5 money-saving challenges that are worth a try

There are many types of money-saving challenges, from daily and biweekly to those lasting throughout the year. With so many types available, the key to savings success is to find one that fits your budget and feels doable.

READ: 10 habits that cost you money at home

And hey, if you need to switch to a different challenge, switch away. The key is to keep saving.

1. 52-week money-saving challenge

The 52-week money-saving challenge is one of the simplest yet most effective ways to boost your savings. With this challenge, you move $1 (Shs3800) into savings the first week and up your savings rate by $1 (Shs3800) weekly throughout the year.

Here’s how it looks in action:

Week 1: $1

Week 2: $2

Week 3: $3

Week 4: $4

...

Week 52: $52 (Shs195,695)

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2. Biweekly money-saving challenge

This saving challenge is a variation of the 52-week challenge and could be an ideal fit if you get paid biweekly. Instead of moving money into savings every week, you transfer money to savings on payday every other week.

Here’s the biweekly money-saving challenge in action:

Week 1: $4

Week 3: $8

Week 5: $12

Week 7: $16

Week 52: $104

With this challenge, you would contribute $104 in the last week—exactly double the $52 you contribute in the last week of the 52-week challenge.

You can also adjust the numbers to match your income. For example, starting the challenge with $2 instead of $4.

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3. Reverse 52-week saving challenge

The reverse 52-week saving challenge is the 52-week challenge but in reverse. So with this challenge, you go big at the start, $52 to savings in week one, and decrease your savings throughout the year.

Here’s how this one looks in action:

Week 1: $52

Week 2: $51

Week 3: $50

Week 4: $49

Week 52: $1

This method could work well if you receive a lump sum, such as a tax return or inheritance, that you can use to jump-start your savings. Then, you can decrease your contribution each week to better align with your income.

READ: 6 things to do before spending your salary

5 simple money-saving challenges you should give a try/Courtesy Pulse

4. No-spend challenge

If an all-or-nothing approach suits your mindset, a no-spend challenge could be your key to substantial savings. With a no-spend challenge, you pick a timeframe, a month or three months, to limit your spending. You can either slash expenses to just your essential daily bills or choose a spending category to cut, like takeout meals or clothing.

READ: 6 steps to save money in 60 minutes

At the end of the month, you can move the money you saved into your savings account—all thanks to a bit of self-restraint.

5. Money mistake challenge

Money mistakes happen, whether it’s buying a new smartphone that isn’t in the budget or booking a luxury vacation on credit when money is tight. But instead of beating yourself up over financial mistakes, add $1 to your “money mistake” jar every time you make one of these mistakes, according to Fortune Recommends.

Those individual $1 savings may not offset the cost of a mistake, but each one can remind you that you’ve gone astray. Sometimes the biggest boost to your savings can come from recognizing a habit and then making wiser spending decisions over time.

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Takeaway

Money-saving challenges come in all shapes and sizes. And while they each might work differently, they all help you achieve the same goal. If you’re ready to start saving and want to get more from your labour, choose the challenge that feels achievable but don't hesitate if you want to switch to another.