Money Saving Challenges For Smaller Budgets

Money Saving Challenges For Smaller Budgets

Have you ever begun a savings challenge only to realize after the fifth week that you don’t have enough “left-over” money to finish it? Nothing irritates me more than starting something and failing to complete it. Some folks are quite content to begin a project and complete it a month later. In this article, we share some Money Saving Challenges For Smaller Budgets.

There are numerous money-saving challenges available that begin with a little amount of money saved in the beginning and progress to saving $300 in one week by the conclusion.

I don’t know about you, but this can seem impossible to some people when they first starting out saving money. If we want to talk about small businesses, there will be some other “financial saving methods”.

For instance, I came across a savings challenge that stated, “Save $10,000 in 52 weeks.” 52 weeks may seem like a long time to save money, but saving $125-$325 every week seems insane, especially if you’re just starting out or don’t have much spare income. 

It’s a fantastic challenge to save $10,000 in 52 weeks. In fact, if you have the extra funds, I recommend that you do so! But if you don’t, you’ll want to read this article!

The 52-Week Money Saving Challenge 

I’m sure you’ve heard about this one before! Kassondra Perry-Moreland is the one who came up with this challenge. What is it about this that I find so appealing? It’s not only feasible; it’s also adaptable.

This is how the original 52-week money-saving challenge works:

You deposit or preserve the week’s number each week for 52 weeks. For example, if you’re starting the challenge in 2022, you’d put $1 into your savings account the first week of the year (or jar). You would deposit $2 in week two. Week three, you’d put in $3, and so on.

This means that the highest amount of money you’ll ever have to deposit is $52, which, in the example above, would be in the final week of 2022.

You will have saved $1,378 if you complete the challenge.

Here’s a visual representation of the savings schedule:

The 52-Week Money Savings Challenge has taken on numerous forms over the years. Here’s a wonderful list that demonstrates how you can tailor this to your own savings objectives.

  • Money Double Challenge for 52 Weeks.
  • The 52-Week Money Challenge for Kids is a fun way for kids to learn about money.
  • The $30 Money Saving Challenge is a 52-week challenge to save $30.

The Five Dollar Challenge

The $5 Savings Challenge is simple and enjoyable. It has an allure to it because of its randomness. The rules are straightforward.

You save EVERY $5 bill that comes into your possession for a year (or whatever time period you pick).

Place it in a designated jar or envelope and keep an eye on the bills as they pile up.

You might be amazed at how much money you’ve saved after a year. Save for an emergency fund, a family vacation, or gifts using your new funds.

With this challenge, there is just one rule. YOU CAN’T SEEK OUT $5 BILLS ACTIVELY. That implies you can’t ask for $5 in change, and you can’t go to the bank and withdraw the entire $5.

The randomness of this task is what makes it so enjoyable. If you cheat, it won’t work!

The 365-Day Penny Challenge

Any money saved is sometimes preferable to no money saved. You will have $668 in your savings account if you finish this challenge. This may seem insignificant in comparison to a year’s worth of labor, but it’s better than nothing.

I’ve always maintained that the amount saved is irrelevant. The most crucial aspect of saving money is to build a consistent saving habit.

Saving money is not something that everyone is naturally good at. Some people have a spending personality, and there are a lot of people who do.

If you have a personality like this, developing excellent financial habits is more vital than ever. Saving money, regardless of the quantity, is one of them.

The most you’ll ever have to save for a week with this challenge is $36.50, and that’s just for the very last week.

If the 52-Week Money Saving Challenge or the $5 Saving Challenge aren’t working for you, I recommend giving this one a shot.

This is how the contest works. On the first day of the challenge, you save a penny and then add a penny to your savings amount every day after that.

For example, if you save one penny on day one and two pennies on day two, you will have three cents in your savings account. On the third day, you save three pennies, for a total of six cents in your savings account. This method is repeated for a total of 365 times.

You will have saved $668 on the 365th day. I recommend utilizing an old glass jar for this project. This challenge would be ideal for an old spaghetti sauce jar.

Use tally marks to note the days you saved your pennies by taping a sheet of paper around it.

$300 12-Week Christmas Challenge

I’ve already mentioned that I have various savings accounts. When I say several, I’m referring to the fact that I currently have eight.

Yes, there are eight different savings accounts! I use each one for something different, and I added one last year that has helped me save for special occasions and holidays.

Multiple savings accounts not only help me organize my money, but they also allow me to purchase items that I would not be able to purchase outright.

For years, people would charge Christmas gifts to their credit cards, promising themselves that they will pay it off a few weeks after the holiday. However, they never do.

People may pay off in 6-8 months. Because of the interest payments they had to make to carry a balance from month to month, all of those Christmas purchases simply get a whole lot more expensive.

The Envelope System’s Challenge

If you struggle with impulse purchases, this money challenge is for you. To begin, calculate how much money you’ll need to spend on food, takeout, and shopping. Then, once a month, take only one cash withdrawal and arrange it in envelopes labeled with each category. 

Because you won’t be able to pay for anything else for the rest of the month if your shopping money runs out, the idea is to spend it all on that category.

Keeping track of your expenses will help you be more organized. In order to do that you can use some help from online software such as FreshBooks, Goodbugdet, invoice generators etc..

Join The Logo Community

We hope you have enjoyed these Money Saving Challenges For Smaller Budgets. If you would like more personal tips, advice, insights, and access to our community threads and other goodies, join me in our community.

You can comment directly on the posts and have a discussion with Andrew, the Founder of The Logo Creative.

*TIP – We recommend The Freelance Starter Kit by Kady Sandel, It’s for graphic designers who are just starting their freelance business or have been in business for 1-2 years.

Freelance Starter Kit