The 26 Week Money Challenge

A 26 Week Money Challenge is perfect for individuals who get paid on a bi-weekly schedule. It also is great for those who would like a sense of completion throughout the year and can re-start during the summer months, if they choose.

Are you familiar with the 52-week money challenge? It’s when you save a specific dollar amount each week of the year. Usually, it’s $1 for Week 1, $2 for Week 2 and so on. For many doing a 26 Week Money Challenge may be more convenient with your pay schedule (just exchange weeks for pay periods) or easier to commit to than a full year.

 

How the 26 Week Money Challenge Works

There are a couple of ways you can do this challenge.

The first way is using each week based on your pay periods if you are paid bi-weekly. Replace “weeks” with “pay periods” and save the dollar amount that corresponds with that pay period.

How to be successful with a money challenge

1 – Know what you are saving for. Is it for your emergency fund? Vacation fund? Having a specific savings goal will keep you focused and motivated.

2- Automate your savings. Whether it is auto-debited from your paycheck or transferred from your account on a specific day of the month, find a way to make savings something you do not have to think about.

As an entrepreneur, I sit down weekly to assess the income that has come into my business. I have a spreadsheet that automatically calculates percentages and dollar amounts for me when it comes to expenses, paying myself, and savings. I also use round-up with my financial institutions to save in small increments that add up in big ways throughout the year.

3 – Accountability will keep you on track. It could be making this a family savings project or creating a savings group with your girlfriends. Whatever it is that will help you stay on track and motivated, do it so you can not only rock out this savings challenge but become accustomed to saving on a regular basis.

More tips for completing the 26 Week Money Challenge can be found here

Tools to help you with your Savings Challenge

You can find 13 ways to customize the 26 Week Money Challenge here