Saving challenges have grown in popularity recently. Across the net, I’ve seen the popular 365 day money saving challenge springing up everywhere in various forms. Many sites offer these free printable money saving challenges and they are popular in people looking to systematically fund the following year’s Christmas outlay. Or, to recover from the depressing finances of a previous December.
We all like the positive vibes of seeing a savings pot grow, it’s human nature. Brand saving schemes like Sainsbury’s popular Nectar scheme and their double-up event, show how this is the case.
I’ve also regularly seen people fail these free printable money saving challenges because of the way they are designed. In 2023, most will fail in their saving endeavours using these free challenges because of the nature of how costs, expenditures and inflation change during a year.
The traditional 365 day, 52 week saving challenge and why it fails
The most common saving challenge sets out the guidelines for saving an increasing amount every day. For example, on the first day, you’ll put 1p into a jar. On day two, you’ll add in 2p, and so on throughout the year. While you’ll amass a good amount if you succeed, it will mean you’re paying out around £25 a week in the last month of 2023. This last month is December, therefore it’s the time when most people are usually cash-strapped.
Similarly, the well-publicised 365-day £1 money saving challenge has potential flaws. This is where you’re putting in £1 in week 1, £2 in week 2 etc. It still ends up with weeks 48-52 requiring a staggering £200 from your funds at the worst time for finances. Let’s face it, for most in 2023, December is going to be the trickiest to save in – particularly if heating costs are rising and temperatures are dropping.
How the traditional 365 day or 52 week saving challenges compare
The 365 day 1p incremental saving challenge brings in a net £667.95 at the end of the year. (But gets more expensive as the year passes)
The 365 day £1 incremental per week challenge brings in a net £1378 at the end of the year. (But outlays over £200 in the last month)
Both offer a great ending pot, but so many fail in the more expensive months.
This is why we’ve invented a Savvy Dad 2023 free printable money saving alternative!
Keep reading…
Try the Free Reverse Saving Challenge or The Peak Challenge
You can adapt the previously mentioned challenges to start or end and other times of the year. This might help some savers, depending on their saving personality. But for us, we still wanted funds available for the winter pot for the family to use.
OPTION 1: The Free Peak Money Saving Challenge
Start easy in January with £1 increments per week. Until week 26 where you’ll have raised £351. Then at that point, carry on saving week by week with decreasing amounts. Reducing by £1 a week from that point makes it at it’s most affordable in the last months. Making it manageable. You’ll have £351 from either side of the “peak”, meaning a £702pot, which is realistic for most.
OPTION 2: The Reverse Printable Money Saving Challenge
This works with either of the traditional 365 money saving challenges. But it sets out to have the biggest outlays in the beginning of the year, meaning you’re getting the worst out of the way first. I’m a big fan of the book “Eat That Frog” by Brian Tracy. The American author sets out great methods for life that prioritise getting life’s biggest chores and tasks out of the way first. With this reverse money saving challenge, you are doing just that. You’re tackling the biggest, ugliest payments your going to face and popping them into your savings first. You’re “Eating that frog!” and making a great start to saving in 2023!
The reverse saving is pretty straight forwards. But, I’ve included below a free downloadable planner for my Peak Saving Idea, please do feel free to print them off and trial them. Hopefully, you’ll find these methods of saving truly effective at not only saving – but also succeeding.
It should be added that I’ve found this particularly useful for helping out with unexpected winter events like boiler issues. Having this pot meant I didn’t have to dip into the main family finances for anything.
Download our free printable money saving challenge PDF here (1mb download)
Please let us know during the year how you get on if you choose to try our saving challenge.
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.
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.
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.
Setting realistic savings goals is essential to ensure that you don't set yourself up for failure. One way to do this is by breaking down your target amount into smaller milestones. For example, if you aim to save $10,000 in three months, you can divide it into monthly targets of $3,333.
You'll end the challenge with over $1,300 saved If you successfully complete the 52-week money challenge, you'll have $1,378 set aside. You may have that earmarked for a specific financial goal —or you may choose to put it in a high-yield savings account as the start of emergency savings, if you don't already have one.
“This is doable!” she tells her viewers in the video. Taylor recommends for those with smaller budgets who can't save for 100 days in a row (or afford to set aside more than $2,500 in the final month of the challenge) to put cash in two envelopes per week.
If you are unfamiliar with the TikTok savings challenge, the 100-envelope challenge encourages participants to label empty envelopes with the numbers 1 to 100. Each day, participants take an envelope, random or sequential, and place the corresponding dollar amount inside.
The cash envelope system, or cash stuffing, is an approach to budgeting designed to help you spend more intentionally. Envelopes used for cash stuffing contain all the money available for specific expenses each month. Cash stuffing could help you avoid credit card debt but requires a lot of physical cash on hand.
Essentially, you take 100 envelopes and number them from one to 100. Then, you place these envelopes into a box or container. Each day, for 100 days, you draw an envelope from the box and place the amount of money that's written on it inside the envelope.
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.
The 52-week money challenge is a savings method where you increase the amount you save by $1 every week for a year. So, you'll deposit $1 into your savings account during Week One, $2 during Week Two, and so on, until you reach Week 52 and deposit $52. Your total savings over the 52 weeks should total to $1,378.
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. If you're paid bi-weekly, you can easily compare your bi-weekly savings goal with your paycheck.
To begin, a good rule to follow is the 50/30/20 method: 50% of funds go to needs, 30% wants and 20% to financial goals. Make an envelope for each category that applies: rent, utilities, phone bill, gas, groceries, emergency, savings and leisure. Put aside cash in each envelope corresponding to the amount used.
The first step to reaching any financial goal is to break it into bite-sized pieces. If you want to save $5,000 in one year, you'll need to save approximately $417 a month. That's about $97 a week. Saving almost $100 a week may be a lot depending on your finances.
Introduction: My name is Pres. Carey Rath, I am a faithful, funny, vast, joyous, lively, brave, glamorous person who loves writing and wants to share my knowledge and understanding with you.
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