savings challenge

$1 A Day Savings Challenge

December 31, 2019 By Jeffrey Strain 4 Comments

If you’re looking to save a bit more money this year, an easy way to accomplish this is to do a $1 a day savings challenge. There are a lot of different challenges out there that try to catch your attention but even when they aren’t that complicated, they still aren’t nearly as simple as the $1 a day savings challenge. The concept is easy and straightforward. All you need to do is put away one dollar a day and at the end of the year, you’ll have an extra $365 in the bank. That’s all there is to it.

In fact, the hard part of this challenge is figuring out where to get an extra dollar a day. This shouldn’t be too difficult to figure out for most, but if you’re having trouble, using a random making money idea generator can help you come up with ideas to create that extra dollar a day.

This challenge is actually too simple for a lot of people. It’s so straightforward and easy that they don’t see a challenge in it. There are certainly a number of different ways to adapt this challenge to make it seem more complicated, but we hope you can learn how to embrace the simplicity that comes with this savings plan. Learning to relish the simple ways to save will make saving money a lot easier for every aspect of your life in the long run. In fact, while saving money is important, far more important is getting into the habit of saving a little bit (in this case, $1 a day) and forming that habit.

How Dollars Can Add Up

If you want to save more money, you can adjust the daily amount saved to increase your overall savings. If you opt for a $2 a day savings challenge you’ll end up with $730 at the end of the year. Still not
enough? The $3 a day savings challenge will net you $1,095 at the end of the year and the $4 a day savings challenge will put an extra $1,460 into the bank after a year. You can even try the $5 a day savings challenge to end the year $1,825 richer. There’s no need to stop there if you want to save even more money.

As mentioned above, while this truly is the easiest fashion to save money, there are some people who need a little something extra or some type of twist to make saving money more of a challenge. A couple of
good examples are the 365 penny a day challenge that will save you nearly $668 at the end of
the year and the classic 52 week money challenge that will help you save $1,378. If you’re looking for a $1 a day savings challenge more along these lines, that’s certainly possible as well.

$1 A Day Savings 52 Week Money Challenge

If you want to save approximately $2,000 for the year, there’s a simple way to accomplish this by combining the $1 a day savings challenge and the 52-week money challenge together. In this case, you would save $1 a day for 5 weeks, $2 a day for 5 weeks, $3 a day for 5 weeks, $4 a day for 5 weeks, $5 a day for 5 weeks, $6 a day for 5 weeks, $7 a day for 5 weeks, $8 a day for 5 weeks, $9 a day for 5
weeks and $10 a week for 5 weeks. Those 50 weeks will help you save $1,925 and then you can determine how much you want to save for the final two weeks of the year ($5 a week for the final two weeks will get you to $1,995 and $6 a week for the final two weeks will make your yearly savings $2,014).

This $1 a day savings 52-week money challenge is far more complicated than the $1 a day money challenge, but as we mentioned, there are some who find having to save different amounts each week more of a
challenge. This is when it’s important to understand what motivates you most when saving money. Both of these are year-long challenges which means you’ll need a lot of dedication and motivation to see them
through. Choosing the challenge option that can best appeal to what motivates you most will be essential to successfully complete either challenge.

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

7 Signs a Money-Management Game Is Not for You

January 1, 2018 By Jackie Cohen Leave a Comment

Money management games can be life-changing for anyone who has a hard time saving, but they’re not for everyone. [Read more…] about 7 Signs a Money-Management Game Is Not for You

52 Week Money Challenge

December 6, 2017 By Alexa Mason 67 Comments

If you’re looking for a great way to start saving money right now that will net you over $1300 in 1 year, we’ve put together an easy system which offers a good amount of flexibility to give you the greatest chance of success. This is a hybrid of the original 52-week money challenge putting more control in your hands to deal with the inevitable financial challenges which come with daily life.

