5 Savings Challenges to Boost Your Bank Account

5 Savings Plans to Boost Your Bank Account

Need to save some money but not sure where to start? Then this list is perfect for you! I’ve compiled 5 different money saving challenges that will help you save for anything.

Whether you want to beef up your emergency fund or pay for Christmas with cash, these challenges will help you5 Savings Plans to Boost Your Bank Account reach your goal.

And – the best part – they’re totally doable.

Yes, you might have to give up your daily Starbucks, or the lunches out, but a few sacrifices here and there will have you to your goal in no time.

Even though some of these challenges were designed with specific purposes in mind, (travel, etc.) you can use them however you want!

So, what are you waiting for? Choose your challenge and start saving!

 

 

1. Save over $600/year with PENNIES

 

 

Save over $600 with this print out by myorganizedchaos.net. It’s cute, easy to track, and practical – especially when cash is tight.

Since us Canadians don’t have pennies anymore, you can make a point to have a “virtual” jar and move your “pennies” around in your online bank account.

Or, if you prefer cold, hard cash, you can round up to the nearest nickel.

 

Use this when money’s tight

If you like the idea of saving money, but ends are already barely meeting, challenge yourself using this plan.

You don’t have to save more than $3.65/day, which is totally doable. You can cash in some bottles, scrounge around the house, pick up pennies on the sidewalk, etc. to get enough change to save each day.

You can do it!

 

2. Save $500 in Only 12 Weeks

 

 

This grab from fitnancials.com was designed to get you a travel budget of $500 in 12 weeks. Whether or not you use the money for travel is up to you. But, this is a great plan to hustle toward a big chunk of change in a short period of time.

Yeah, sometimes it’ll be tricky to save $40/week let alone $75/week. But, that’s why it’s called a challenge. Plus, when you have to work for your savings, you’re more conscious of your spending.

 

Come up with enough to save

The weekly savings amounts in this challenge are quite big (depending on the week). So, here are some ideas to come up with the money:

  • Challenge yourself to eat only what you already have for a week. If your cupboards aren’t completely bare, go on a weeklong grocery freeze. Eat only what you already have at home – or what can be mooched off of friends/family.
  • Cut back on utilities for a month. Be super conservative when it comes to lighting your house, using water, and running the furnace.
  • Get organized! This will help you come up with a plan to reach your goal and make sure you stick to it. Plus, being organized saves money!

 

3. Half a Year to a Full 1k

 

 

How awesome would it be if you had an extra $1,000 in the bank in just six months? Uh-mazing! And, this great print out from whatmommydoes.com shows you exactly how to do it!

 

Help focus your spending

This is a great plan to help you focus your spending and hone in on a goal. The amounts you need to save each week aren’t outrageous. And, if you focus on cutting out the extras, it’ll be surprising how much money you can come up with.

 

4. Save Backwards to $1378 in 52 Weeks

 

 

If you like to kick things off with a bang, this saving plan is perfect for you! This challenge from 4hastsandfrugal.com will keep things fun and motivating as you save your way to almost $1400 in 52 weeks.

This plan starts out with high intensity and gets easier and easier the closer you get to your goal.

 

When to Use This Challenge

This challenge is great for you if you get motivated at the start of something new but tend to stop part way when things get hard. Because, things are only going to get easier.

This is also a great plan to use in line with temporary periods of increased income. For example, when your CPP and EI contributions max out for the year, don’t turn your extra take home pay into part of the everyday budget. Instead, use that money to build your savings.

Lining up the timing of temporary salary increases with this challenge will make it easier to keep saving toward your goal once your deductions pick back up and money’s a bit tighter.

 

5. Reach your goal $5 at a time

 

 

This is a great idea if you use a cash budget. This challenge from therealisticmama.com isn’t about saving at a certain pace. It’s about saving a certain way.

Every time you get a $5 bill, you stash it away and save it.

 

Personalize This challenge

If saving every $5 bill you receive is unrealistic, try saving every toonie or loonie you get. Choose what bill or coin you’ll save and figure out how long you’ll save for.

Maybe you’re in crunch-time savings mode right before a big vacation. Or, maybe you keep going until you get out of debt.

 

Pick a Plan or Make Your Own

Now that you’ve gone over this list of savings challenges, try one out or make your own. Either way, the key is making sure to write out (or print out) your goal and hold yourself accountable.

You are awesome, you can stick to it, and you can save money!

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