Have you ever participated in a savings challenge? There are all sorts of variations. It’s a gimmick to get people saving.
I have decided that the $1,100 I will receive from my Self Lender account will be my new emergency fund. And that I am going to keep focusing on paying down debt versus going into savings mode again.
But I do want some additional savings…
The first thing I started doing was saving $5s. Have you heard of this one?
The first time I saw it online, the person had a shoe box full of $5 bills just stacked together. It was pretty inspiring.
While I’m not using a shoe box, I do have my change jar. I know it’s gimmicky but this works for me. I am committed to not spending any $5 bills.
As my friend and I were talking the other day, she suggested another option.
52 Week Challenge
Have you heard of the 52 week challenge? There are a number of variations. Essentially, you start at the beginning of the week, and save the number of dollars based on the week of the year.
For week 1, you save $1. For week 2, you save $2…for week 13, you sav3 $13. You get the point.
Well, she suggested doing the challenge backwards so instead of ending the year with needing to save the most money per week, right around the holidays. You start the year saving $52 and go backwards from there. Make sense?
I don’t know if I can commit to this one right now. But if you are interested, I created 52 week savings to keep me on track if I do.
Tell me what your favorite savings challenge is? I’ve got to say they definitely help keep me motivated.