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Once you start it, it very quickly becomes an addiction. Get creative and see ways you can make some extra moolah. Increase your income – You can do all sorts of things to make extra money including side hustles, working overtime, selling things on Facebook Marketplace, etc.What ever is left after your bills are paid, you can give it a purpose (to save) utilizing a money saving challenge like this one. Get on a strict budget – This will help you see where the money you make is going and help make adjustments to save more money.Once you decide you want to participate, my best two tips to help you save are to: While these money saving challenges are fun to complete and they are a huge financial accomplishment, they are just that. All you need are 100 envelopes to start with, and you can either buy these or print them with this free printable template. You’d be surprised how easy it is to save an additional $5 each week when you are actively looking at your income and spending habits.īy now you might be asking yourself, “What if I don’t have enough money to do the challenge?”įirst off, keep in mind these money saving challenges are not meant to make you broke or put your finances in a world of hurt. The 100-envelope savings challenge is actually very simple. While the later weeks may seem like they are quite hefty, keep in mind that as weeks go on you can adjust your spending habits, budget and even obtain side hustles to help put these amounts away. I even made an easy 52 Week $5 Challenge Printable you can use to help keep track of the amounts and balances. Week 52 you will save $260 which will give you a total savings balance of Week $5 Money Challenge! #LearnOnTikTok #TikTokPartner #moneychallenge #100envelopechallenge #savingmoney #fyp #money ♬ original sound – brittanie Then week 2 you will add an additional $5 so you will save $10 that week. By the end of 52 weeks, you will have saved $6,890!! How Does The $5 Challenge Work?įor the 52 Week $5 Challenge, you will start on week 1 by saving $5. The 52 Week $5 Challenge helps you start saving money by giving you an attainable goal of saving $5 then increasing each week’s savings amount by $5.
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I’ve tried the 100 Envelope Challenge, The 200 Envelope Challenge and even the 52 Week Money Saving Challenge and I am giving you another idea… The 52 Week $5 Challenge
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Until last year when I decided to start saving and doing less frivolous spending. How many times have you told yourself that you’d start saving and investing in your future? How many times have you talked yourself OUT of saving money but talked yourself INTO spending $10 at Starbucks?įor me, that was a reoccurring pattern, year after year. If you are looking for an easy way to jumpstart your savings this year, this weekly $5 Challenge is it!