Who isn’t trying to save a buck these days? With inflation going up and incomes not matching the change, we’re all in need of a little extra cash. But there are plenty of fun money saving challenges. The BiWeekly Money Saving Challenge is an easy way to quickly get up to over $1000 in no time. So whether you’re saving for an emergency or your next beach trip, check out this BiWeekly Money Saving Challenge and get ready for showing your money who’s boss!
What Is The BiWeekly Saving Challenge?
The Bi-Weekly Money Saving Challenge 2023 is pretty simple. Every other week (bi-weekly) money is put away so that at the end a substantial sum is saved. This specific challenge, as opposed to the other challenges like Envelope Challenge or the Week Money Saving Challenge, is great for those who actually get paid in bi-weekly increments, as opposed to weekly or monthly. Doing it this way makes it easy to stay on track and get it done.
In this biweekly money saving challenge, many start savings in increments of $3, starting on the first week with $3, on the second $6, on the third $9, and so on. On week 26, the last week, $78 is put into savings. Once all 26 weeks have passed in the year, a total of $1053 will happily be sitting in your savings account. Cool right? Easy, simple, and straight to the point.
READ MORE: Why You Need a Financial Coach and 5 Tips for Saving Money
Is The BiWeekly Money Saving Challenge Helpful?
Saving money in a purposeful way is helpful to overall financial health for anyone. Not only should everyone have a savings account with money for an emergency, but before buying anything it’s important to have the money saved up – don’t put it on credit! A regularly scheduled deposit into savings is a sure way that the money will continue to grow. A BiWeekly Money Saving Challenge makes sure that money goes into a dedicated savings account in regular increments.
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If it’s the first thing taken out of the bi-weekly paycheck when it comes in, the money most likely really be missed. So not only is the BiWeekly Money Saving Challenge helpful for actually getting the savings done, but for bi-weekly paid employees it really helps take the thought out of saving and makes it simple.
How To Be Successful
There are so many challenges out there to try – not just the BiWeekly Money Savings Challenge. There’s also the 52 Challenge Week Money Savings Plan, No-Spend Challenge, Holiday Helper Fund, and so many others to look into. So first, make sure the BiWeekly Money Saving Challenge is the right challenge for you and/or your spouse and also for your family. With so many challenges, maybe the BiWeekly Money Saving Challenge isn’t actually the right option for you. Choosing a challenge that follows the same schedule as the paycheck schedule (if it’s not biweekly) might work better.
Or maybe the end goal needs to be more or less than $1000. Saving for your dream wedding? The BiWeekly Money Saving Challenge amount may need to go up by quite a bit each paycheck. Are you really just saving to replace a small appliance next year? Maybe $1000 is too much for a new microwave. Think about the amount you want then you can work back from that. This calculator can help figure out how much you need to put in each week to get to your final goal!
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Maybe you think the BiWeekly Money Saving Challenge is the perfect one for you, but increasing by $3 is too much or too little. The rules are open! You can certainly tailor it to fit your needs. To be successful it’s important you take into account that by following the actual incremental $3 raise, the last payment you’ll be putting in is $78. If that’s too much for any given paycheck, it may be worth adjusting your amount.
It’s definitely been proven that the BiWeekly Money Saving Challenge is a great way to save up money this year. But it takes consistency and dedication to make it happen. Once it’s been followed correctly, this time next year you could have over $1000. So start today and make it happen!
WANT TO READ MORE?
Check out Daily Mom’s article on 9 Easy Ways For Making Money Off Apps.
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