It’s bi-weekly money savings challenge time! Because any time is a great time to start saving more money, especially during tough economic times. Can you commit to the bi-weekly money savings challenge?
Bi-Weekly Money Savings Challenge
Why A Bi-Weekly Challenge?
If you read Voila Moola regularly, you know I talk a lot about how to save money. The weekly savings plan is a good one, but for some of us a bi-weekly savings challenge is even better simply because it follows how we get paid! If this describes you, keep reading.
What Is The Bi-Weekly Savings Challenge?
The bi-weekly money saving challenge gives you a plan to save money every other week. The amounts are really customizable depending on your circumstances. But consider this–if it’s not a challenging amount, is it really a “money saving challenge?” Try to decide an amount that is just a bit of a challenge, and then remind yourself what your end goal is to keep your motivation up!
Bi-Weekly Money Savings Examples
One of the bi-weekly saving challenges I’ve seen starts with just $4. Easy enough, right? But the kicker is that each time you get paid, you increase the amount you save by $4. So you’re saving $4, then $8, then $12, and so on. Guess how much you can save by the time you reach the 26th week {or the end of the year}? $1404!
Another popular option for 2020 is to save $20 each paycheck. That would give you an extra $520 at the end of the year. If you can double that amount to $40, you’ll save $1040 in a year.
How about an easy $10 challenge? Start with $10 and increase your savings amount by $10 every week. At the end of the 26 week challenge, you’ll have an extra $3,510!
Some weekly money saving challenges increase the amount from week to week, starting with a smaller amount–even as small as $1–and doubling every week for 52 weeks. That’s harder to do on a shorter schedule, but if you can, go for it.
Whatever the amount you can do, just set a money savings challenge for yourself and watch your money grow!
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