How to start a Saving Money Challenge and commit

When you see a money challenge post what do you think of? Something exciting and motivating? I know I feel great starting a challenge especially at the beginning of the year. The let down as most resolutions is the lack of commitment.

Everything might be easier in the beginning but soon you realize it takes more than effort to make things work. When it comes to any challenge you take on you have to ask yourself questions? First, your purpose, why you need this challenge? How can you keep your motivation if you don’t have your “Why”. Our “Why” is the reason we do anything, the core of our motivation. Even for most of us, why we wake up in the morning. If you take a minute to write down your “Why” and place it where you can easily revisit. This might be important when you slip up on the challenge or question yourself during the process.

Next, find someone or something to hold yourself accountable. If you’re easily persuaded by your own self-integrity, placing this challenge out there for the world to see can do it for you. This very cautious to put your goal or challenge out there because of think of what you might feel if you fail? The thought can be harsh and cruel punishment. So if this is something you are open to trying, public accountability, try it. Having an accountability partner is a gentler approach. This tip is for the procrastinator, which I am so much, so I need a partner. You can both try the challenge together or have the person check up on you during the process.

Lastly, see yourself in the end. One person might say this is a worthless step but I find it useful. In many cases, the negative review on this is the ultimate “The let down”. You know why you’re doing this, why picture are you failing? You have to picture yourself accomplishing this goal to the end. When you save this money for whatever reason, what were you saving it for? A vacation, or a down payment for a house, or a bump in your savings account. Picture that bump, see yourself on that vacation sitting in the sun. Sometimes you have to picture the end game to see yourself through the turmoil. Now that you have crossed the obstacle course, are you ready to challenge yourself?

What are some of the challenges out there?

The easiest money goal to start out with it probably thinking about the simplest challenge. I encourage you to pick a challenge that you can automate or mimics the closest to your budget. Depending on if you get paid bi-weekly or weekly the challenges you choose would be best according to your frequency of payday. Here below I listed some challenges you might want to try to kick-start your savings goal. Challenges that have charts you can download the image and save it to keep track.

The 52 Weekly Money Saving Challenge

This challenge is the most popular one, and you probably have seen this one plenty of times. At best this is a great challenge to start at the beginning of the year, a New Year resolution to save is a good goal. Don’t be discouraged if you’re late at this because you can always start day one at any week. The amount might change, but the thought of making the change to save is more important. The 52 Weekly Saving challenge has many varieties, there is also the reverse version by starting with the large number and working your way backward. For those that get paid bi-weekly all you need to do is just double up on the dollar amount to save.

The thought of this challenge is to first put one dollar away for the first week and in the sequence $2.00 and so on, and so on. By the end of the year, you should have $1,378. In mirrored with the 52 Weekly savings there is the 365day saving challenge as well. The thought of using a day and a dollar amount is all the same. Start with day one instead of week one and save that dollar amount. The way might be a gentle start into saving for people that struggle with saving. It might feel like a quick win to just put that penny away and feel motivated with slow growth.

Want more types of challenges? Click here for techniques

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