I am currently challenging myself to only spend $40/week on groceries for our household of 3 people. You can check out my progress at the links below:
But now, I want YOU to challenge yourself! I want you to save $650 in six months by saving $25 each week for 26 weeks. (Fill out the form at the bottom of this page to receive your free savings challenge printable to track your progress.)
The idea of saving money can be overwhelming. Where do I start? How much do I need to be saving? I don’t think that I even have any extra money to save.
The whole point of this savings challenge is to:
1) Introduce you to the concept of saving money
2) Prove to you that even saving a little can add up to big bucks
3) Make you more conscious of your spending habits
Introduce You to the Concept of Saving Money
As with any goal that you set in life, if you have no clear path of how you are going to achieve your goal, you will likely fail. This savings challenge sets out clear steps for you to complete in order to reach your goal.
For some of you, the idea of saving your money consists of throwing all of your loose change in a jar and depositing it all at the bank when it gets full. While saving your change is a good habit to practice, this savings challenge will give your savings an actual structure.
Prove to You that Even Saving a Little Can Add Up to Big Bucks
The idea of saving $650 can seem impossible when you think about all of your monthly expenses and how you might just barely be getting those paid.
The idea of saving $25 a week is much easier for your mind to grasp. To help get the point that small savings leads to big bucks picture even more imprinted on your brain, add $5 a week. So if you would save $30 a week for 26 weeks, you would save $780 total! $5 is such a tiny amount but it made a $130 difference in only a six month time period.
Make You More Conscious of Your Spending Habits
Do you eat out for lunch every day at work? Do you purchase a coffee or smoothie every morning? Is this the fourth time this week that you are meeting friends for drinks? Participating in this savings challenge will help you to be more conscious of how you are spending your money. If you know that you need to still need to save $25 this week but it is already Friday, then you can make a conscious decision or decisions in the following days to not spend money in order to achieve your savings goal.
Now I am not asking you to give up all of your discretionary spending (paying for things that are a necessity like rent, utilities, car payment, etc.). This is a challenge though so I want to encourage you to make a conscious effort to go without something that you would normally buy.
Get a Challenge Buddy
Find someone to complete this challenge at the same time as you. It could be your significant other, a parent, your friend or just anyone that you regularly speak to. Your buddy can offer encouragement to save your money when the burning desire to go to the movies hits. Or make it a competition with them. I don’t know about you, but as soon as the word competition enters the conversation my level of determination is always kicked up a notch!
Saving the Money
I would highly recommend setting up an automatic calendar reminder for each week to remind you to deposit the $25 into a savings account or to move $25 cash into a designated envelope. Better yet, if you have online banking, most banking institutions will allow you to schedule future transfers. The even better solution would be to setup an automatic deduction from your paycheck so that it gets done no matter what!
The Best Tip for Saving Money
My best tip to help you save money is to make a goal for yourself. Decide what you are going to spend the $650 on. Having a goal in mind of what you are going to purchase with help you so much when you are making conscious decisions about your spending. Keep in mind that Christmas always seems to be just around the corner. Wouldn’t it be great to have all of the money that your normally spend at the end of the year for presents spread out over 6 months?
I saved literally hundreds of dollars when we were saving for our wedding and our house down payment (at separate times). I would literally think to myself, “I shouldn’t eat out for supper because I literally have a house to buy!” I talked myself out of so many purchases this way because I knew what my end goal was.
If you need a few tips to help you find extra money for this savings, check out my post here on the 10 Things that I stopped Buying to Save Thousands of dollars a year.
Fill out the form below to receive your free savings challenge printable! Make sure to add your financial goals to the tracking sheet.