Saving Challenges

Saving Challenges

While everyone likes the idea of saving, it can be a little hard for some more than others. Most people have no idea where to even start or how much to save. Trying to save while having bills like rent, car notes and even kids is hard but it’s not impossible. There’s so many fun ways to save. I’ll give you 3 saving challenges to start saving today below.

 

1. Envelope saving Challenge

First you’ll need to buy a box of envelopes with a 100 count in it. It can either be white or colorful. Once you have your envelopes label them with the numbers 1 to 100. You can do this two ways. One you can pick a random envelope each day and the amount that’s written on the outside of the envelope, place it on the inside and seal it. Or you could select 2-3 random envelopes per week. My fiancé and I chose to pick 3 random envelopes per week. We would both pick one random envelope each. Then the third one would be picked out by our son, which we would go half on. Whichever way you choose, once you’ve completed all 100 envelopes you should have 5,000 saved up. You can do this in 100 days or within six months. I got my envelopes from amazon you can click on the link also and start your envelope saving challenge.

2. 52 week saving challenge

First you’ll need a saving pan or even a saving account. Once you’ve decided where you’ll like to save that money, Each week you’ll be saving two dollars more than you did the week before. For example week 1 you’ll save two dollars, week 2 save four dollars, week 3 save six dollars and so on until you’ve reached week 52.. once you’ve reached week 52 you should have 2,756 dollars.

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3. 5,000 in a year saving challenge

For some saving can be really hard and that’s because most people living by paycheck to paycheck. Living paycheck to paycheck doesn’t leave you with much money to save which can be very stressful. Saving 5,000 in a year should be a lot easier than the first two for some. First you’ll need a saving account or even a small box whichever works for you. Each week for 52 weeks you’ll need to save 97 dollars. You can save 97 dollars a week by budgeting. Start eating at home instead of eating out, cutting off your cable and using Netflix and so on for more budgeting ideas you can check out my “6 ways to better your financial goals” blog.

Saving is really important. You never know what jam you might get into and we all need to be prepared for when that moment happens.

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