Finance

The 3 Money Challenges I’m Doing For 2021

Saving challenges are a great way to get into the habit of saving money while being a lot of fun. I’ve tried doing the 52 week savings challenge before, but didn’t get very far with it. So after some research, I’ve chosen or modified three challenges that better suit my current financial habits.

$5 Challenge

The simplest of the challenges that I am doing, you save every $5 bill that you get. Considering that most places still prefer card over cash due to the pandemic, it’ll be interesting to see how many bills I actually end up saving. I will check my wallet on the days I use cash or check for $5 bills at the end of the week.

26 Week Money Challenge

There are several versions of this challenge floating around but I decided to create my own (though this also could already be out there). You start with $10, then add an additional $10 each week before hitting the highest amount at the halfway point ($130). After that, you’ll decrease by $10 until the last week where we start back at the beginning with $10. Doing the challenge this way saves a little more money than many versions of the challenge, which range from $1000-$1400.

Week Deposit Balance Week Deposit Balance 
$10  $1014  $130 $1040
$20  $3015  $120 $1060
$30  $6016  $110 $1170
$40  $10017  $100 $1270
$50  $15018  $90 $1360
$60  $21019  $80 $1440
$70  $28020  $70 $1510
$80  $36021  $60 $1570
$90 $45022  $50 $1620
10 $100  $55023  $40 $1660
11 $110  $66024  $30 $1690
12 $120 $78025  $20 $1710
13 $130  $91026  $10 $1720

Weather Challenge

The final challenge I’m doing is the weather savings challenge. I heard about this challenge for the first time while I was on a budget video watching spree on YouTube. The idea is, you look up the temperature high of the day and save that amount. This is typically done weekly, but I’m choosing do it bi-weekly to coincide with payday. I will also be rounding up or down so that I am dealing with an even number.

So Many Ways to Save

Saving money isn’t always fun but you can make it interesting. While I think I’ll have no troubles with these challenges, my sinking funds will take priority. If there isn’t much left after expenses and sinking funds, the challenges might be put on hold. However, I would try to make it up later on if that was to happen.

Have you done any saving challenges before? Are you planning on doing any for 2021? Let me know which ones down in the comments!