I totally prefer to take a problem, and then break it down into bite-sized pieces to make it easier to digest. This is probably why I love money challenges so much. They are such a good way to save money fast!
The money challenge I have for you today, is especially good if you’re saving for a vacation on a tight budget, or if you simply want to build a $1,000 emergency fund because you’ve recently started a budget.
To start the challenge, here’s the free money challenge printable.
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52-Week Money Challenge Printable
How much money do you save doing the 52-week money saving challenge?
Your final balance at the end of this challenge will be $1,040! It’s an easy way to save an extra $1,000 either for an emergency fund or for a specific goal. To track your progress, download the printable tracker.
How to do a 52-week money savings challenge
What I love about this easy challenge is the simplicity. I don’t have to remember how much I saved last week and increase it by one dollar. I don’t have to find 1 dollar bills or manage a draft from my bank account.
All I have to remember is that every week, I want to set aside $20 whether it be cash or in my bank account.
Once, I set aside that money in a savings account, I simply check mark it off on the printable and then I’m done. That’s it!
And by the end of 52 weeks – I have an extra $1,000+! Woohoo!
You might also like the 15-day No Spend Challenge.
Do you have to start the 52-week money savings challenge in January?
Absolutely not! This challenge, in particular, makes it easy to start TODAY.
There are no dates on this printable for a reason. It allows you to start the challenge any time of the year and to checkmark as you go.
Related Post: The Best Budget Template for Couples in Excel
Tips to save money fast
These simple ways to save money will help you be successful in your 52-week money saving challenge.
Auto-transfer
The biggest challenge people face with saving money is they leave the money in their “spending” account. Set-up your bank to transfer $20 to a savings account that you don’t touch at the beginning of each week.
Take out cash
If you do the cash envelope method, take $20 from your grocery budget or some other high paying budget, and set it aside in another envelope every week. This will force you to be creative in a category that you weren’t previously saving money in.
Transfer at the beginning of the month
If you’re just looking for a motivation to save a little extra money, there’s nothing wrong with simply transferring one month’s worth of savings at the beginning of the month!
So in this case, you’d transfer $80 when your paycheck comes in!
Related Post: Beginner’s Guide to Budgeting for Families
Why you should take on the 52-week money saving challenge
Call me crazy, but things just pop-up out of nowhere in my life! Is that how it works for you too?
Your baby gets sick and needs an extra visit to the doctor’s office early in the year.
Your car gets a flat tire and you need to have it towed.
Your microwave stops working and you have to buy a new one.
All of the above reasons (and more) are why it’s important to have an emergency stash of cash, and also to budget for ALL the things (like these 58 categories).
You start a new habit
According to Charles DuHigg from the Power of Habit, creating a new habit requires a reward at the end. By working towards a money-saving challenge and check-marking off that you did it each week, each time you checkmark, you give your brain a little boost saying, “Good job!”, which then reinforces your money saving habits.
This then leads to one success in life to create a snowball effect of awesomeness in your life. When you succeed at changing something small, you begin to believe that you can start changing much bigger things.
<< DOWNLOAD The Free 52-Week Money Challenge Printable >>
Where to find extra money in your budget for the challenge
You’re probably like, “Jessica, if I was good at doing this thing, I would know where I could find an extra $20 every week. Give me some hints!!!!”
Okay, sounds good 🙂 Here are a few ways you can save $20 more each week.
Related Post: How to manage a budget at home for moms
Groceries
Meal Plan around the Ad
By meal planning, you are more likey to eat at home rather than eating out (which saves money). Meal planning saves you time (which is awesome). And if you plan around the sales ad, you’ll buy the products that are cheaper now.
For example, buying meat on sale and fresh fruits is HUGE.
Buy the store brand
I used to be a brand snob (like real bad). But I’ve slowly been trying the store brand products and many of them are comparable in taste and half the cost!
For example, we buy tomatoes, dressings, noodles, and cheese store brand because they are significantly cheaper.
Buy in bulk
I always do a double check for the unit price for a single item verses the bulk item. The tag often says how much the item actually costs per ounce, which makes it easier to compare. If the bulk item is bigger, then I’ll normally lean towards that (we do have 3 kids for goodness sakes!)
We buy frozen chicken from Costco, eggs, and dressing in bulk.
Eating Out
Okay, I’m not saying you have to change your lifestyle EVERY WEEK. But, you could choose one of these for week 1, one for week 2, one for week 3, etc.
Bring your lunch for one week
If you’re looking to save money this week and you eat lunch out every day, try bringing lunch for 3 days during the week. You probably average $7 – $10 per lunch, so you’ll easily save $20 per week.
Make coffee at home
If you’re a recovering Starbucks-aholic (::raises hand::), try buying your favorite creamer, and making coffee at home 4 days per week. This will easily save you $20.
For date night
Eat dinner at home with some grilled steak, and then just go out for a nice dessert and a glass of wine. You’ll save money on dinner and less time out for babysitter costs – win, win!
Random Purchases
I’m going to laughingly talk about all my favorite stores to shop at…but feel free to substitute for store XYZ that’s YOUR favorite.
Amazon, Etsy, Zulily, Etc.
If you shop on any of the above apps, it might behoove you to turn off notifications so you’re not pinged every time there’s a sale. This means you’ll be less tempted to buy something that you don’t NEED.
Target
I LOVE me some Target (especially the dollar section). But when I go into Target, I make sure to have a set budget. If I really like something there, I’ll take a picture and send it to my husband to see what he thinks. Then I’ll leave and talk to him about it. If we both agree we want it, I’ll go back to the store and get it!
This strategy prevents impulse buying for sure!
The final step
If you haven’t had a chance to down the free printable, then here it is!
And remember, if you miss one week, then it’s okay! Move past it and move on to the next one. The more you practice saving, the more natural these habits will become!
….but first, you must begin it!
Looking for a customizable excel budget that’s all-inclusive for families? Try the Simplified Budget for Families course.
What are your favorite tips to save $20 per week?
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