Why Try a Savings Challenge?
Consistency: Regular saving becomes a habit, making it easier to reach your financial goals.
Awareness: You’ll track your spending and become more mindful of where your money goes.
Achievable Goals: Small, manageable steps make saving feel doable.
Instant Motivation: Watching your savings grow gives you a sense of accomplishment.
52-Week Money Challenge
Save each week, starting with $1 on week one, $2 on week two, and so on, until you reach $52 on week 52. By the end of the year you'll have $1,378 saved!
Sell and Save Challenge
Sell unused or unwanted items online or in a garage sale and put that money in a savings account.
Envelope Challenge
For the Envelope Challenge, label individual envelopes 1 to 100. Pick an envelope each day, and whatever number is on the envelope is the amount of cash you put in it. After 100 days, you'll have saved $5,050!
Pantry Challenge
Pick a weekend and eat the foods from your pantry, cabinet, fridge and freezer instead of going out. Involve the kids and make up fun new recipes!
Family Vacation Challenge
1. Decide the destination: Pick a place where your family would like to go. For example, let's say you decide on a beach vacation that will cost around $1,000.
2. Set the date: Choose when you'd like to go. For example, let's say you want to go in four months.
3. Calculate savings needed:
- Total trip cost = $1,000.
- Number of months you have to save = 4 months.
To find out how much you need to save per month, divide the total cost by the number of months
So, you need to save $250 per month.
4. Break it down weekly: There are roughly 4 weeks in a month, so divide $250 by 4 weeks
So, you'd need to save about $63 each week.