Starting with a savings goal right at the beginning of the year is always a great way to start new habits for the new year. A 52 week savings challenge that works with just about any budget is a simple and realistic way to get your finances on track.
What I love about this particular money challenge, is you start out with an easy amount like only $1 for week 1, and as new financial habits develop, the amount you’re saving increases. This method also gives you time to adjust your budget and make a plan to cut out unnecessary extra costs. And even by week 4, you’re still only saving the amount you’d have spent on a cup of coffee.
By week 12, you’ll need to start cutting back on expenses such as a lunch out to keep up your savings hard work, and as your year progresses, challenge yourself to make due without expensive splurges!
Even in your last 4 weeks, you’re still saving a realistic amount of $200 or less! In total you’ll end up saving over $1,375, which is the perfect amount for savings such as an emergency fund, a small vacation, a couple new appliances or even a new laptop!
To make this challenge even easier, here’s a FREE downloadable check-list to help keep you on track!
If you HONESTLY are wondering how to cut out expenses as the year progresses, the two realistic options are to either cut back on expenses OR add an easy side hustle!
Cut Back on Expenses
Regarding expenses, take a hard look at what you can do without. Can you cut back on your cable package, strike a good deal or even cut the cable completely? Can you cut out nail treatments and give yourself a mani instead? Or how about cutting back on eating out and cook easy cheap meals at home? The only way you’ll ever be able to reach your financial goals is to live within your means and income!
Be sure to read my post about 10 Ways to Live Well on One Income. The tips in there can apply to ANYONE looking to live frugally and cut expenses!
Earn Extra Money
I grew up in a single family low income home and I’ve been a stay-at-home-mom for over 16 years, I’ve ALWAYS had a side hustle to pay for unexpected expenses, add to savings or pay for extras for the kids like gymnastics lessons. Here’s a few posts about realistic ways to earn extra money if you need it, feel free to ask any questions since these are all things I’ve personally done as a SAHM, my adult daughter has done or people we personally know have done!
Literally the EASIEST and FASTEST way to earn extra cash (and I mean literally today) is to complete simple surveys online! My favorite company is Pinecone Research, you get paid $3/survey and can even cash out at $3!
- 16 Realistic ways to earn money quickly
- 14 FUN ways to earn money that aren’t on the internet
- How I made over $1000/mo flipping toys on eBay 10-15 hrs/week