Saving money is hard and most people don’t have a savings. Reason being it is a lot more fun to spend money, but it is so important to long term financial success and financial freedom.
The problem is most people can’t do the following things:
- Cover and emergency expense (health, car issue, etc.)
- Pay for a vacation in cash
- Retire at a “Normal” age
We are all at different stages in life and all have different goals. Some might be saving for the holidays, some might what to save for a vacation, some might want to by a new car, and others might be saving for a down payment on a home.
That is why I am providing a few different results
- $1,378
- $2,756
- $5,000
- $10,000
Before you do anything though I suggest you open a online savings account. One that you can’t access the funds instantly or it might take 1-3 days for the money to get transferred into your checking account. I recommend Ally Bank (Get started with your only savings account here).
Step 1: Open a online savings account
Step 2: Pick what option you want to go with. You can either go in order or go in reverse order. (That will make it so you are saving the least amount of money around the holidays, which can be an expensive time of year).
Step 3: Keep track and stay motivated
Step 4: In 52 weeks enjoy the fruits of your labors
Key Tip: You don’t have to start any of the money saving challenges the first week of January! Pick a date and start saving! It is never too late to start to save money!
Option 1: $1,378
Start with a $1. Each week, add another $1. (This is a good one to do in reverse it. Start with $52 dollars and count down).
At the end of 52 weeks, you have saved $1,378.
This is a great way to kickstart you savings or emergency fund, and really help prove to yourself you can save and help change your money mindset.
The other option is to save $27 a week.
OPTION 2: $2,756
Start with $2 and add another $2 each week. (This is a lot like the $1 challenge in option 1)
By the end of 52 weeks, $2,756 has been saved!
This can help you grow your savings account or put towards a vacation or trip.
The other option is to save $53 a week.
Option 3: $5,000
By the end of 52 weeks, $5,000 has been saved!
This can help you take a vacation, put towards a down payment, your retirement, etc. This really can help you towards your financial independence and freedom.
The other option is to save $93 a week.
Option 4: $10,000
By the end of 52 weeks, $10,000 has been saved!
If you really want to go big shoot for $10,000 savings. This can help with a new car, home remodel, down payment on a home, etc. This is a great way to build a great foundation for your finances and financial freedom.
The other option is to save $193 a week.
Also check out this post on how to make an extra $100 a day to help you with your savings challenge.
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