Saving money can be hard. Not only do you have your every day expenses to take care of, you also have to worry about those unexpected expenses. Although setting aside money for an emergency fund or retirement plan are both great ways to gain financial freedom, you also need to set aside money for your savings. This money should be accessible for those unexpected expenses that aren’t quite emergencies. Are you ready to start on this money saving challenge?
What is it?
This 52-week money saving challenge is designed to help you fatten up your savings account without feeling a financial burden on your every day budget. The goal of this plan is to set aside the small amount of $30 every week. By doing following this money saving challenge, you’ll have added $1,560 to your savings in a year!
Why will this work?
There are a lot of money saving challenges out there, so why will this challenge work? This money saving challenge is sure to be a success because it gets you in the habit of setting aside the same amount each week. At first, it might feel like you have less spending money, but soon, you won’t even miss that small amount. This money saving habit will continue throughout the years, not just that first year.
What if I’m low on cash one week?
Let’s face it, some weeks are harder than others due to bills. If you have a lot of bills due in the same week, you might be tempted to skip a savings week. If possible, resist this urge. The goal of this money saving challenge is to make setting aside $30 a lifelong habit. During those short weeks, go out of your way to spend less on every day expenses. For example, pack your lunch every day that week rather than buying it. You can also put back some of the snack foods you might buy at the grocery store, easily saving yourself the $30 you need to set aside.
Get started by downloading the 52 Week Money Saving Challenge and printing it out!
Hopefully this money saving challenge is just what you need for financial freedom. Once you’re in the habit of setting aside $30 a week, you can try to slowly increase that amount, saving even more money in the long run.
Elizabeth Lampman is a coffee-fuelled Mom of 2 girls and lives in Hamilton, Ontario. She enjoys travelling, developing easy recipes, crafting, taking on diy projects, travelling and saving money!