• Blog
    • Facebook
    • Instagram
    • Pinterest
    • Twitter

Simple Money Mom

Simple Money. Simple Mom.

  • Saving Money
    • Saving Money
    • Frugal Living
    • DIY
  • Making Money
    • Making Money
  • Managing Money
    • Budget
    • Debt
  • Motherhood
    • Kids
    • Babies

in Budget· Saving Money

A Realistic Money Savings Challenge for Smaller Budgets

This post may contain affiliate links. Please see my full disclosure policy for more details.


This article will help you save money with a money savings challenge for small budgets. Since most people don’t have $1600 each month at the end of the year, this challenge will accommodate those just starting out or with limited funds.

Saving money might be the last thing on your mind when on a tight budget. But it is so important. Save your first $1,000 in a year with this simple money savings challenge for those working with smaller budgets. #money #savemoney #savingmoneytips #moneytips #budgeting #simplemoneymom

Okay, so we have all have seen those money savings challenges going around where you put money away each week and by the end of the year, you end up with anywhere from $5,000 to $10,000.

Well, the idea is nice and it’s great if you actually have $430 per week for weeks 50, 51, and 52 which end up being the weeks leading up to Christmas and the New Year!

I don’t know about you but for me, I don’t have $1600 dollars to put away each month right before Christmas.

Many people can start the challenge but then fail after they run out of extra money 6 weeks into it. The reason these challenges fail is because the money saving challenge starts out slow but then revs up the savings as time goes on. The system just doesn’t work for people who are not used to saving or people working with smaller budgets.

It’s kind of like following someone on their financial journey when they posted that they paid off $40k in 2 months but then you find out they make 6x as much income as you do. Well shoot, if I had that much money, I’d be sitting pretty too, amiright?

Does this sound like you?

Read: 65+ Ways to Make Money Fast

Finally, a Money Savings Challenge for Small Budgets

Table of Contents

  • Finally, a Money Savings Challenge for Small Budgets
  • The 26 Paycheck Savings Challenge
  • Who is this challenge for
  • How to be Successful with the Money Savings Challenge with a Small Budget
    • Find your WHY
    • Write it down
    • Make a plan
    • I hope you enjoy this printable! Let us know in the comments what you plan to use the savings for! Christmas? Debt? Emergency Fund? Vacation?

In the most popular savings challenge, the 52 week savings challenge, it starts out with saving $1 in week 1, $2 in week 2, and so forth. By week 52, you are saving $52. You end up with $1,378 in the bank.

The problem with this is that in the last 4 weeks, you are saving an average of $202 compared to only $10 in the first 4 weeks. For most people with limited funds around the holidays, this challenge will fail.

I’ve decided to make my own savings challenge and design it with you in mind.

I’m also going to put a unique spin on it by NOT doing the standard 52 weeks.

Because of the fact that I budget by paycheck, I’ll be creating the 26 paycheck money savings challenge.

Read: Why Your Budget Keeps Failing and One Thing to Do About It

The 26 Paycheck Savings Challenge

With this 26 paycheck money saving challenge for small budgets, you start out by saving just $10 from your first paycheck.

Then, you’ll increase your savings as time goes on until you reach the middle, where you will peak at only $120 in a 4 week period.

After that, you’ll plateau for a while then begin decreasing your savings around the holidays making your savings effortless at that point.

Saving money might be the last thing on your mind when on a tight budget. But it is so important. Save your first $1,000 in a year with this simple money savings challenge for those working with smaller budgets. #money #savemoney #savingmoneytips #moneytips #budgeting #simplemoneymom

Who is this challenge for

This system is great for:

  • Those just starting out with savings challenges
  • Low income families
  • Middle class families with debt or large expenses

Anyone can do this challenge but I wanted to make something manageable and achievable for you.

How to be Successful with the Money Savings Challenge with a Small Budget

In order to be successful with this challenge, or any savings challenge really, you need to have the right mindset.

Dave Ramsey got it right when he said that personal finance is 20% math and 80% mentality, or something like that.

