Everyone loves a great challenge, especially if it can help you save money. A recent study showed that two-thirds of Americans don’t have enough money to save for a $1,000 emergency situation, but with some discipline, you can save that money in just 12 weeks using a set savings plan.
A 12-week savings plan isn’t as popular as a one-year savings plan because it’s more intense and requires you to save more money every week. But if you can create this savings plan, it’s a great way to get $1,000 in your savings account in a short time.
12-week currency challenge
Saving $1,000 is not a small feat, and doing so in 12 weeks is more like a win. Whatever reason you are to save (leave, grow savings, etc.), this saving challenge is ideal for short-term savings goals. This will require a little buckling, but it will be worth it in the end.
The challenge requires you to save $60 or more per week. The first week is when you save $60, then save $75 in the second week, $95 in the third week, and $100 in the fourth week. You save $65 on the fifth week, then $75, $95 and $100. You will then save the pattern for four weeks and then complete the challenge.
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How to successfully complete the 12-week currency challenge
When you look at this savings challenge, you might be thinking “How can I save $100 in a week or even $65?” It’s possible! If you have a budget (which should be), take a closer look and decide where you can cut in the next 12 weeks. This is an active savings plan, so you need to stay aggressive when trying to get it working properly.
Several things you might be able to successfully cut and/or try to save $1,000 in 12 weeks:
- Limit dining out. You’ll be surprised how much you can save on Friday nights without crossing the drive or dining out.
- Sell things you don’t use. Walk through the closet and do weekly garage sales for 12 weeks. Whatever the money you make in garage sales goes directly to your savings plan.
- Skip unnecessary expenses such as pampering. If you complete your nails every week, skip this fee in the 12-week currency challenge. You’ll be surprised how much this will help you save.
- Stay at home. Instead of going out for fun, it’s better to stay. You can attend game nights, watch movies or curly books.
- Find free or cheap hobbies. If you want to go shopping, find other things to fill your time, such as visiting local parks, walking or even book clubs. This will help you successfully develop this 12-week plan.
If you’re looking for a quick $1,000 savings, or just be ready to surrender and really start saving down, this 12-week plan is a great way to achieve that. While it is more aggressive than the 365-day currency challenge or the 52-week currency challenge, it effectively helps people save and has a good understanding of their financial situation within a 12-week range.
Need money to save?
One of the biggest problems people face in the 12-month savings challenge is finding the money they can save. While most people who take this challenge can save money from their salary, there are a few very simple, quick things you can make money. These are:
- Conduct investigation: Traditionally, conducting surveys is a big effort to make low returns claims, but there are several apps that pay well. Two of them are 1q and prolific. 1q Pay 25 cents per question, which is the best fee you will find anywhere. Prolific salary will be worse, but there are more surveys available. Neither of them will replace your day job, but it’s great if you have spare time and need some extra money to meet your savings goals. You can find 1q here, producing prolific here.
- part time: The United States is increasingly moving towards a gig economy. Part-time jobs, such as filling out Doordash orders, walking a pet or driving for Uber, are legal and effective ways to save money.
- For sale your browsing history: Your browsing and location history has moderate economic value to marketers. And, in recent years, many companies have begun to take advantage of this. SavvyConnect, Caden, Datacy and Nielsen’s comment rewards are all legal companies that can pay for your data. All these companies do is aggregate your information with thousands of other people and sell it to marketers. They pay you about $5 a month for data. If you install all these apps on your smartphone and laptop, the extra monthly fee is $30. This will help you cross the finish line in a few weeks when you need to save more.
Finally, if you’ve participated in a 12-month challenge or other savings idea, leave us a comment below.
Acknowledgements
Photo: Flickr: 401 (k) 2012
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