17 Biweekly Money Saving Challenges to Boost Your Savings (2024)

Money can be a problem for some of us. I’m not saying that we earn less or are living in poverty. Not at all. Instead, some of us are avid spenders, and we end up with more spending and little savings. In such cases, what can be done?

Surely, we tell ourselves that we will spend lesser in the next week or next month. And once a year, we make a New Year Resolution saying that we will save a particular sum of money during the coming 12 months. Sadly, such ideas always fail.

This could make us wonder: what are the best ways to save money? Are there any good ways to begin with? Or, how can she save more money every month but not me?

If you’re facing such a question about how to save money, don’t worry. In this article, I will write about 17 awesome bi-weekly money saving challenges. As a matter of fact, these bi-weekly money saving challenges can boost your savings. If you’re unable to save anything at this point in time, these bi-weekly challenges could help start the savings habit too. Therefore, I encourage you to read this article fully and save as much money as possible.

Why Bi-Weekly Savings Challenges?

If you’re wondering why I repeat the term bi-weekly savings challenges, here’s my simple explanation.

Bi-weekly means once every two weeks or a span of two weeks or fortnightly. All of us have 52 weeks in a year. We get paid every week or every month. Some of us get paid daily too.

A bi-weekly money savings challenge means we do something every two weeks that would help us to save more money or launch the savings habit. It means we take the challenges for only 26 weeks of the year.

That means you challenge yourself or another competitor to save more money every two weeks.

Sounds good? So, what are the best and most awesome bi-weekly savings challenges? Here we go.

17 Amazing Bi-Weekly Savings Challenges

These challenges are very simple. However, it requires some effort and determination to ensure their success. But I can promise you that the results of taking these challenges will be simply amazing. As a matter of fact, there are no losers of these challenges. It creates a win-win situation for everyone. And you can start them at any time of the year too.

1. The Half Salary Challenge

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The half-salary challenge is at the top of my list. This simply means that you put away as much as two weeks of your salary as savings. I know this sounds difficult, but believe me, it is possible. Imagine that you’ve worked for only half a month and hence you’ll get only half the pay. Manage your finances in that half salary. You’ll be shocked to find that it is actually possible to meet all your needs in this 50 per cent of your salary.

2. Spending Blackouts

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A spending blackout is perfect for persons that get a weekly or monthly paycheck. Select any two weeks during a month during which you will not spend anything. Obviously, this requires a lot of planning since you should have all the needs ready for this challenge.

Once you enter the challenge week, put aside your credit cards, debit cards and other things that you use for spending. Ensure that you have no expenses during these two weeks.

3. No Spending Days

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I began this challenge by downloading an expense tracker. This expense tracker informs how much money you spend daily and where the money went. It also alerts you about income from any sources. These mobile apps come with daily, weekly and monthly no-spending days.

Decide on the days when you won’t spend anything and continue that strictly for a couple of days. Especially during weekdays, ensure you don’t spend. That way, you’re managing the most crucial days on which you would otherwise spend lots of money.

4. The 52-Week Saver

The 52-week saver is a simple challenge. In this, you challenge yourself to put aside some money at the beginning of the week. This amount can be anything from $10 onwards. If you save $10 for 52 weeks, at the end of the year, you have $520 extra in your pockets.

The amount of $10 a week appears small and hence, is manageable. However, you can step up the amount depending on your needs. I suggest that you begin with a minimum of $10 only.

5. The Kitchen Challenge

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This is another superb way to save money and actually have good health. The Kitchen challenge means you won’t buy any food items till everything in your kitchen, pantry, and fridge is over. Of course, I am not implying that you should starve.

Not at all. Instead, use creative ways to prepare food from whatever food items you have in stock in the pantry and the fridge. That way, you save a lot of food from going to waste, enjoy cooking and food and also save money.

Also read: 10 Tips on How to Save Money on Food

6. Loose Coins Hoarder

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Americans throw away a whopping $63 million worth of small change in the form of coins. These include dimes, cents and quarters. Instead of throwing these away or leaving them unattended around the house, collect them in a coinbox or a jar or any other container.

Encourage your family to do so. Continue hoarding coins for a period of 52 weeks. Sort out these coins, roll them in bunches of 100 each and exchange the coins for notes at any bank. You will be surprised at the amount of money you collect at the end of the year.

Also read: 75+ Free Coin Counting Machines Near Me

7. No Credit Card Spends Challenge

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The next on my list has to do with credit cards. For a couple of weeks every month, stop using your credit card to order or buy anything. Simply use cash to pay. Also, don’t use your debit cards during this period. And avoid using other electronic means to spend as well.