Find your WHY

To start the New Year off right AND to get in the right mindset, I want you to find your WHY.

Why are you doing this challenge?

Are you building an emergency fund?

Are you saving for Christmas so you can have a debt-free Christmas?

Do you want to go on a vacation soon?

Trying to pay down debt?

Read: The Millennial Way to Pay off Debt

Write it down

Write it down. Put it on a sticky note and plaster that sucker on your bathroom mirror so you will be reminded every morning of why you are doing this savings challenge.

Heck, make it a wallpaper on your phone if you have to.

When you have your why, I want you to get fired up.

You can do this! You got this! You are a money saving machine!

Make a plan

Now, sit down and make a plan. Every month, I want you do to one thing, just one, to either decrease your expenses or increase your income.

It can be as simple as negotiating your car insurance or selling something you no longer need.

Doing one thing per month makes the system realistic and manageable, especially for moms.

I hope you enjoy this printable! Let us know in the comments what you plan to use the savings for! Christmas? Debt? Emergency Fund? Vacation?

Yes!! I'm definitely doing this money savings challenge. It seems much simpler than others I have seen and very doable. Maybe I will finally get to save money this year! #savingmoney #moneytips #financiallyfree #budgeting #simplemoneymom

If you enjoyed this, please consider sharing!

165311shares
  • Share This!
  • Tweet

Filed Under: Budget, Saving MoneyTagged With: 26 paycheck savings challenge, 52 week savings challenge, money saving challenge, save money, saving money, savings challenge

« Frugal and Easy Instant Pot Soups for the Mom on the Go
How to Raise a Baby on a Tight Budget »

Comments

  1. Carolyn Ramirezsays

    April 1, 2019 at 12:23 PM

    I try to save- my husband and kids- not so much. I think this is a more manageable and realistic savings plan. I’m going to pass this on to my older daughters in hope of them getting on board and saving for a family trip with all of us (grandkids included) to Disneyworld.

    Reply
    • Simple Money Momsays

      April 3, 2019 at 7:40 AM

      Carolyn, it can be hard when you are the only one on board. I understand this first hand. But this savings challenge is something that anyone can do to get started. Once you get used to saving consistently, you can challenge yourself to a bigger goal next time.

      Reply
  2. Ivy Maria Dubesays

    February 19, 2020 at 10:10 PM

    Never done this before

    Reply
    • Simple Money Momsays

      March 15, 2020 at 7:38 PM

      Ivy,

      Are you referring to never saving before or never tracking it with a printable? If you can automate your savings, not look at it, and act like it’s not there, then you ill have a great start. Every little bit counts, I recently put $9 towards a saving fund recently. Yes, $9. It adds up.

      Marissa

      Reply
  3. Lyndasays

    June 10, 2020 at 7:01 PM

    Going to use this to teach grandson how to save and stop spending all his money on anything he wants. Also he is turning 12 and this looks easy for him to do.

    Reply
    • Simple Money Momsays

      July 13, 2020 at 7:52 PM

      You are such a great grandmother for teaching him to save at an early age! Kudos to you!

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hi There! I’m Marissa.

Marissa Sanders- Simple Money Mom

I am a working mom of 3 boys. I know the unique struggles moms have when it comes to managing finances. It is my mission to educate you, inspire you, and motivate you as you navigate through your financial goals.

Let’s connect!

  • Facebook
  • Instagram
  • Pinterest
  • Twitter

Looking for something?

About

  • About Us
  • Advertise
  • Privacy Policy
  • Disclosure
  • Disclaimer

Join the Simple Money Mom Family!

  • CCPA Policy
  • Do Not Sell My Personal Information

Connect with me

  • Facebook
  • Instagram
  • Pinterest
  • Twitter

Search This Site

Copyright © 2021 · Market theme by Restored 316

We use cookies and similar technologies to run this website and help us understand how you use it. If you choose to continue use of this site, you are acknowledging that you accept.AcceptRead More
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.