1. All challenges
This challenge will give you a better understanding of where your money is going. Spend 30 days and track every penny you spend and what you spend. At the end of the month, make a budget and choose where you think you spend too much money and make some cuts. Not only is it saving money, but it also gives you better control over your finances, which is a good idea. The longer you keep track of the challenges, the more conscious you spend money, which will affect your long-term financial situation.
2.52-week savings challenge
If you have saved money on New Year’s resolutions, a 52-week savings challenge is a great way to save. You can start with a savings plan that saves $1 on the first week, $2 on the second week, $3 on the third, and so on. Many people use this basic model of savings challenge and change it according to their specific needs. Some people save $52 first and return to $1 in the last week of the year (which makes you not have to save too much around the holidays). By the end of the year, you will save $1,378.00.
3. 365-day money challenge
The 365-day currency challenge is similar to the 52-week funding challenge. The main difference is how many cents you save at a time, not dollars, rather than the amount you increase weekly, rather than the amount you increase weekly. On the first day of the challenge, you can save $0.01 (usually people use jars in this challenge). The next day, you’ll save $0.02, $0.03 on the third dollar, and so on. At the end of 365 days, you will save $667.95.
4. Savings Challenge 12 Weeks
This savings challenge approach is more aggressive than the two previously listed. The 12-week savings challenge starts with you saving $60 in the first week, adding $5 per week (week 2: $65, week 3: $70, week 4: $75, etc.). At the end of 12 weeks, you will save $1,000. This is recommended if you wish to save $1,000 over a specific time period. Some people also repeat this saving challenge over and over again, saving $1,000 at a time.
5. Bi-weekly Money Challenge
For those who are not paid weekly, a 52-week monetary challenge can be difficult. Thus, a biweekly monetary challenge was created. You can still save a total of $1,378, however, you don’t have to put money every week. Instead, you first save $3 for the first week and then add $4 per week (week 2: $7, week 3: $11, week 4: $15, and so on).
6. Giant 52-week money challenge
If you are looking to save more than $1,378, you may want to try out the Mega 52-week currency challenge. Save $5 at the start of the big challenge and add $5 per week (week 2: $10, week 3: $15, week 4: $20, and so on). By the end of the year, you will save $6,890. If this is what you can achieve, it is a great way to save a lot of money throughout the year.
7. 52 Week Mini Currency Challenge
Just like the big currency challenge can save more money, the mini currency challenge has allowed people to save a little less on the scale of this year. It’s still in the 52-week period, but you start with a smaller amount ($0.50). For the first week, you save $0.50, for the second week, for the third week, for the third week, and so on. At the end of the year, you will save $674.
8. “No Spend” Challenge
The “no spending” challenge is much like a tracking challenge. You return to the basics. The “no spending” challenge forces people to pay for only essentials (rent, utilities, bills, gasoline, food, etc.). For the “no spending” challenge, you will no longer spend money on going out to eat, shop (clothing, etc.), go to places like events or movies. If you have to spend money and this is not necessary, then you don’t do it at all. If you can save a lot of money on this challenge in a long time.
9. Alternative Change Challenge
Many people believe that backup change challenges are only useful when you spend cash every day. You spend cash, but don’t encounter changes, and eventually you put the changes in a jar or piglet bank. However, many banks allow their members to set up “alternative changes” savings accounts. Wells Fargo, for example, has a circular option. You spend $3.55 on the grocer, $.045 savings (this is the savings for the next dollar). You will be surprised how fast these savings are! Make the challenge more fun and swear to save money without touching the entire year to see how much you can save.
10. Automatic savings
Their easiest challenge is the one you don’t have to consider doing. Like an alternate change account, you can also set up every grant monthly, weekly, or even daily. Alternatively, you can use a savings app like Acorn, which takes a small amount and discards it.
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Photo: Flickr: 401 (k) 2012
Amanda Blankenship is the chief editor of regional media. With a bachelor of journalism from Wingate University, she often writes for a few websites and enjoys sharing her personal financial stories with others. When she is not typing on the table, she loves to spend time with her daughter, son, husband and dog. In her free time, you will most likely find her nose in books, hiking or playing RPG video games.
