An Easy Biweekly Money Saving Challenge To Try! | Stately Credit (2024)

What if I told you that saving money can actually be fun? It’s true! Money savings challenges make saving money fun and help you stay motivated and on track to your savings goals. There are many different types of savings challenges, too, such as the 52-week challenge. But today, we’re going to discuss how to participate in the biweekly money saving challenge.

This challenge is perfect if you are being paid on a biweekly schedule. So, let’s dive into what this challenge entails and its benefits.

But first, let’s discuss why you should start saving money!

Why is Saving Money Important?

One of the worst financial woes is not having money when you need it. Whether it be cash for an unexpected expense or even having money for doing something fun. That’s why it’s essential to get into the habit of saving money.

You can use money savings challenges to help you reach your financial goals. For instance, if you dream of being a homeowner one day, you could participate in a savings challenge to save up for a down payment to make your dream a reality.

Or if you need to bulk up your emergency fund or want to save money towards buying a car. Whatever your money goals may be, saving money is the golden ticket to achieving them.

What is the Biweekly Money Saving Challenge?

The biweekly savings challenge is relatively easy to follow. You save $3 from your first pay period and increase it by $3 every time you get paid, aka every other week.

For instance, your first deposit would be $3, then $6, then $9, until you reach the final week, which will be a final deposit of $78.

When you complete the challenge, you will have a cool $1,053 in your savings account!

Biweekly Money Saving Challenge Schedule

Check out an example of the biweekly money savings schedule below.

WeekBiweekly DepositTotal Savings
Week 1$3$3
Week 2$6$9
Week 3$9$18
Week 4$12$30
Week 5$15$45
Week 6$18$63
Week 7$21$84
Week 8$24$108
Week 9$27$135
Week 10$30$165
Week 11$33$198
Week 12$36$234
Week 13$39$273
Week 14$42$315
Week 15$45$360
Week 16$48$408
Week 17$51$459
Week 18$54$513
Week 19$57$570
Week 20$60$630
Week 21$63$693
Week 22$66$759
Week 23$69$828
Week 24$72$900
Week 25$75$975
Week 26$78$1,053

Biweekly Money Saving Challenge Variations

The great thing about the biweekly savings challenge is you can customize the amounts or try variations of the challenge to save even more money. Check out these ideas to try out for your savings challenge:

Customize Your Biweekly Savings Challenge

If you want to bump up your savings faster than the $3 biweekly money saving challenge, then try increasing the dollar amounts just a bit.

For instance, if you saved $4 increments, you could save $1,404, and if you did $5 per pay period, you could save $1,755 at the end of the challenge!

Sit down with your budget and see how much you can afford to save. Who knows, maybe you can save more than you even realized with some tweaks to your budget.

$2,500 Biweekly Savings Challenge

How about trying to save up $2,500 to have for a rainy day? 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.

Plus, having a set amount makes it easier to set up automatic transfers or deductions from your paycheck. Automating your savings makes it much easier to stick to!

$5,000 Biweekly Savings Challenge

Are you up for an even bigger challenge? If you can cut your expenses so you can save more money, then give this biweekly savings challenge a try! To save this much, you will need to put back about $192.31 every pay period.

It may sound steep, but there are a few ways you can cut your budget so you can successfully complete this challenge.

Look through your bills and see where you can trim the fat, so to speak. Do you have multiple tv subscriptions? Pick one or two and cancel the others.

Try not to eat out as much and use that extra money towards your savings challenges. Cutting back in various areas of your budget makes a huge impact. In fact, the average American spends $2,375 dining out every year! That’s half of the $5,000 you are trying to save.

So, go through your expenses and see where you may be splurging. It may surprise you just how much you can reduce your expenses.

Benefits of the Biweekly Money Saving Challenge

Having a set schedule makes saving money much easier. It takes the guesswork out of it and makes you pay yourself first every paycheck!

This challenge is fantastic for anyone that is paid biweekly because it’s specifically made to work with your biweekly pay schedule.

Plus, you can customize the amounts or try different variations of the savings challenge so you can save even more money.

