If you put your entire refund in the bank, you’ll be more than a quarter of the way towards your goal. Remember, the average tax refund was $2,860 in 2019. Saving that kind of cash sounds difficult but it’s totally do-able. Every two weeks, you’ll set aside the recommended amount which ranges from $275-$575. Every time you get paid, you’ll save the amount suggested in the chart.ĭream of buying a house soon? If so, the $10,000 challenge can help you save up for your down payment. If you’re ready to step up your savings, give the $5,000 bi-weekly savings challenge a try. The more money you have in your account, the less likely you are to reach for your credit card when issues arise. Everyone needs to have at least 3-6 months’ worth of living expenses in the bank. No matter which approach you take, you’ll still wind up with $1,378 by the end of the year.Īiming to save $1,000 is a great way to start building your emergency fund but for most people it’s not enough. Healing Scripture Writing Challenge Finding Your Purpose - A 10-Day Esther Study. Continue the process until you cover all the weeks. One Year of Scripture Writing Challenges. Choose one of the weeks from the chart, set aside that amount and cross it off the list. Another way to make the program work for you is to jump around. If that’s the route you’d rather take, go for it. Some people find it too difficult to save during the holidays so they prefer to work the program in reverse. How it works is, week 1 you’ll save $1, week 2 you’ll save $2 and you’ll continue the pattern until you save $52 in week 52. This is one of the most popular money-saving challenges on the internet. If you stick with it, you can have $1,000 in your account in just 3 short months. Each week, you’ll save between $60-$100 as depicted in the chart. Want to build your savings fast? Consider a 12-week challenge.
At which point, you’ll have almost $668 in the bank.
For instance, day 1 – one penny, day 2 – two pennies, so on a so forth until the end of the year. With the 365-day penny challenge, you’ll set aside a penny amount based on the day. Having a limited budget isn’t a good enough reason not to save. Once you see how easy it is, we’re sure you’ll want to repeat the cycle for the rest of the year. You’ll start out saving 25 cents the first day and work your way up to $7.50 on day 30. The day of the month determines the number of coins you’ll need to add to your stash. Save over $100 this month just by holding on to your quarters. Depending on your financial situation, you may want to experiment using bigger or smaller bills. You’ll be amazed by how much you’re able to save with minimal effort. Store your fives in a jar and don’t touch it until the end of the year. Every time you come across a $5 bill, you save it. With this challenge, the concept is simple. So put your game face on and let’s get started! One of which can help you save up to $10,000 in a year. We’ve scoured the internet looking for the best money saving challenges and narrowed it down to seven. Ready to start building your savings? If the answer’s yes, then it’s time to put your money where your mouth is.