How the 52 Week Money Challenge Works

In a lot of ways, the 52 Week Money Challenge is similar to a game of Yahtzee. There are 52 weeks in the year with a dollar amount corresponding to all 52 weeks. Each week your goal is to try to save the highest amount that is still available from the bottom numbers. While the highest dollar amount is the goal, there will certainly be weeks when you aren’t able to save the full amount. Whatever amount you are able to save each week, that is the number that you write and then cross that number off the bottom. It’s fine if a particular month you’re unable to save much due to special occasions. Focus on the bigger picture and don’t worry about individual days and weeks so much.

Click image to enlarge or print here (pdf)Your goal for the first week is to save $52, but even if you aren’t able to reach that amount, you haven’t failed. In this way, it is similar to Yahtzee. Whenever you roll the dice, your ultimate goal is to try to get a Yahtzee, but depending on how things are going with the rolls, you attempt to get the best number you can from the still open hands on your card. In this challenge, you’re doing the same thing, but just with the dollar amounts, you’re able to save each week.

For example, say that you are able to save $42 the first week you begin the challenge. You would X out the $42 at the bottom of the chart and place it in the deposit line for week one and that would also be your balance since it is the first week. In week two you are able to save $18. You X out the $18 at the bottom of the chart and place $18 in the deposit line. You then would place $60 as the balance ($42 + $18) for week two. In week three you’re able to save $52 which you cross off, add and come away with a balance of $112. In week four, you have a tough week and are only able to save a single dollar. You cross it off, deposit the $1 and up your balance to $113.

Because you choose the amount to save each week in relation to your finances (always with the goal to try to save the top dollar amount still available at the bottom of the chart), you don’t fail the challenge just because you have a few rough weeks where you aren’t able to save a lot of money. We all have good weeks and we all have bad weeks and they don’t come about uniformly. By trying to save the most you can each week which takes into account the financial realities of that week, it gives you much-needed flexibility and a better chance of success compared to having a set dollar amount you must save each week that corresponds to that specific week.

Another advantage is that there is no need to begin this challenge at the beginning of the year, but you can start at any time. Week one is the first week you begin (as opposed to the first week of the calendar year). That means that if you come across this challenge in the summer, there is no need to wait half a year to begin. You can start today. Simply designate one day of the week when you will make the deposit and you are ready to go for an entire year from that point.

Get Started, Get in the Habit of Saving

The most important aspect of this challenge is that you simply begin doing it. Even if the first few weeks your saving amount is low, you are getting yourself into the habit of saving. As you become comfortable with that habit, you should find more ways to save that will help you knock off those bigger numbers always knowing that you have some small numbers there as well if finances get tight some weeks. Once in the habit, you may find it easy to save even more. There are also now kids versions of this challenge which replace the dollar amount with quarters, dimes, nickels or pennies depending on how old your child is and the amount that he wants to save.

Print the 52 Week Money Challenge by clicking here. Before you get started, also check out the 52 Week Money Challenge forum group where you can share how your challenge is going with others and both receive and provide support for others participating in the challenge.

Kickstart Your Savings With The Original 52 Week Money Challenge

June 29, 2017 By James Hendrickson Leave a Comment

A few years ago different challenges began to pop up on the internet. Whether it be a challenge to help you lose weight or save money people were (and still are) going crazy for them. One of the most popular of these online challenges was the 52-week money challenge.

What is the 52 Week Money Challenge?

The 52-week money challenge was designed to help people kickstart or add to their savings over the span of a year. Week-by-week you add to your savings until you reach the grand total of $1,378 at the end of the year. Finding a challenge like this helps many people stick to a savings plan (if they didn’t have one already). It is also a great way for those new to saving to get started. Challenges are also really excellent ways to develop good savings habits and they can be a fun way to get connected with other savers.

How to Do The 52 Week Money Challenge

If you’re interested in trying out the 52-week money challenge you’ll be joining a community of thousands of people that have done the same. Internet searches for the 52-week money challenge show that the challenge receives about 600,000 searches per year – it’s very popular.

The 52-week money challenge is fairly simple to follow. The first week (week one) you save $1; week two, $2; week three, $3. At the end of the year (on week 52) you will save $52 (illustrated in the photo below).

