6 Popular Savings Plans to Reach Your Financial Goals
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2 years ago, I posted the 52 Week Savings Challenge: 7 Clever Ways to Find Extra Money. Now how many of you actually did that? So to start off this year, how about setting your goals towards the right challenge for you and your family?
I started off with a $25 a month challenge when all I was doing was working from home. It wasn’t bad and I kept up with it pretty well – I just considered it a bill. Now that I’m working full time outside my home, I have a set dollar amount going directly into my online bank account. I know that money is going in bi-weekly.
| Name of Challenge | Contributions
Daily/Weekly/Monthly |
How it Works | End of Year Savings |
| 52 Weeks Savings Challenge | Weekly
|
Start off with $1. Each week increase by an additional dollar. So for instance week 5, you’re investing $5. By week 52, you should put in $52 for that week. | $1,378
|
| 365 Days Money Challenge AKA Penny Challenge | Daily | Start off with $0.01. Each day increase it by a penny. So by day 5, you are putting in $0.05. By day 365, you should put in $3.65. | $667.95 |
| Bi-Monthly Money Savings Challenge | Every 2 weeks | Start off with $103 using your first bi-monthly paycheck. Decrease each time by $4. So by the 5th deposit, it’s only $87. The last deposit (the 26th deposit) is just $3. | $1,378 |
| $1,000 in One Year Plan | Weekly | Start off depositing $10 a week for the first 4 weeks. Then deposit $20 each week until the end of the year. | $1,000 |
| $2,700 in One Year Plan | Weekly | Start off depositing $2. Each week increase by another $2. So by week 18, you’re depositing $36. The last deposit on week 52 is just $104. | $2700 |
| 12 Months Money Challenge | Monthly | Star off depositing $25. Each week increase by another $25 until you’ve reached the sixth month at $150. The seventh month, deposit $150 and each month after decrease it by $25. The last deposit should be just $25. | $1,050 |
The Challenge is Real!
I admit, the 52 Week Savings Challenge can be a bit rough for many, especially if you’re not used to saving or are living paycheck to paycheck. The important thing is to start saving something! So here are a few different savings challenges I’ve come across that can best suit your budget.
Make it Work for You
Now these plans may not be the it for you. Just do what you can. If you don’t have the $50 for one week, don’t feel obligated to eat Ramen Noodles just to make up for it. You also don’t have to double the following week. Just do what’s comfortable for you.
As you can see, each plan is just adding money in daily, weekly, or monthly. Just add what you can and create your own challenge. You can even do the “Empty Your Pockets” at the end of the day, week, or month. Whatever you do is saving more than you did last year, right?
Getting into the habit of saving not only helps you plan to save money for a particular purpose, but it helps you have the funding available for the unexpected. You’ll be put in the mindset to think of what you can save towards rather than make irrational purchases.
Do I really need a large coffee as opposed to a medium coffee today or can I throw that $0.35 into my savings jar instead? It’s simple actions like that which can put hundreds in your account by the end of the year.
Also, some of these challenges require building up! It can be increasingly challenging to put up a large sum of money at once towards the end of the year – I mean hello, Christmas! So do the challenge backward! Put the largest sum up the first month. Maybe you got some extra cash from overtime at work. Throw that in no matter what month it falls in and cross it off!
Accountability is Key
As a final tip, get yourself an accountability partner. You two can keep each other encouraged and motivated to not fall off the wagon.
I love these ideas. WE are doing the 52 Weeks Savings Challenge again this year. WE have done it for 2 years now and love it. It is a great way to stash away some cash for the next year for vacation or a splurge for the family.
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Ohh that’s great you’ve done it already. After that first time, it must have wowed your family!
I really appreciate the variety of tangible and scalable options you outlined. It’s all about life choices. It’s easier to cut back than people think…especially when they have tangible guidelines and goals that motivate them. Thanks for the tips!
Glad you enjoyed the tips. Like I was saying to Valerie, just cutting back even a cup of coffee a day helps!
This is very doable. I can do this. I think we live in a world where everyone overspends. It’s going to get scary as people age. They won’t know how to do without.
yea, overspending is huge. Even saving those daily cups of coffee adds up!
Your Savings Plans inspired me to think about a plan for my family. I love the $25 month challange. May be I will start with this. 🙂 For sure I have to do someting this 2017. Thank you for your ideas.
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I’m glad you’re thinking of your family’s future. You can even get the kids involved in a challenge of their own.
We are hoping to save more money this year than we have any other year. I’ve seen all of these different challenges floating around, but it is so nice to see all of them in one place and explained out. I definitely agree with you that saving something is better than nothing at all. Here’s to a great year of saving!
I’m glad the one list can help you out. There are SO many more out there I’ve come across in just a day of this post!
Given my age, I’m really going to focus on my finances more and posts like this really help! I really think that these are very doable savings plans and I’ll surely be picking something out that fits me best. Thanks for sharing!
I love all the plans. Some are more difficult than others. It just depends on what you can do. Even missing a few commitments, you’re ahead of where you once were! Good luck!
I have heard of the penny challenge but never the other ones. I think if you make a plan to save a certain amount per month and stick to that, then you will definitely have a stockpile of money at the end of the year.
Well welcome to all the challenges Jennifer. Hopefully one of these is one you’ll start for this fresh new year.