money challenge out there for everybody. No matter which way you do it, deciding to save money is one of the most important decisions you’ll make… even if it’s just a couple of dollars a day.

A Savings App Can Help

Money challenges are easy ways to get your savings started. However, you can also try a savings app that automates the process for you like Digit. For instance, first, choose a money challenge, then supplement your savings with an automated approach like the Digit app.

Digit is a favorite because it’s super easy to use. Just sign up and let the program analyze your checking account. It will then make small automated withdrawals that don’t impact your spending and sweeps them into an account you control. It is a super-easy way to save money without a lot of effort. Click here to check it out.

Have you ever tried a money challenge or savings app? Did you have success? Share with us in the comments below.

* Banking services for new accounts provided by nbkc bank, Member FDIC.

Photo Credit: 401K 2012

10 Money Saving Challenges to Try

August 18, 2016 By Amanda Blankenship 4 Comments

It seems that social media has blown up with “challenges” in recent years. “Like and comment this many times and I’ll do 50 pushups” or year-long savings challenges seem to be all over sites like Facebook and Pinterest. Some of these challenges, however, can really help your wallet. Let’s take a look at 10 of the best savings challenges on the Web:

1.Track Everything Challenge

This challenge will give you a better idea of where your money is going. Take 30 days and track every penny you spend and what you spend it on. At the end of the month, draw up a budget and pick places where you think you spend too much money and make some cuts. This is a great idea to not only save money but also get better control of your finances. The longer you keep this tracking challenge up, the more conscious you’ll become of how you are spending your money and it will affect your long-term financial health.

2. The 52 Week Savings Challenge

The 52 week savings challenge is a great way to save if you’ve made saving money your New Year’s resolution. You start the savings plan out with saving $1 the first week, $2 the second, $3 the third and so on. Many people use this base model of a savings challenge and alter it to their specific needs. Some people start with saving $52 and regress back to $1 the final week of the year (this makes it so that you don’t have to save as much around the holidays). At the end of the year you will have saved $1,378.00.

3.The 365 Day Money Challenge

The 365 Day Money Challenge is similar to the 52 Week Money Challenge. The major difference is that you are saving pennies at a time, not dollars and the amount increases daily instead of weekly. On day one of the challenge, you save $0.01 (usually people use a jar for this challenge). The second day you would save $0.02, the third $0.03 and so on. At the end of the 365 days you will have save $667.95.

4. The 12-Week Savings Challenge

This savings challenge approach is a bit more aggressive than the two previously listed. The 12-week savings challenge starts with you saving $60 in the first week and increasing each week by $5 (Week 2: $65, Week 3: $70, Week 4: $75 and so on). At the end of the 12 weeks you will have saved $1,000. This is recommended if you are looking to save $1,000 within a specific period of time. Some people also just repeat this savings challenge over and over again, saving $1,000 at a time.

5. The Bi-Weekly Money Challenge

The 52-Week Money Challenge can be difficult for those who don’t get paid weekly. Because of this, the bi-weekly money challenge was created. You still save the grand total of $1,378, however, you don’t have to put money aside weekly. Instead you start out by saving $3 the first week and increasing by $4 each week after that (Week 2: $7, Week 3: $11, Week 4: $15 and so on).

6. Mega 52 Week Money Challenge

If you are looking to save more than $1,378, you may want to try the Mega 52-Week Money Challenge. The mega challenge starts out by saving $5 and increasing by $5 each week (Week 2: $10, Week 3: $15, Week 4: $20 and so on). By the end of the year you will have saved $6,890. If this is something you are able to pull off, it is a great way to save a fair amount of money throughout the year.

7. 52 Week Mini Money Challenge

Like the mega money challenge allows people to save more money, the mini money challenge allows people to save a little less over the span of the year. It is still over the span of 52 weeks, however, you start with a smaller amount ($0.50). Week one you save $0.50, week two $1, week three $1.50 and so on. At the end of the year you will have saved $674.

8. The ‘No Spend’ Challenge

The “no spend” challenge is much like the tracking challenge. You return to the basics. The “no spend” challenge forces people to only pay for the necessities (rent, utilities, bills, gas, food, etc.). For the “no spend” challenge you would cease to spend money on things like going out to eat, shopping (clothing, etc) and going to events or places like the movies. If you have to spend money on it and it is not a necessity, you simply don’t do it. This challenge can save you a ton of money if you are able to pull it off over a long span of time.

9. Spare Change Challenge

Many people think the spare change challenge is only useful if you spend cash daily. You spend cash but don’t touch the change and at the end of the day you place the change in a jar or piggy bank. However, many banks allow their members to set up “spare change” savings account. For instance, Wells Fargo has a round up option. You spend $3.55 on milk at the grocer, $.045 goes into savings (it rounds up to the next dollar). You will be surprised to see how quickly these savings stack up! Make the challenge more interesting and vow to not touch your spare change savings for an entire year and see how much money you can save.

10. Automate Your Savings

The easiest challenge of them all is one you don’t have to think about doing. Like the spare change accounts, you can also set up monthly, weekly and even daily withdraws from checking into savings. Or, you can use a savings app like digit.co, which takes small amounts and puts it away for you.

The saving advice forums is a great spot for discussing savings challenges, money management and more. Sign up here to continue the conversation.

Photo: Flickr: 401(K) 2012