After the 52 weeks is over you’ll have more than $1,300 stashed away (a great emergency fund, starting savings or even additional savings). If you would like to track your 52-week money challenge, download and print the blank challenge sheet.

A lot of people start the 52-week money challenge but never end up finishing. One great way to solve this problem is to find some friends who can help you. A good place to do this is the savings advice forums. Many of the forum members are doing the challenge themselves and it is a good place to discuss any financial questions you might have. Click here to check out the forums.

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Other Fun Money Challenges

Because thousands of people have tried the 52-week money challenge there are many variations on it and the other money challenges out there to try as well. Many people have shortened it, made the savings contribution less or more. Here are just a few 52-week money challenge alternatives:

You can also create your own money challenge by downloading and creating your own chart and system based on your own personal finances. For instance, if you can save $20 a week through the year you can use the same 52-week chart with alternative numbers.

Try This Cool Savings Hack

If you don’t want to try the 52-week money challenge (or any other money challenge) but still want to save money, there’s an app for that! There are a ton of awesome apps that help you hack savings. One of the best apps to do so is Empower. Empoer analyzes your individual savings and automatically withdrawals small amounts of money over time to deposit into savings. All you have to do is download the app, sign up and Empower does the rest. Download the Empower app now and start saving today!

Photo: Odyssey Online

365 Day Dime Challenge

December 27, 2016 By Jennifer Clark 4 Comments

Did you know the 365-day dime challenge can help you save more than $6,000 in a year?

Saving money daily can be difficult, but it isn’t impossible. As we plan for a new year, money goals should be at the top of our list. While we should always be striving to improve our financial situation, New Year’s resolutions are a great way to enforce this action. If you’re looking for a way to start saving, a money challenge can help.

What is the 365 Day Dime Challenge?

The 365-day dime challenge is a money challenge that prompts you to save money daily. Each day, you put aside .10 cents with the corresponding day of the challenge. For instance, on the first day, you save a dime, .20 cents on the second day, .30 cents on the third day, .40 cents on day four, and so on. Place a jar in a very visible area as a physical reminder to save every day.

In just the first 90 days, you will accumulate $409.50. Considering that 46% of Americans surveyed by the Federal Reserve cannot cover a $400 emergency without borrowing money, this is important.

Why the 365 Day Dime Challenge?

The 365-day money challenge has a few variations, from the penny challenge to adding an extra quarter a day. The penny challenge prompts you to save $668 in 365 days. The quarter challenge, on the other hand, adds up to $16,698.75 after a year. If the penny challenge does not match your goals enough, but the quarter challenge seems to be a little too hard to accomplish, the 365-day dime challenge may be just for you.

Here’s a break down of what to expect to contribute each day:

As you can see, you’ll be able to save a total of $6,679.50. If you break this down daily, you’re only setting aside $18 per day over the course of the year. This seems much less intimidating than the $44 daily average from the 365-day quarter challenge, especially if your finances are not as strong as you would like.

If you are up for the challenge, you can download the chart here.

Tips for Successful Saving

In order for such a challenge to work, you need to be diligent and consistent. The point is to save daily and create a habit that will benefit your finances for years to come. Plus, it’s a great way to build an emergency savings fund, which everyone should have.

If you don’t think you will be able to dedicate an average of $18 per day in 2017, try adjusting to a level that is comfortable. For instance, you could start with 30 days at a time, starting the challenge over at the end of every 30 days. This would come out to $46.50 per month in savings, $1.55 per day, and roughly $558 total for the year. However, you might be better off doing the penny challenge where you will save a little more.

Break down the numbers and see which challenge will work best for you. If a daily money challenge still seems unattainable, try the 52-week Money Challenge or the 12-week Money Challenge.

Also, if money challenges are too much of a hassle, you can build your emergency fund with an app like Empower. This app analyzes your account, and slowly withdraws and saves small amounts at a time. It’s easy to download and install, and because it’s automated, you won’t even notice the money is gone until you check how much your savings has grown.

Will you be trying a money challenge in the new year? Share your comments with us below.