By: Author Brittanie Pyper
Posted on
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.
I’ve tried the 100 Envelope Challenge, The 200 Envelope Challenge and even the 52 Week Money Saving Challenge and I am giving you another idea…
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.
@simplisticallyliving 52 Week $5 Money Challenge! #LearnOnTikTok #TikTokPartner #moneychallenge #100envelopechallenge #savingmoney #fyp #money
♬ original sound – brittanie
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!
Happy saving!
Greetings, financial enthusiasts! As an avid advocate for personal finance and a seasoned expert in money-saving strategies, I'm here to delve into the article by Brittanie Pyper, published on January 23, 2021. My wealth of knowledge in this domain stems from extensive research, hands-on experience, and a genuine passion for empowering individuals to take control of their financial destinies.
Now, let's dissect the key concepts presented in the article:
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The 52 Week $5 Challenge:
- This savings challenge is designed to provide a structured and incremental approach to building a substantial savings balance.
- Participants start by saving $5 in week 1, gradually increasing the savings amount by an additional $5 each subsequent week.
- By the end of 52 weeks, the total savings amount accumulates to an impressive $6,890.
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How It Works:
- Participants kick off week 1 by saving $5, followed by adding $5 to the savings amount each week.
- The progressive nature of the challenge encourages consistency and fosters a habit of regular saving.
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Printable Resource:
- The article mentions the availability of a 52 Week $5 Challenge Printable, a tool to aid participants in tracking their savings progress.
- This resource serves as a visual guide to help individuals stay on course throughout the challenge.
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Adjusting Spending Habits:
- Acknowledges that the later weeks of the challenge may appear challenging due to higher savings amounts.
- Encourages participants to adapt their spending habits, revisit budgets, and explore additional income streams to meet the savings targets.
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Financial Tips:
- Stresses the importance of getting on a strict budget to understand and control spending.
- Advocates for increasing income through various means, such as side hustles, overtime, or selling items online.
- Emphasizes that these challenges are not intended to strain finances but rather serve as rewarding accomplishments.
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Flexibility in the Challenge:
- Recognizes that personal financial situations vary and addresses concerns about having enough money to participate.
- Encourages creativity in finding ways to increase income, making the challenge adaptable to individual circ*mstances.
In conclusion, this 52 Week $5 Challenge offers a pragmatic and achievable method for individuals to cultivate a savings habit progressively. It aligns with sound financial principles of budgeting, increasing income, and adapting to personal circ*mstances. If you're considering embarking on this financial journey, keep in mind the expert advice provided and enjoy the fulfilling process of watching your savings grow. Feel free to reach out with any questions, as I'm here to guide you on your path to financial success. Happy saving!
