Have you heard of this thing called the Bi-Weekly Savings Challenge? It’s been all the rage lately, popping up everywhere on Pinterest and even in casual conversations with friends. At first, I was skeptical.
Can it really work for hard-working folks like us, who are trying to stretch every dollar? I don’t know about you, but I don’t want to feel like I’m surviving on bread and water just to save a few bucks.
But here’s the deal. I’ve done some digging and am excited to share my findings. This bi-weekly savings challenge, my friend, can be a total game-changer for your savings account.
I’ve been there, and I’ve seen the impact firsthand. Get ready to say goodbye to money stress and hello to financial freedom!
Simply put, the Bi-Weekly Savings Challenge is a structured savings plan where you save a specific amount of money every two weeks. The beauty of this challenge is that it’s flexible.
Typically you will start off saving a smaller amount and then save more as time goes on.
You can adjust the amount based on your income and expenses. For instance, you could save $50 every two weeks if you’re feeling ambitious. But if you’re tight on funds, even $10 or $20 can make a big difference over time.
Why Should You Care?
Now, I know what you’re thinking. “Another savings plan? Really?” But hear me out. This isn’t just any savings plan. It’s a savings plan for people living on a tight budget. It’s manageable, it’s flexible, and most importantly, it’s effective.
If you decide to save, let’s say $500 a month and you have no game plan or idea on how to go about it, you most likely won’t save that amount. With the Bi-Weekly Savings Challenge, you’ll be able to consistently save money without feeling like you have to live on bread and noodles. It’s a slow increase each week in savings.
Starting the Bi-Weekly Savings Challenge is simple. First, decide how much you can realistically save every two weeks. Most people start off small and bump up their increments by $5.
Here’s an example:
First two weeks: $5
Second two weeks: $10
Third two weeks: $15
Fourth two weeks: $20
If you kept up with this plan for a one-year challenge, you would have $1,655. I’ve included free printables to help you track your savings at the end of this blog post.
Be honest with yourself. If you think $5 seems too small, remember there’s no point in setting a high goal and then feeling miserable because you can’t reach it.
This savings challenge is meant for those who need to change their mindset, prove that they can save, and start off small because funds are small to begin with.
Next, open a separate savings account for this challenge. Trust me, it’s easier to save when you don’t see the money lying around in your regular account.
You must complete your monthly budget to have a clear idea of how much money you can save.
Sticking to the Plan
Now, the real challenge is sticking to the plan. It’s easy to start something, but maintaining it? That’s where the struggle lies.
Here are a few tips to help you stick to your plan.
Set reminders: I’ve set bi-weekly reminders on my phone to transfer money to my savings account. It’s a small step, but it works wonders.
Track your progress: Seeing your savings grow is a huge motivator. Keep a record of how much you’ve saved. You’ll be surprised at how quickly it adds up!
Reward yourself: Saved successfully for a few months? Treat yourself to something nice. Just remember not to go overboard!
Printables
I’ve included different free printables to help you choose which savings plan you want to try.
Download the 100-day savings challenge increments from $5 to $25 a day.
Download a $5 12 week paycheck printable tracker.
Download the blank weekly savings tracker.
Giving the bi-weekly savings challenge a try may seem daunting initially, but remember: every big journey starts with a small step. And this challenge could be the first step towards a more secure financial future.
Ready to take on the challenge? Let’s do this together!
Start today and share your progress with us. Let’s inspire each other to save more and live better. Good luck, my friends!
If you get paid biweekly, this challenge might be a great way to match your paycheck with your savings plans. In this money-saving challenge, you'll save in increments of $3, starting the first week with $3, on the second $6, on the third $9 and so on.
The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.
First, determine the number of biweekly periods in 6 months. Since there are 52 weeks in a year and 3 months is quarter of a year, there are 13 biweekly periods in 3 months. So, mathematically, you will need to save approximately $769 from each biweekly paycheck to reach your goal of $10,000 in 6 months.
In order to save $5,000 in three months, you'll need to save just over $833 every two weeks with your biweekly budget. If you're paid bi-weekly, you can easily compare your bi-weekly savings goal with your paycheck.
The easiest way to do this is to “chunk” your savings contributions so they align with your pay schedule. For instance, if you're paid weekly, aim to save around $97 each week. If you're paid biweekly, aim for roughly $193 every paycheck. And if you're on a monthly pay schedule, try to save around $417 a month.
To save $10,000 in a year with a bi-weekly plan, you should divide the total goal by the number of pay periods in a year. With 26 bi-weekly periods in a year, you must divide $10,000 by 26. This results in approximately $384.62.
You can save over $5,000 in just over three months with the 100 envelope challenge. It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random.
The benefit of the 100 Envelopes Challenge is that it starts small and encourages constant, conscious saving that builds quickly. But the trend—and the internet's obsession with buying “aesthetic” envelopes for it—may not be the most effective way to put away money, according to financial experts.
Aim to save 5% to 15% of your income for retirement — or start with a percentage that's manageable for your budget and increase by 1% each year until you reach 15%.
If you invest $300 each month, that comes out to $3,600 over the course of a full year. And after 30 years of investing, that would total $108,000. But with the power of compounding, your portfolio's value could rise far higher than that.
The 100-envelope challenge is a way to gamify saving money. Each day for 100 days, you'll set aside a predetermined dollar amount in different envelopes.
Having a limited budget isn't a good enough reason not to save. With the 365-day penny challenge, you'll set aside a penny amount based on the day. For instance, day 1 – one penny, day 2 – two pennies, so on a so forth until the end of the year. At which point, you'll have almost $668 in the bank.
If you save $100 every two weeks for a year, you will have a total of $2,600 [1]. Here's the breakdown: There are 52 weeks in a year, and if you save every two weeks, you will save 26 times in a year. Each time you save $100, you will accumulate a total of $2,600 over the course of the year.
For employees, getting paid weekly provides more frequent paychecks, which can be beneficial for managing short-term expenses and maintaining a consistent cash flow. On the other hand, biweekly pay results in larger paychecks, making it easier to budget for extended periods.
You can do this by trying this variation of the biweekly savings challenge. Instead of increasing the amount you save each pay period, you can simply save about $96.15 from each check. By the end of the challenge, you will have $2,500 in your savings account.
Match each week's savings amount with the number of the week in your challenge. In other words, you'll save $1 the first week, $2 the second week, $3 the third week, and so on until you put away $52 in week 52.
Introduction: My name is Aron Pacocha, I am a happy, tasty, innocent, proud, talented, courageous, magnificent person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
