What if I told you that saving money can actually be fun? It’s true! Money savings challenges make saving money fun and help you stay motivated and on track to your savings goals. There are many different types of savings challenges, too, such as the 52-week challenge. But today, we’re going to discuss how to participate in the biweekly money saving challenge.
This challenge is perfect if you are being paid on a biweekly schedule. So, let’s dive into what this challenge entails and its benefits.
But first, let’s discuss why you should start saving money!
Why is Saving Money Important?
One of the worst financial woes is not having money when you need it. Whether it be cash for an unexpected expense or even having money for doing something fun. That’s why it’s essential to get into the habit of saving money.
You can use money savings challenges to help you reach your financial goals. For instance, if you dream of being a homeowner one day, you could participate in a savings challenge to save up for a down payment to make your dream a reality.
Or if you need to bulk up your emergency fund or want to save money towards buying a car. Whatever your money goals may be, saving money is the golden ticket to achieving them.
What is the Biweekly Money Saving Challenge?
The biweekly savings challenge is relatively easy to follow. You save $3 from your first pay period and increase it by $3 every time you get paid, aka every other week.
For instance, your first deposit would be $3, then $6, then $9, until you reach the final week, which will be a final deposit of $78.
When you complete the challenge, you will have a cool $1,053 in your savings account!
Biweekly Money Saving Challenge Schedule
Check out an example of the biweekly money savings schedule below.
|Week||Biweekly Deposit||Total Savings|
Biweekly Money Saving Challenge Variations
The great thing about the biweekly savings challenge is you can customize the amounts or try variations of the challenge to save even more money. Check out these ideas to try out for your savings challenge:
Customize Your Biweekly Savings Challenge
If you want to bump up your savings faster than the $3 biweekly money saving challenge, then try increasing the dollar amounts just a bit.
For instance, if you saved $4 increments, you could save $1,404, and if you did $5 per pay period, you could save $1,755 at the end of the challenge!
Sit down with your budget and see how much you can afford to save. Who knows, maybe you can save more than you even realized with some tweaks to your budget.
$2,500 Biweekly Savings Challenge
How about trying to save up $2,500 to have for a rainy day? You can do this by trying this variation of the biweekly savings challenge.
Instead of increasing the amount you save each pay period, you can simply save about $96.15 from each check. By the end of the challenge, you will have $2,500 in your savings account.
Plus, having a set amount makes it easier to set up automatic transfers or deductions from your paycheck. Automating your savings makes it much easier to stick to!
$5,000 Biweekly Savings Challenge
Are you up for an even bigger challenge? If you can cut your expenses so you can save more money, then give this biweekly savings challenge a try! To save this much, you will need to put back about $192.31 every pay period.
It may sound steep, but there are a few ways you can cut your budget so you can successfully complete this challenge.
Look through your bills and see where you can trim the fat, so to speak. Do you have multiple tv subscriptions? Pick one or two and cancel the others.
Try not to eat out as much and use that extra money towards your savings challenges. Cutting back in various areas of your budget makes a huge impact. In fact, the average American spends $2,375 dining out every year! That’s half of the $5,000 you are trying to save.
So, go through your expenses and see where you may be splurging. It may surprise you just how much you can reduce your expenses.
Benefits of the Biweekly Money Saving Challenge
Having a set schedule makes saving money much easier. It takes the guesswork out of it and makes you pay yourself first every paycheck!
This challenge is fantastic for anyone that is paid biweekly because it’s specifically made to work with your biweekly pay schedule.
Plus, you can customize the amounts or try different variations of the savings challenge so you can save even more money.
Open a Dedicated Account for Your Savings
One thing you need to make sure of, and that is to keep your savings separate from your other money. If you try to keep it in a checking account with your other funds, it will be too hard to track and super tempting to spend it.
So, open a savings account specifically for your money savings challenge. That way, you can keep up with how much you save, and it doesn’t get mixed in with your other money. You can open a free savings or even try out a Christmas Club Account so you can’t access it easily.
Try a Biweekly Money Saving Challenge and Bulk Up Your Bank Account!
Participating in money savings challenges will help you save money faster and easier. The biweekly savings challenge is simple to follow, and it starts with a super low amount of just $3 a week so you can transition into the habit of saving effortlessly.
Remember, you can always increase your amounts or try different variations if you decide you want to increase your savings quicker.
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