Open a Dedicated Account for Your Savings

One thing you need to make sure of, and that is to keep your savings separate from your other money. If you try to keep it in a checking account with your other funds, it will be too hard to track and super tempting to spend it.

So, open a savings account specifically for your money savings challenge. That way, you can keep up with how much you save, and it doesn’t get mixed in with your other money. You can open a free savings or even try out a Christmas Club Account so you can’t access it easily.

Try a Biweekly Money Saving Challenge and Bulk Up Your Bank Account!

Participating in money savings challenges will help you save money faster and easier. The biweekly savings challenge is simple to follow, and it starts with a super low amount of just $3 a week so you can transition into the habit of saving effortlessly.

Remember, you can always increase your amounts or try different variations if you decide you want to increase your savings quicker.

Is it hard for you to save because you have high-interest debt? We can help you consolidate that expensive debt into an affordable personal loan. Click here to learn more and apply today!

An Easy Biweekly Money Saving Challenge To Try! | Stately Credit (2024)

FAQs

What is the saving challenge every 2 weeks? ›

The $20 money-saving challenge is a straightforward savings method. Every 2 weeks, you set aside and save $20. If you stay on track, you'll save $520 by the end of the challenge.

How to do the 100 envelope challenge biweekly? ›

Biweekly 100 envelope challenge

Number envelopes from $1 to $100. Randomly pick two envelopes every two weeks and save the combined amount they represent. It's unpredictable and exciting! Apart from the thrill of not knowing the amount you'll save next, this method offers flexibility.

How to calculate the 52-week money challenge? ›

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!

How can I save money biweekly? ›

What's the biweekly money-saving challenge? It's a simple yet effective savings plan where you set aside a certain amount of money every two weeks. The best part is that you can adjust the amount based on your income and comfort level.

How to save $2500 in 2 weeks? ›

$2,500 Biweekly Savings Challenge

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.

What's the best money saving challenge? ›

Weekly savings challenges
  • The “spare change” challenge: Every time you buy something with cash, do your best to set aside the coins in a jar or a piggy bank. ...
  • The “no-spend day” challenge: Choose one day each week where you don't spend any money on non-essentials.

How to save $10,000 biweekly? ›

For example, someone who gets paid weekly may find it beneficial to contribute a set amount to their savings every week, subtracting it from each paycheck. Here's (roughly) the amount you'd need to save at different intervals to reach the $10,000 savings target: Monthly: $833. Bi-weekly: $385.

How to save $5000 in 3 months with 100 envelopes? ›

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 save $5000 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 can I save $5000 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

How much is $1 dollar a day for a year? ›

The answer to that question depends on interest rates or rates of return. With no interest involved, putting one dollar a day into a bank account (or a jar at home) will see you end up with $365 in a year. Multiply that amount by 30 years and you'll end up with $10,950.

What is 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 to save $5000 in 100 days? ›

The 100-envelope challenge can make it fun to dedicate more cash to savings. Using envelopes labeled 1 to 100, you could set aside more than $5,000 over 100 days. If you can't afford to stash that much, you could halve the amount of cash you set aside or stretch out the number of days the challenge lasts.

How to save $1,000 in 30 days? ›

11 Easy Ways to Save $1,000 in 30 Days
  1. Create a Budget. ...
  2. Automate Your Savings. ...
  3. Create a Savings Bingo Sheet. ...
  4. Negotiate Your Bills. ...
  5. Separate Wants From Needs. ...
  6. Plan Your Meals. ...
  7. Buy Generic Brands. ...
  8. Cancel Unnecessary Subscriptions.
Sep 26, 2023

How to save $1,000 in 3 months? ›

Breaking down the amount you need to save in shorter intervals can help you make concrete changes to your monthly budget and make the end goal more tangible. If you wanted to save $1,000 in three months, for example, you'd need to save roughly $84 per week.

What is the $3 a week savings challenge? ›

The plan is refreshingly easy, even for the math-challenged: set aside $3 in the first week and put it into a savings account. Then add another $3 each week after, so $6 is saved in week two, $9 in week three, and so on.

How to save $10,000 in 6 months biweekly? ›

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.

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