Are you looking for a great way to jump start your savings this year? Then look no further than the MoneySmartGuides Saving Challenge!
It is a year-long challenge with the end goal of you saving $1,300. And doing so is relatively easy. Here is how it works.
Each week, you are going to save a certain amount of money. In the first week, you will save $1. Sounds easy, right? In week two, you will save $2.
As the weeks progress, you will save an additional dollar. By the last week of the year, you will save $52. Below is the dollar amount you will save each week.
In total, you will save $1,300 not including interest. This money can be used to beef up your emergency fund, go towards a down payment on a house, or even to pay for a vacation.
Because I get a handful of questions about the Saving Challenge, I created the frequently asked questions section below.
Saving Challenge FAQ
What are the steps to get started with the saving challenge?
All of the details are below. You will find a link to get your free spreadsheet download to track your progress, and the link to the group Facebook page where you can follow along with others for encouragement and support.
What if I can’t save the goal amount each week?
Everyone is in a different financial situation. As a result, saving the goal amount each week might be easy for some and difficult for others. No matter your personal financial situation, the goal is to save something.
Try to save the goal amount but be realistic. If the goal amount is just too much, try to save what you did last week or the week before that. The bottom is there is no failing this challenge. The goal is create a habit of saving money.
What if I want to save more money?
You are free to modify your goal amount as you see fit. But what I have found as the easiest way to put my savings on autopilot is to use Qapital. It’s a free app that rounds up my purchases to the nearest dollar.
It then takes this amount and moves it to a savings account. I will be using this app in addition to the challenge to save the most money. If you want to learn more about Qapital, you can click here to sign up.
Do I have to join at the beginning of the year?
No! You can join in at any time you want. Again, the ultimate goal of this challenge is to simply create a healthy habit of saving money.
How much does it cost?
Nothing! It’s completely free to join!
Can you explain the Facebook group?
I encourage you to join the MoneySmartGuides Facebook Fan Page. Each Monday morning, I’ll post an update on my progress with the saving challenge. As a member of the page, you are encouraged to post your progress as well.
From there, users can help encourage others and help to keep each other motivated during the process. The saving challenge is really a community of like-minded savers and the support goes a long way in your success.
How To Get Started With The Saving Challenge
Getting started with the saving challenge is easy. Here is the short process:
- Click on the banner below to let me know you are joining the challenge. You will get an email confirming you want to join, so be sure to open that email and click the confirmation.
- Once you confirm you want to join, you will receive a second email with the link to download the free spreadsheet to track your progress.
- Finally, you should join the MoneySmartGuides Fan Page to get updates and encouragement from others.