How do you challenge savings for a period of 6 months!
Are you looking to increase your savings? Does saving seem too difficult or even boring at times? Why not turn saving into a game and complete the 6-month savings challenge?
By completing this 6-month money challenge, you’ll eventually earn some money, form new savings habits along the way, and be inspired to keep saving.
Ready to start? Read on to learn how to complete the 6-month savings challenge!
What is the 6 Month Savings Challenge and why should you do it?
First of all, what exactly is the 6-month savings challenge? There are several ways to achieve one, which we’ll detail below.
But the main idea is you Save some money every week for six months. And at the end of the challenge, you will have Save thousands – Yes, thousands – euros!
Secondly, you may be wondering “Why should you try this challenge?”. There are different types of money saving challenges. why is that?
Well, for anyone who is serious about saving, there is nothing better than a 6-month savings challenge. Here are some reasons why you should try one for yourself:
1. It helps you quickly reach a specific financial goal
Do you have a specific financial goal that you are looking forward to achieving? This challenge is especially great for people who already have a financial goal in mind, like saving up for an epic summer vacation or Pay off credit card debt.
It’s a great way to jump-start your savings and reach your financial goal, especially if you’ve had a hard time saving for the future in the past.
2. Prove that you can save
A positive, growth-oriented mindset is one of the most powerful financial tools you can take advantage of. Any reason you might not have a positive mindset when it comes to your money? You haven’t seen the evidence yet that you can actually save money.
When you successfully complete the challenge, that negative mindset will start to change. You will prove to yourself that you can really save. This will boost your confidence and make you want to try more things!
3. The 6-Month Money Challenge makes saving fun!
The reason is very simple – taking part in the challenge is fun! It’s fun to track your weekly savings, see them add up, and know what you need to do to reach your weekly savings goals.
Sometimes it really helps to put a little fun and play into something that might seem as serious as personal finances. Adults don’t have as much fun as they should at first. There’s no reason why you can’t treat saving as a game, and the reward is big money!
4. It gives you good savings habits that go beyond the 6-month savings challenge
The most important benefit of participating in this challenge is what will happen after it is completed. Of course, during the challenge you will save thousands of dollars. This will bring you much closer to achieving your financial goals.
But the real and lasting benefits of a challenge are the habits you will create. If you stick to something for the full six months, you can probably incorporate the habit into your life without even having to think about it. You will have turned yourself into a money saving master!
Two ways to do the 6-month money challenge
The idea behind this challenge is to save a set amount of money each week for the entire period. You may do so as you see fit. Whether you save €5 per week or €500, you’ll still be on top at the end of the challenge!
But having more tips than that helps. Here are two ways to complete a challenge that will save you either €2,000 or €5,000!
Option 1: Save €2,106.
This is a great option for those looking to save seamlessly, accumulating over €2,000 in savings in just six months. Here’s how to complete this version of the challenge:
During the first week, you will save 6 €.
Then, each subsequent week, you deposit €6 more into your savings account than in the previous week (i.e. the second week you save €12, the third week €18, the fourth week €24, and so on).
At the end of the challenge (26th week), you will have contributed €156.
In the end, your savings will amount to €2,106!
Option 2: Save €5,018.
Do you want to save more? If you really want to save in a short time, try this version.
It will save you more than 5,000 euros in just six months! It’s hard work, but it’s worth it to see this number in your savings account:
Every week you save the same amount – €193. It really is that simple and straightforward!
You can also pay twice that amount (€386) every two weeks. It’s a smart choice for those who receive bi-weekly paychecks. Every time you receive your salary, you can automatically deposit €386 into your savings.
At the end of this edition of the challenge, your savings will total €5,018!
How to complete the 6 month savings challenge
Setting a goal to save a certain amount of money or doing a 6-month savings challenge is one thing. But that’s only the first step, and quite frankly, it’s the easy part. The hardest part is To really save money And rising to the challenge when it seems impossible.
This is where these tips on how to complete the 6-Month Savings Challenge come in handy:
1. Open a savings account
First, you’ll need a place to stash all the money you’re saving. You can put it under your mattress or in a dresser drawer, but you’ll have a better chance of keeping your momentum if you deposit your money into a dedicated savings account.
If you already have a file emergency fundAnd it’s a great place to put that extra money. If you do not have an account, open a savings account.
Bonus points if you set up an automatic transfer from your checking account every week. This way, you won’t even have to think about the challenge while you’re doing it!
2. Living below your means
You may be wondering where will all this extra money come from to put into your savings? There are several ways to save quickly, including living below your means and Reduce your monthly expenses.
By reducing your expenses and live frugallyYou will end up with extra money. Instead of squandering, focus on saving during this challenge. This way, you will likely have plenty of money to fill up your savings account.
3. Combine it with a no-spend or low-spend challenge
Do you like challenges? Why not double it? Another great way to save more money, quickly, during a challenge period is to combine a 6-month money challenge with a no-spend or low-spend challenge.
During these challenges, you choose to spend little or no money on anything unnecessary. What is essential is up to you, but in general, people cut out things like shopping for clothes and eating out.
It’s almost impossible not to save money during one of these challenges, and you’ll definitely help speed up your savings if you do one with a 6-month savings challenge.
4. Set a goal and keep that goal in mind
When you start the challenge, decide why you are doing it. What is your reason?
Want to save for college? For a new wardrobe? For a down payment on a house?
Whatever the reason, figure it out and figure out what you’re going to spend your money on.
Then, be sure to remember this goal for the duration of the challenge. You may have to make some sacrifices to meet the challenge. And when you give up or buy things you love to do, you’ll need to remind yourself why you’re making those sacrifices.
Try keeping a sticky note with your goal written on it, or keeping a reminder on your phone. This way, you’ll keep your goal in mind when the going gets tough.
5. Don’t give up even if you take a wrong step during a challenge
You missed a week…or two or three. Or you were only able to memorize a fraction of what you intended to memorize. Whatever you do, don’t give up!
Even if you don’t “completely” complete the challenge, you’ll still be a winner at the end of the six months.
Imagine that you only managed to save half of what you intended to save. There will still be a thousand dollars (or more) more than you would have saved if you hadn’t started the challenge!
And don’t forget that you will also reap all the other benefits of participating in the challenge, such as establishing good savings habits for the future.
A lot of good things can happen during a 6-month savings challenge!
The 6 Month Money Challenge is called a challenge for a good reason – because it sure isn’t easy. But if you’ve read this far, it probably means you’re up to the challenge.
Think about it, in six months you’ll be much closer to achieving your financial goals if you start this challenge today! Or you can try another type of challenge, such as no Buy new clothes !