So, how do you reconcile a lack of motivation to save and the need to save? A money savings challenge bridges the gap between the need to save and a lack of motivation because it brings all the fun into savings.
With the 52-week money challenge, you get to save $1 the first week and keep adding a dollar per week. The entire amount at the end of the year will be $1,378. You can switch this up by increasing your savings if your income accommodates such changes.
For the 100 envelope challenge, you save an equivalent amount of money in a labeled envelope for 100 days. If the envelope is labeled 50, you put in $50; if 2, you put in $2. It means the highest savings is $100 and the lowest is $1.
Do you have spare change lying around? Or do you get change from your grocery purchases? You can save them. Get a piggy bank for coins, a money envelope, or a money box, and keep the spare change over a period.
Like the 52-week savings challenge, the 26-week challenge lets you save every two weeks. So, instead of saving every week, you can extend the timeline to two weeks, but you have to increase the deposit.