Biweekly Money Saving Challenge for 2023

Saving is an old school way for future financial security, it is the least you can do for you to have a better future.

Saving requires discipline to a very large extent, hence, can be a challenge, especially when it feels like there are always unexpected expenses and bills to pay.

One principle that has always help me deal with saving as a challenge is knowing fully well that even if your income is lower than what you have now, you would have tried to survive.

You just have to play a mind game with yourself, making yourself know that the future is what you are trying to secure.

Saving is not an easy thing to do and cannot be easy, you have to make sacrifices

And also always save with a goal in mind. You can save to buy a house, a car, or anything. That is what will be your source of motivation when things are getting bad.

So, one of the many ways to make saving money easier is by setting up a biweekly money-saving challenge.

A biweekly money-saving challenge is a plan in which you set aside a certain amount of money every two weeks, with the goal of saving a larger sum over time. 

This type of challenge can be a great way to build up your savings, whether you want to save for a specific goal, such as a down payment on a house, or you just want to have a cushion for emergencies or future expenses.

There are a few steps involved in setting up a biweekly money-saving challenge and this will depend on how much money you want to save overall.

Overall, a biweekly money-saving challenge can be a great way to build up your savings over time, and with determination and discipline, you can reach your goals. Whether you’re saving for a specific goal or just want to have a financial cushion, a biweekly money-saving challenge can help you to get there.

Biweekly Money Saving Challenge

Here’s an example of how you could set up a biweekly money-saving challenge:

1. Determine your goal

The first step in setting up a biweekly money-saving challenge is to determine your goal. 

This means deciding how much money you want to save over a certain period of time.

It’s important to set a specific and achievable goal, as this will help to keep you motivated and focused. 

You may want to save a certain amount for a specific purpose, such as a down payment on a house or a vacation, or you may simply want to build up your savings for emergencies or future expenses.

Saving is not an easy journey to start but your goals are your motivating factor. So make sure you know that when you achieve this goal it will bring a lot of joy in your life.

Think of how happy you would be when you finally reach your goal, when you can finally afford that house, clear that debt, invest in your dream, e.t.c. that is what will keep you going. Trust me, there is a 90% chance that it may not be an easy ride.

2. Calculate Your Biweekly Contribution

Once you have determined your goal, the next step is to calculate how much you need to save every two weeks in order to reach that goal. 

This will depend on how much you have to save and how much money you want to save overall.

You have to balance things at this point, don’t allow the joy of achieving goals make you forget how low your income may be, thereby causing you to set unrealistic goals.

The problem with setting unrealistic goals is that you end up not being able to achieve them. If you have big goals then break them into small bits.

Neither should you allow the fear of surviving to make you set very small goals.

Again it depends on how much you have to save and how much money you want to save overall.

For example, if you want to save $1,000 in six months, you’ll need to save $166.67 every two weeks. You can adjust this amount based on your budget and income, but it’s important to be realistic so that you can stick to your plan.

3. Open a savings account

It’s a good idea to keep your savings separate from your checking account, so consider opening a separate savings account specifically for your biweekly money-saving challenge.

This will help keep your savings separate and make it easier to track your progress. Many banks and credit unions offer savings accounts with competitive interest rates, so you can even earn a little extra money on your savings as they grow.

See Top Credit Union Savings Account Rates

4. Set up automatic transfers

To make the process of saving easier, you can set up automatic transfers from your checking account to your savings account every two weeks. 

This way, you won’t have to remember to manually transfer the money yourself, and you can be sure that your savings are being consistently built up over time. You can set up automatic transfers through your bank or credit union, or you may be able to do so through an app or online banking platform.

See, how to set up automatic transfer 

5. Track Your Progress

It’s important to keep track of your savings so you can see how you’re doing and how close you are to reaching your goal. 

You can use a spreadsheet, an app, or even a simple piece of paper to keep track of your contributions and see your progress over time. 

Tracking your progress can help to keep you motivated and can also help you to identify any areas where you might need to make adjustments to your plan.

6. Create a Budget

Creating a budget is one of the most effective ways to save money. It involves taking a detailed look at your income and expenses, and determining where you can cut back. For example, if you find that you are spending a lot of money on eating out, you could try cutting back on dining out and cooking more at home. 

So, Determine how much you are currently spending and where you can cut back.

7. Cut Unnecessary Expenses

Identify areas where you are spending money unnecessarily and eliminate them.

Cutting unnecessary expenses can free up a lot of money in your budget. For example, instead of going to the movies every week, you could rent a movie online and watch it at home. Or instead of buying expensive coffee every day, you could make coffee at home and take it with you in a thermos.

8. Look For Deals And Discounts

Take advantage of sales and discounts when shopping.

Looking for deals and discounts is a great way to save money on your purchases. For example, if you need to buy a new appliance, you could wait for a sale or look for a coupon or discount code online. Also, you can check for clearance or end of season sales to get discounts on clothes and other products.

9. Avoid Impulse Purchases

Make a list of what you need before going shopping and stick to it.

Impulse purchases can add up quickly and blow your budget. To avoid this, make a list of what you need before going shopping and stick to it. For example, if you’re at the mall and see a shirt that you like but wasn’t on your list, remind yourself that you have a budget to stick to and that you can always come back for it later if you still want it.

10. Track Your Spending

Use a budgeting app or spreadsheet to track your income and expenses.

Tracking your spending is an important step in staying on top of your budget. There are many budgeting apps and spreadsheets available that can help you keep track of your income and expenses. For example, you can use an app like Mint or You Need a Budget to see where your money is going and identify areas where you can cut back.

11. Reduce Subscription

cancel subscription services you no longer use or find cheaper alternatives

Subscriptions can be a big drain on your budget, so it’s important to review them regularly and cancel any that you no longer use or find cheaper alternatives. For example, if you’re paying for a streaming service that you’re not using, you can cancel it and find a cheaper alternative. Or, if you’re paying for a gym membership but haven’t been going, you could cancel it and find a cheaper gym or workout at home instead.

Conclusion

In conclusion, a biweekly money-saving challenge is a great way to build up your savings over time. By setting aside a certain amount of money every two weeks, you can work towards a larger goal, whether it’s saving for a specific purpose or just building up a financial cushion.

Setting up a biweekly money-saving challenge involves determining your goal, calculating your biweekly contribution, opening a savings account, setting up automatic transfers, and tracking your progress. 

By following these steps and being consistent and committed to your plan, you can reach your savings goals and have a stronger financial foundation.

Don’t forget to enjoy the journey