Have you ever had a hard time saving money for a month or even in a year? Well, this post is for you my friend! I’m going to share my favorite 12 month money-saving challenge with you today.
I personally prefer a year-long money-saving challenge because people tend to overestimate what they can do in a month but often, underestimate what they can achieve in a year.
So at times, when you see the results of you saving more money after a year will give you a lot more confidence to keep on saving instead of only seeing how much you’re able to save in a month.
I love this simple money-saving challenge and I tend to explore more challenges like reading books everyday challenge once I master this money-saving challenge.
(Which you obviously can do the same too!)
Because money saving isn’t exactly the easiest thing to do!
Raise your hand (yes, with your another free hand, not the one holding your mobile while you’re reading this post) if you’ve ever started saving money and suddenly you just had to dip into that savings because… there’s a sale.
I’ve done that countless of times!
So if you’ve been through this, please know that you are not alone 😊
That said, before we get to the money saving challenges that you can do, there will be some ground rules that we do need to follow in order to preserve our savings till its maturity.
Money-Saving Challenge Guidelines
- Set up a different bank account (say no to the debit card and checks so that you’re less tempted to use them).
- Have a purpose for the challenge. This could be paying off your debt or simply have a great vacation at the end of the year once you’ve maxed out your savings and investments!
- Put the challenge tracker somewhere visible.
- If you want to be savvier, set up an auto contribution to your savings account every month!
- To make it even more motivating for you, share this money-saving challenge with a friend so you’re both going to be more accountable 😊
Now, this money-saving challenge isn’t all towards people who are having a hard time saving money. It could also be useful even when you’ve already maxed out your emergency fund and investment contribution!
Why You Need To Try Money Saving Challenge
If you’re currently in debt or having trouble funding your emergency fund, well this money-saving challenge can greatly teach you how to find money to save. You will need to think of different ways on how to find money to save money too!
Below are some of money-making and money-saving ideas that you can get inspiration from! 🙂
But sometimes, even when you’re already doing fine with your finances, you tend to come across a few purchases that you really want to grab but with no budget allocated.
It happens many times to me, and I know it happens many times to my friends as well.
So this pool of money saved could also be your “splurge” jar.
I’ve started doing this money-saving challenge back when I was still in university and I had a piggy bank, like, literally a piggy bank where I just put every $20 bill that I have at the end of the day.
I did that for a year and but at the end of the year, I had almost $2,000 saved and I went to Thailand to celebrate new years eve 😊
Not exactly the best choice of splurging, but hey, I had a “splurge” fund.
And you can definitely do this too.
But of course, if you’re still trying to get your finances in order, prioritize those first before using all the money saved towards your “splurge” fund.
Now for the fun part, let’s look at the money saving challenges that you can do!
52 Weeks Money Saving Challenge
As I mentioned, this is my favorite money saving challenge simply because it’s much more fulfilling to see how you’re able to achieve in a year rather than a month.
It takes longer time, but it’ll definitely teach you discipline!
I have 2 different printables that you can get for FREE.
- Save $3,900 in 52 weeks
- Save $1,950 in 52 weeks
I do think both of these are very realistic and achievable, instead of aiming to save $20,000 a year when you’re just starting out.
You’ll get burned out so fast if you try to aim for the sky when you’re getting started – trust me. I’ve been there.
That said, if you do want a more challenging money saving challenge, drop me a comment and I’ll be more than happy to create one for you! 😊
Monthly Saving Challenge
So what if you just want to try it for the month? Well, I’ve also got you covered my friend! 😊
Here’s another simple money saving challenge that you can do monthly, saving $228 a month.
It might not be a big number, but an incremental of $228 a month of savings over one-year period can be a lot!
This is to me a bit more fun where you’re able to choose how much money you want to save each day, based on your notes. ($1, $2, $5, $10, $20)
I do think that this is more suitable if you want to teach your young children to save and put the money in a money jar, or if you’re still in college, this could be something awesome to try 😊
I have tried doing this before with a piggy bank in my room, but as I get savvier I switched to contributing them all to a high-yield interest savings account.
That brings me to the next section.
Where To Put Your Savings?
I love money market account a lot more than the normal savings account because they have a higher interest rate and many of them aren’t tiered, unlike a savings account.
You can check out CIT Bank’s Money Market Account here.
Though having a separate, good interest savings account is the best way to go, it doesn’t hurt for you to just start saving the money in a piggy bank – like I did.
It’s a great way to learn how to slowly save money. And once you’ve saved say for a few months, you can take the money and deposit them into your savings account.
If you’re going to take the piggy bank route, please make sure that the only way for you to get the money out is by literally destroying the piggy bank LOL.
I’m not kidding.
This is so that you won’t be able to dip your hand inside and get the money out whenever you like.
Free Printables For You!
So if you’re ready to get started, grab your FREE money-saving challenge printables below and share them with a friend too! 😊
Again, if you want to save more money and want me to create a more challenging one, feel free to drop a comment and I’ll be happy to create one for you!
If you do find these printables helpful, please share the post around, it’ll make my day to know other people are benefiting from all these!
And share your progress with me too!