If you are looking for an easy way to jumpstart your savings this year, this weekly $5 Challenge is it!
How many times have you told yourself that you’d start saving and investing in your future? How many times have you talked yourself OUT of saving money but talked yourself INTO spending $10 at Starbucks?
For me, that was a reoccurring pattern, year after year. Until last year when I decided to start saving and doing less frivolous spending.
The 52 Week $5 Challenge
The 52 Week $5 Challenge helps you start saving money by giving you an attainable goal of saving $5 then increasing each week’s savings amount by $5. By the end of 52 weeks, you will have saved $6,890!!
How Does The $5 Challenge Work?
For the 52 Week $5 Challenge, you will start on week 1 by saving $5. Then week 2 you will add an additional $5 so you will save $10 that week. And so on.
Week 52 you will save $260 which will give you a total savings balance of $6,890.
I even made an easy 52 Week $5 Challenge Printable you can use to help keep track of the amounts and balances.
While the later weeks may seem like they are quite hefty, keep in mind that as weeks go on you can adjust your spending habits, budget and even obtain side hustles to help put these amounts away. You’d be surprised how easy it is to save an additional $5 each week when you are actively looking at your income and spending habits.
By now you might be asking yourself, “What if I don’t have enough money to do the challenge?”
Trust me, I know how this goes.
First off, keep in mind these money saving challenges are not meant to make you broke or put your finances in a world of hurt.
While these money saving challenges are fun to complete and they are a huge financial accomplishment, they are just that.
Once you decide you want to participate, my best two tips to help you save are to:
- Get on a strict budget – This will help you see where the money you make is going and help make adjustments to save more money. What ever is left after your bills are paid, you can give it a purpose (to save) utilizing a money saving challenge like this one.
- Increase your income – You can do all sorts of things to make extra money including side hustles, working overtime, selling things on Facebook Marketplace, etc. Get creative and see ways you can make some extra moolah. Once you start it, it very quickly becomes an addiction.
This $5 Challenge is quite straightforward but if you have any questions feel free to ask them below!