Each year for the past few years as the new year begins I have enjoyed beginning a new challenge. This year I have decided to challenge you as well to select a money saving challenge to participate in and see how much you can save.

My favorite over the last few years has been the 52 week money challenge. This challenge was not one that I created myself but one that I love to participate in. The 52 week money challenge allows you to start out small and gradually save over $1300 throughout the period of 12 months. Below I have suggested 5 different money saving challenges that may help you this year.

Pinterest is a great place to discover more that may work for you better such as larger challenges if you are looking to save more money. I would love to hear which challenge you decide to participate in this year and how it goes.

As with any New Years resolution I challenge you to start with a plan and to make your goals attainable. Make sure the challenge is something you can afford and that you can be successful at. Another caution I will present is this….. if you find yourself having a bad week or set back in someway during the challenge just keep going. You can fail and still be successful. The goal is to do better than you normally do and to improve your finances not to beat yourself up or seek perfection. Remember a successful person is just someone who fails many times and yet does not give up.

Money saving challenges

  1. $5 bill challenge – save every $5 bill you receive all year. The amount saved can vary greatly based on the amount of cash used and frequency of receiving $5 bills.
  2. 52 week money challenge- a bit more complex but easy to complete and very beneficial
  3. 20 dollar weekly or biweekly challenge – You will ultimately save $520 if you save $20 biweekly or $1040 if you choose to save $20 weekly.
  4. Save your change – Save all of your change throughout this year and vow to use cash more frequently to cut back on over spending and also so the change grows faster.
  5. Drink more water challenge – This challenge is a bit different but can really save you a lot. Do you frequently purchase beverages at the store or in restaurants? Why not cutback or completely eliminate all other beverages this year. You can really save so much money and will save you a lot of unnecessary calories. This might be quite tough for some people, but I encourage you even if you don’t eliminate them totally to try drastically cutting back and experience the difference it can make.

These are just a few creative ideas designed to help you save more money this year. The last one although a bit of a different challenge is one that I came up with on my own and plan on doing this year. It’s an area I need to focus on for both my health and finances. The less I drink my calories the better and the less beverages I purchase the more we will save over the entire year. I know this one will be more complicated than most yet I am determined whether I am completely successful or not, I will benefit greatly from attempting this one.

So this year my choices are once again the 52 week money challenge and I am adding in the drink more water challenge to challenge myself to opt for water this year instead of expensive beverages. Will you be joining a money saving challenge this year? If you do why not challenge a coworker or friend to be your accountability partner and help to keep you on track.

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