You can shop only till the hard cash in your pockets, purse, or wallet runs dry. Prolong the number of days you can go without spending. This might require some earlier planning to ensure that you can fulfil the challenge successfully.

8. Holiday Bank Challenge

There’re lots of banks and credit unions that allow you to open a special savings account to save for a holiday. Open such an account and start saving some money each week for 52 weeks.

The bank or credit union gives you a small bonus at the start of the holiday season for which you are planning. This bonus or incentive can be anything from $10 to $25, depending on the amount that you save.

9. No Dining Out

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Surely, all of us love to dine out occasionally. Yet, it is not something from our list of basic needs. Therefore, not dining outside during the week can help boost your savings. You can fix blackout periods for yourself and avoid dining out. This rule also applies to food deliveries and takeaways from restaurants.

You would surely be amazed at the amount of money that you save by skipping one week of not dining out. You can do this every two weeks or bi-weekly and extend the blackout periods whenever you return.

10. Empty Pockets Challenge

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The empty pockets challenge means spending only whatever money is left in your pockets, literally. This means you won’t be withdrawing any money from your bank or spending on credit cards and debit cards. Nor will you take out money from any coins that you have saved.

If you’re married or have kids, tell them too to contribute to the empty pockets challenge. All expenses for the week should come from whatever cash is in your hands only, with no allowances such as withdrawals from banks and savings.

11. No Booze Challenge

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Another way to save money and step-up savings is the no booze challenge. This simply means that your family and you won’t consume alcohol during that specific week or month. Research shows that an American, on average, spends $300 per month on alcohol of various kinds.

The amount gets larger when you add snacks and other food that goes with alcohol. Saving on booze isn’t difficult. At the same time, you can consume all the liquor that’s stored in the house during these periods. But a word of caution: drink moderately and responsibly.

Also read: 10 Simple Ways to Save Money while Drinking at Bars

12. Alternatives Challenge

I can easily understand that you, as well as others in your household, would have certain preferences when it comes to buying something. Basically, this means that you and your family prefer goods from a specific brand. During this bi-weekly challenge, you can look for cheaper alternatives for such stuff.

There’s no need to compromise your lifestyle. However, you save a lot of money by using alternative brands. In fact, you might come across some superb yet cheaper brands of a particular product that you never knew before through the alternatives bi-weekly challenge.

13. The Weatherman Challenge

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What is the weatherman challenge? Actually, it’s a unique way to save money and was made popular by some financial news websites. It goes this way: First, you decide on a particular day of the week for the challenge. Let’s say that you fix Wednesday. In such a case, every Wednesday, check the temperature in your city and put that much money in your savings.

If the temperature on summer Wednesday is 100 degrees Fahrenheit, save $100. And in winter, if it goes to minus eight degrees Fahrenheit, save $8 only. This can be a very funny yet exciting bi-weekly money savings challenge.

14. Black Notes Challenge

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All of us know that there are no black-coloured notes in the US currency. And nor am I talking of what some people call ‘black money’ or money on which tax has been evaded or earned by illegal means. No. Instead, I am discussing a challenge where for a particular week or month or even a year, you stop spending notes of any particular value.

For example, if you choose the $10 notes, you will not spend any $10 notes that you get and instead save them in a jar or a container. Keep doing so for 52 weeks and see how your money collects to a big amount.

15. The Robinhood Challenge

Robinhood is an app that allows Americans to invest as low as $5 on stocks, currencies, commodities, cryptocurrencies, mutual funds and other assets. To take this challenge, you will have to download the app on your smartphone. It is free of cost, though premium versions are also available for a small fee.

Start investing some amount of money. The next week, double the amount. Keep adding more and more money to step up your investments. It should be more than the previous week. For example, if you started investing $5 this week, aim for $10 next week and $20 the following week. This is a superb way to make your money grow.

Also Read: Best Investment Apps

16. Pay Yourself Challenge

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The Pay Yourself challenge can be exciting, provided you are committed to winning. It simply means that from the salary or wages that you earn, pay yourself first. You can slice off 10 per cent of your salary as a payment from you to yourself.

Keep aside this 10 per cent at a bank or invest it somewhere to make it grow. During the following weeks and months, pay incentives and salary raises to yourself. This keeps the money savings challenge more exciting.

17. Money Manager Challenge

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For families with pre-teen and teen kids, this is a superb bi-weekly money savings challenge that can actually boost savings. It involves appointing one member of the family as the money manager for a week. They have to handle all the money for a week and try to save as much as they can.

At the end of the month, the person that managed to save the highest amount of money after all expenses is the winner. You will have to set budgets for such a challenge since losing track and overspending can also occur due to a lack of experience and money management skills.

