Brice Capital Brings You – Tried and True Money Saving Challenges
Do you have a difficult time saving money? We all want a pot of gold – we just want it to be there. In our minds it is a sizable nest egg and we sometimes just can’t come up with a plan that will actually get us there. It is alot like weight loss – the lack of savings didn’t necessarily happen overnight and it isn’t going to get built back up any faster.
Now we are bringing you some of our favorite Money Saving Challenges and personally I tend to pick a few of my favorites and do them together. I always need some sort of small nest eggs to help with the horses, kids, home repairs, car repairs or even just to have a weekend away. See what you think and choose what works best for your lifestyle.
Additionally, these savings challenges really put a focus on creating healthy financial habits and after 52 weeks it should become a habit and one that you can definitely appreciate. Save for fun things – nice vacations, staycations, or so that you don’t have to worry about that darn annual tax bill(s)!
Brice Capital List of Money Saving Challenges
52 Week Money Savings Challenge
This challenge is one of my all time favorite. In one year you can pretty easily save $1,378. My friend Edee illustrates this savings challenge quite well. The premise is simple to follow… There are 52 weeks in a year and each week you place that week’s dollar amount into a jar.
- Week 1 – $1 Total $1
- Week 2 – $2 Total $3
- Week 3 – $3 Total $6
- Week 52 – $52 Total $1,378
- Total in the jar at the end of 52 weeks – $1,378
Keep in mind this challenge (as well as any of these challenges) do not need to start on 1/1. In fact it may make sense to not start on 1/1 so you can get through the holidays. Also you could easily start with week 52. For example if you are starting on 1/1 then start with $52 and when you get to the holidays in November and December you are down to $5, $4, $3, $2, $1… Same amount saved, just in a different, more convenient order.
Perhaps you want to double up the savings… Every week just save 2x what the traditional schedule calls for. At the end you would have $2,756. Just make sure you aren’t setting yourself up for failure. After all this is to try and teach you healthy savings habits – not put you in debt.
Alternatively – use $.50 increments, essentially cutting your savings each week in half and at the end of a year you will have $689.
$5,000 Money Savings Challenge
For this challenge you save $97 a week all year long and at the end you will have $5,044. Of course that can be an aggressive plan. But keep in mind saving it doesn’t necessarily mean coming out of your paycheck. Maybe your goal can be met by decluttering and selling some things on Facebook Marketplace or Craigslist? Be creative and set goals that you are committed to reach.
Alternatively you can build a calendar that will allow you to save up to $150 in one week sometimes while as low as $50 a week at other times. Perhaps you consider cycles that you know you may have less flexibility with cash.
Bliss Capital Age Based Fun Challenge
You know how many of us have heard that a child/teen should have an allowance equal to their age. Well, I have heard that and it is what I do with my kids – hopefully you have all heard it before. But what about savings? Want to have some fun? Save your age each week… I am 52 years old – if I save $52 each week then after 52 weeks I will have $2,704. If you are 30 years old then after 52 weeks you will have $1,560.
The Year of Savings (2019)
Another fun challenge – save the year amount in dollars. So in this case at the end of 2019, you will have $2,019 dollars. Simply save $38.83 per week. In 2020 you will save $2,020 in a year by saving $38.85 per week.
Each week, in this order, save:
- Week 1 – $5 Total $5
- Week 2 – $10 Total $15
- Week 3 – $20 Total $35
- Week 52 – $5 Total $600
$5 Increment Challenge
Save over 52 weeks in $5 increments.
- Week 1 – $5 Total $5
- Week 2 – $10 Total $15
- Week 3 – $15 Total $30
- Week 52 – $260 Total $6,890
Save Your ONES Challenge
This one actually requires you spend money to save money. Sounds crazy right? Not so much. What it really requires is you spending cash instead of debit. I spend so much less when I don’t rely on the simplicity of a debit card. People don’t like parting with their cash – it is tangible and real. Swiping a debit card (or God forbid a credit card) is one of the most destructive habits. It doesn’t “hurt” to swipe a card. When I focus on cash only then every little thing seems to make a difference.
This challenge is one of the easiest and really one that you will feel the least. Before I get to the challenge… When you use cash, you end up with change (coins). No one wants to carry around coins. They are bulky, heavy and not convenient. So at the end of every day – put all coins in a jar. If you are truly living off cash then those coins will add up quickly.
This challenge goes one step further and at the end of the day (each day) put your ones in an envelope/drawer or wherever you can keep them safe and don’t touch them! Literally one year I saved for a trip to Disney like this. I never touched it, never counted it – until the wad got so large I needed to let my husband know my plan in case he ran across my stash and thought I had some other plan in mind. Definitely didn’t want to end in a divorce!
I also try to stash my $5 bills as often as possible. My kids always want to know why I never have anything except tens and twenties. Well because the bank machine gives me tens and twenties and once I break them – I save them. See – easy peasy. And putting them in a drawer stops my kids from constantly asking for small amounts of money – They can’t ask for $5 because I never have it.
Brice Capital Asks – What is your favorite challenge?