How To Do A Biweekly Money-Saving Challenge

If you need to start saving money, a biweekly money-saving challenge may give your savings account the cash boost it needs.

These challenges offer clear savings plans and can help you build your funds and your confidence in your financial future. We’ll introduce you to some popular biweekly money-saving challenges and help you pick a challenge (or two) you can stick to.

What Is A Biweekly Money-Saving Challenge?

During a biweekly money-saving challenge, you save money every 2 weeks when you get paid, making it convenient to set aside a specific amount every 2 weeks. The predictability helps you stay on track and strengthens your savings habit as you work toward your financial goals.

You may want to start small and gradually increase how much you save over time. Whether you’re saving for a luxury vacation, a down payment on a home or an emergency fund, a biweekly money-saving challenge may provide the structure and motivation you need to reach your financial goals.

Types Of Biweekly Money-Saving Challenges

Here are a few popular biweekly money-saving challenges.

26-Week Biweekly Challenge

This popular biweekly savings challenge lets you increase the amount you save by a set increment over 26 biweekly pay periods.

Let’s say you start the challenge with $5. Every 2 weeks, you’ll save an additional $5. In the first week, you’ll save $5. In the second week, you’ll save $10, and so on, increasing the amount you save by $5 until you reach week 26. By the end of the challenge, you’ll save $1,755.

$20 Money-Saving Challenge

The $20 money-saving challenge is a straightforward savings method. Every 2 weeks, you set aside and save $20. If you stay on track, you’ll save $520 by the end of the challenge.

Percentage-Based Challenge

According to this method, you save a percentage of your income every 2 weeks. You can start by depositing 5% of your paycheck into your savings account, then increase it to 6% in the following 2 weeks and so on.

Budget Meal Planning Challenge

Every 2 weeks, you’ll plan and prepare budget-friendly meals at home and stash away the money you save on your grocery bill. Use the time to research affordable recipes, shop for ingredients and batch cook meals to save time and money.

Random Amount Challenge

Randomly select an amount to save every 2 weeks. This challenge adds an element of surprise and offers flexibility in your savings routine. You could draw random amounts from a hat or jar every 2 weeks, or even use a random number generator to get the dollar amount for your biweekly savings goal.

Other Popular Money-Saving Challenges

Not all savings challenges will fit your financial situation. If your partner or spouse is paid on a different schedule for instance or if you want to save more frequently, there may be other savings challenges that better fit your needs.

52-Week Money Challenge

With the 52-week money challenge, you increase the amount you save by $1 every week for a year. In the first week, you save $1. In the second week, you save $2, and so on, increasing the amount you save by $1 until you reach week 52. If you stick to the savings plan, you’ll save $1,378 by the end of the year.

Reverse 52-Week Challenge

The reverse 52-week challenge is a twist on the classic 52-week challenge. Instead of starting small, you start big. In the first week, you save $52, then decrease the amount by $1 each week. This approach lets you front-load your savings with a large amount at the start when motivation is higher. As the weeks progress, the required savings amount shrinks and makes your savings goal more manageable as each week passes.

Incremental Savings Challenge

You’ll start by saving $5 in the first week, then increase the amount you save by $5 every week. In week 2, you would save $10. In the third week, you would save $15, and so on, until the end of the challenge. Gradually increasing the amount you save weekly may make it easier to adjust to saving larger amounts over time.

The Pantry Challenge

This popular money-saving challenge encourages you to use up the items in your pantry before going out and buying groceries. By challenging yourself to get creative with the ingredients you already have, you can save money by avoiding unnecessary trips to the grocery store. Then you can pocket the money you saved towards your goal.

No-Spend Challenge

Another popular money-saving challenge is the no-spend challenge. You commit to not spending money on nonessential items for a set period of time and save the money you would have spent. This challenge helps you gain awareness of your spending habits and encourages you to find ways to occupy your time that don’t involve spending money.

100 Envelope Challenge

Biweekly Money-Saving Challenge FAQs

If you’re considering whether a biweekly savings challenge fits your financial goals, you may still have some questions about how to make it work for you. Here are the answers to some common questions around this savings technique to help you out.

How can I stay motivated during a biweekly money-saving challenge?

Think about your “why” to help you stay motivated while you save. Are you saving for a much-needed vacation, an emergency fund or college? Don’t forget your goals when the going gets tough. And keep track of your progress. Celebrate your small wins as you watch your savings grow every week or biweekly.

Are there any drawbacks to a biweekly money-saving challenge?

Some people find it tough to adjust to living on a smaller budget or lose enthusiasm during the challenge. And if a surprise expense pops up, you may need to tap into your growing savings to cover it. If you’re impatient, you may feel discouraged because you aren’t seeing immediate results. It’s essential to plan, stay motivated and embrace flexibility to overcome your challenges and see a savings challenge through to the end.

Can a biweekly money-saving challenge be adapted for someone with unpredictable income?

Yes, it can. You can save a percentage of your income each time you’re paid, giving you the opportunity to build your savings even when your income isn’t predictable.

The Bottom Line: Biweekly Savings Challenges Can Help You Meet Your Financial Goals

A biweekly money-saving challenge offers an accessible and predictable way to boost your savings and achieve your financial goals. You can gradually build a solid financial foundation by saving a portion of your paycheck every 2 weeks.