Using the Saved Money

The golden rule of all the money that you save with these 17 awesome bi-weekly money savings challenges is that it should not be spent. Instead, invest the money in something and make it grow.

As I mention earlier, there’re superb apps in the US that allow you to invest in stocks and other assets. Putting your money into these assets can help you grow and make you rich.

In Conclusion

As you can see, all these money saving challenges are simple, exciting and fun. You can take one or more of these challenges, depending on various factors such as your needs and the size of your household.

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Emily Morgan

Emily Morgan is a personal finance blogger dedicated to providing practical advice on managing personal finances, budgeting, and achieving financial goals. With a commitment to continuous learning, Emily empowers readers to take control of their money and make informed financial decisions. Through her relatable and friendly writing style, she has helped numerous individuals transform their financial lives. In her spare time, Emily explores investment opportunities, researches financial technologies, and enjoys discovering budget-friendly ways to travel and experience new destinations.

17 Biweekly Money Saving Challenges to Boost Your Savings (2024)

FAQs

What is the savings challenge for biweekly pay? ›

26-week savings challenge

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.

How to save $5,000 getting paid biweekly? ›

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.

How to Save money Fast 17 tips to grow your savings? ›

How to save money fast: 17 tips to grow your savings
  1. Learn to budget and understand your finances. ...
  2. Get out of debt. ...
  3. Create a designated savings account. ...
  4. Automate your savings. ...
  5. Automate your bills. ...
  6. Put a spending limit on your card. ...
  7. Use the envelope budgeting system. ...
  8. Cut back on rent.
Aug 12, 2022

What is the $20 savings challenge? ›

Recently, I created a fun printable for all of you called the $20 Savings Challenge so that everyone can learn how to save money. The $20 Savings Challenge is a great way to easily save $1,040 this year without noticing! All you have to do is save $20 each week for a year, and then you'll easily have $1,040.

What is the $3 52 week money challenge? ›

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.

How to save $5,000 with the 52 week Money Challenge? ›

Here are a few more ways to save $5,000 by the end of 2023:
  1. Save $96.16 every week.
  2. Save $192.31 every two weeks.
  3. Save $416.67 every month.
  4. Save $1,250 every quarter.
  5. Save $2,500 every six months.
Jan 5, 2023

What is the 100 envelope challenge biweekly? ›

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.

How to do 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. After you've filled up all the envelopes, you'll have a total savings of $5,050.

How much does 100 envelope challenge save? ›

Take stock of your savings At the end of 100 days, you'll have 100 envelopes containing $5,050. That's right—1 + 2 + 3 + 4 and every other number through 100 equals just over $5,000.

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

How do I stop living paycheck to paycheck? ›

How to Stop Living Paycheck to Paycheck
  1. Get on a budget.
  2. Take care of your Four Walls first.
  3. Cut extra expenses.
  4. Start an emergency fund.
  5. Ditch debt.
  6. Increase your income.
  7. Live below your means.
  8. Save up for big purchases.
Oct 12, 2023

How to save 10 grand in 6 months? ›

Here's how I did it & how you can do it, too.
  1. Set goals & practice visualization. ...
  2. Have an abundance mindset. ...
  3. Stop lying to yourself & making excuses. ...
  4. Cut out the excess. ...
  5. Make automatic deposits. ...
  6. Use Mint. ...
  7. Invest in long-term happiness. ...
  8. Use extra money as extra savings, not extra spending.

What is the 52 week rule? ›

There are no complicated rules to remember. Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal. By Week 52, you'll set aside $52.00, which will bring the year's total savings to $1,378!

What is the $50 challenge? ›

Save $50 a week with this 52 Week Savings challenge will help you to meet all of your savings goals. Each week you tick of each amount in order to save the full 2600 in the amount of weeks in a year. Saving can be hard but with this you can make it a fun challenge. Safe enough a week to add to the savings pot.

What is the 100 envelope challenge? ›

On day one, put $1 in envelope 1. On day 2, put $2 in envelope 2. Continue this way until day 100, when your final savings deposit of $100 will bring you to a grand total of $5,050.

What if I save $100 every 2 weeks for a year? ›

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.

What is the 100 envelope challenge for biweekly pay? ›

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.

Is it easier to save getting paid weekly or biweekly? ›

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.

How to save $5,000 in 3 months chart biweekly? ›

Bi-Weekly savings to save $5000 in 3 months

There are 12 weeks in a 3-month timeline, which means there are 6 bi-weeks. In order to save $5,000 in three months, you'll need to save just over $833 every two weeks with your biweekly budget.

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