It’s that time a year again when our resolutions call us to spend a little extra money. Maybe you’ve resolved to pay off debt, take a coding class, or like me buy an expensive DSLR camera. But the holidays just ransacked your savings, so you have to put off investing in yourself, right? Wrong!
No, we are not taking loans, charging it or skipping student loan payments this month. We are going to do a Money Challenge. Well, I’m going to do one, and this is your official invitation to join me.
If you use Pinterest, Instagram or Facebook, I am sure you’ve run across a savings challenge at some point. Known as “snowball savings,” money challenges are designed to help you build up toward your financial goal at a pace of your choosing. Since there were so many to choose from, I decided to examine some of the internet's most popular ones.
So if you too are looking to set aside some extra dough this year, check out this list of # money savings challenges worth trying.
Short Term Challenges
The Daily Dollar Challenge
Duration: 21 Days
Total Saved: $231
If you, like me, live for new experiences this challenge can fund your foodie dreams. Just feed your piggy bank $1 the first day, $2 the second, $3 the next until you get to $21 on day 21. In as little as three weeks, you would have stacked $231 to spend on your guilty pleasure.
For a little inspiration, here’s a Savings Template from Lena over at What Mommy Does.
35 Day Savings Challenge
Duration: 35 Days
Total Saved: $630
This one really spoke to me. It is created with the idea of you preparing yourself for Christmas. Taylor over at Tay Talks Money, suggest starting the 35 Day Savings Challenge so that you will have $630 by December 5. I totally dig being prepared for early bird shopping, so I decided that I will use this starting in October for the Black Friday and Cyber Monday Sales.
The 12 Week Money Challenge
Duration: 12 Weeks
Total Saved: $1,000
Maybe you don’t like the idea of managing dollar bills daily or want to save a little more cash. The 12-week money challenge pushes you to forgo your regularly scheduled indulgences for the sweet smell of ten $100 bills. Not only is this a great way to exercise your discipline, but also save for higher item purchases like a fancy camera. It will give you time to think about if you want to invest in the item or trip, and if you don’t, then you have just grown your emergency savings account. You win all the way around with this one.
6 Month Money Challenge
Duration: 6 Months
Total Saved: $500
This short-term commitment is an excellent way to ease yourself into saving money if you don’t already. The 6 Month Money Challenge suggest that can put away $60 or $100 each month by selling things you don’t use or skipping luxuries like desserts, alcohol or sodas. So, not only will you end this challenge with a tidy home, but possibly a smaller waist.
Long Term Challenges
The Penny Challenge
Duration: 365 Days
Amount Saved: $667.95
The bronzed coin of Lincoln has a tough time getting any respect. Think about it. Do you regard a penny with the same esteem you do a quarter? Imagine if you could turn all the pennies you have laying around into a nice pair of shoes. This challenge is a cool one because you can easily collect all the neglected coins you run across to get yourself one step closer to your savings goal. I would do this challenge to teach my kids, if I had any, how to save for the things they want.
The Reverse 52 Week Money Challenge
Duration: 52 Weeks
Amount Saved: $1,378
You may be familiar with the 52 Week Challenge where you go from putting aside $1 the first week to $52 the last. The reason I picked the "reverse" version over the original is that I would rather be putting away the larger amount of money away at the beginning. By the end of January, you would have saved $200, which would be a little harder during holiday shopping in December.
For this free printable tracker visit Emily at morningmotivatedmom.com.
The $5,000 New Years Challenge
Duration: 52 Weeks
Amount Saved: $5,000
The 52 Week Savings Challenge is great, but maybe you need to put away more money. Stashing $5000 may seem pointless, but it can pay off debt, help you invest for retirement or save for some home improvements. The trick to this one is you’ll have to put away $20-$200 each week, so be prepared to make some serious cutbacks.
52 Week Savings Plan To Save For A Home
Duration: 52 Weeks
Amount Saved: $10,000
It might sound intimidating to think about what you have to sacrifice to save $10,000 in a year. However, you have dreams worth going lean for a few months. Ryker Gamble over at sundayfundayz shares his journey to accomplishing this very feat. Consider this challenge if you want to become a homeowner, buy a car with cash or travel for an extended period.
Two Dollar Savings Challenge – Total $1,729.00
The Bi-Weekly Money Challenge - Total $1,378
$20-A-Week Challenge – Total $1,040
The Nickel Challenge – Total $3,339.75
It doesn’t matter how you save, but that you get in the habit of not spending every dollar you earn. These challenges are ideal because they offer easy to follow plans that you and your friends can do together.
I wish you the best of luck saving money this year.