fbpx

Our Debt Free Family

Commit. Plan. Take action.

Try This $10000 Biweekly 26 Week Money Challenge to Crush Your Debt

| Leave a Comment

 

The Biweekly 26 Weeks Money Challenge is the perfect way to start your savings journey and reach your financial goals. Saving money can be overwhelming for some, but with this challenge, you’ll be able to save a significant amount without feeling the pinch. If you haven’t done so already, click here to check out our article on the ins and outs of the challenge.

 

 

How to Save $10000 Using the Biweekly 26 Week Money Challenge

Saving $10000 using the biweekly 26 week money challenge is easier than you think. If you divide $10,000 by a 26, your answer is rounded to 385. So essentially, you’ll need to save $385 every two weeks to end up with $10,000 at the end of the 12-month period.

There are many different ways to approach reaching your goal of $10,000. The key parts of the 26 week savings challenge are your initial investment amount and the increments in which you add to your savings every two weeks. Use this free printable biweekly 26 week money challenge PDF to log your progress. Here are the steps to reach your goal:

Option 1:

Start with savings of $265 for the first period.

You will use increments of $10 every two weeks. So for the next 2-week period, you’ll add $275 ($265 + $10) to your savings.

The next 2-week period you’ll add $285 ($275 + $10) to your savings.

Continue this process for 26 2-week period and you’ll find yourself with $10,140 in a year.

 

Option 2:

Start with savings of $350  for the first period.

You will use increments of $3 every two weeks. So for the next 2-week period, you’ll add $353 ($350 + $3) to your savings.

The next 2-week period you’ll add $356 ($353 + $3) to your savings.

Continue this process for 26 2-week period and you’ll find yourself with $10,075 in a year.

 

How to Save $5000 Using the Biweekly 26 Week Money Challenge 

A goal of 0$10000 may be a bit much for our first time at the challenge If your salary or debt reduction plans only allow for a more conservative challenge, don’t be discouraged. Try this method to make $5000 using biweekly 26 week savings challenge.

Option 1:

Start with savings of $155 for the first period.

You will use increments of $3 every 2 weeks. So for the next 2-week period, you’ll add $158 ($155 + $3) to your savings.

The next 2-week period you’ll add $161 ($158 + $3) to your savings.

Continue this process for 26 2-week period and you’ll find yourself with an extra $5,005 in a year.

 

Option 2:

Start with savings of $93 for the first period.

You will use increments of $8 every two weeks. So for the next 2-week period, you’ll add $101 ($93 + $8) to your savings.

The next 2-week period you’ll add $109 ($101 + $8) to your savings.

Continue this process for 26 2-week period and you’ll find yourself with an extra $5,018 in a year.

 

 

Tracking Your Progress and Staying Motivated

Tracking your progress is essential to staying motivated and accountable during the 26 Week Money Challenge. Here are a few ways to track your savings and stay on top of your progress:

 

  • Savings Tracker Apps: Use a savings tracker app to monitor your savings and track your progress. These apps often have features that allow you to set savings goals, customize your savings plan, and visualize your progress.

 

  • Paper Tracker: If you prefer a more hands-on approach, create a paper tracker. This can be as simple as a calendar where you mark off each week as you save. Seeing your progress on paper can be incredibly motivating. Use our free printable biweekly 26 week money challenge PDF

 

  • Visual Representation: Create a visual representation of your savings goal. For example, if you’re saving for a vacation, create a vision board with pictures of your dream destination. Place it somewhere visible to remind yourself of your goal.

 

Common Mistakes to Avoid During The Biweekly 26 Week Savings Challenge

While the 52 Week Money Challenge is a fantastic savings strategy, there are a few common mistakes that you should be aware of to ensure your success:

  • Carelessly Skipping Weeks or Pay Periods: Avoid skipping weeks or falling behind on your savings. Consistency is key to building momentum and reaching your savings goal.

 

  • Not Adjusting for Budget Changes: Life happens, and your budget may change throughout the year. Make sure to adjust your allocation if necessary to accommodate any financial changes. Pay off any debt that may be negatively affecting you credit score. Self Inc is a great tool to build your credit while creating a savings next egg.

 

  • Not Playing Catch-up: If you get off track due to budget changes or any unforeseen circumstances, make every effort to catch up with your saving and continue on your journey to $5,000 or $10,000. There are a large number of side hustle opportunities out there if you’re lookin for extra funds to add to your savings. For examples, you can get paid to write articles and blog posts or even testing apps and writing reviews.

 

  • Dipping into the Savings: Resist the temptation to dip into your savings for non-essential purchases. Remember your goals and stay committed to the challenge.

 

  • Not Celebrating Milestones: Celebrate your savings milestones along the way. Recognize and reward yourself for your progress to keep motivation high.

 

Whether you’re saving for a dream vacation, a down payment on a house, or simply want to boost your emergency fund, this challenge is a fantastic way to kickstart your savings journey. Opening a Webull account and using your savings to earn dividends on your favorite stocks is another great way to put it to use. If you need help building credit while building a savings nest egg, check out this article.

 

If you’re looking to add even more wealth in the form of interest to your 26 week savings plan, check out Raisin for single sign on access to FDIC insured institutions offering high-yield interest rates above 5%.  I like Raisin.com for its easy to use interface and access to multiple institutions to diversify your funds without creating multiple accounts across different banks. There is also no penalty for removing your funds early. Click here and enter my referral code earlm014354 to earn up to $125 in bonus cash when you sign up and meet the deposit requirements.

 

Read More:

3 Ways to Hack the 52-Week Money Challenge

| Leave a Comment

hack the 52-week money challenge

Have you ever heard of a money challenge? It is something the internet thought up a few years ago that helps people meet savings goals (usually within a specific period of time). The original challenge, the 52-week money challenge, helps people save right around $1,400 over the span of a year. However, that method and timeframe don’t work for everyone. If that includes you, here’s how you can hack the 52-week money challenge…

About the 52-Week Money Challenge

First, before we talk about hacking the challenge, you should have a good understanding of what the 52-week money challenge actually is. It was created online to help motivate people to increase and track their savings. Along with it came message boards and forums for support with people doing the same thing. Pretty cool, right?

The challenge also introduced free printable tracking sheets where you can record your weekly savings. It also walks you through how much should be saved each week.

With this challenge, you save an additional $1 per week (i.e. $1 on week one, $2 on week two, $3 on week three, and so on). You can see how this adds up in the graphic below (via Saving Advice).

hack the 52-week money challenge

How to Hack the 52-Week Money Challenge

“Hacking” an internet challenge like this is fairly easy. All you need to do is figure out what needs to change for the challenge to better suit your financial needs. Here are three ways you can do it…

  1. Change the contribution amounts. For instance, if $1,400 over the span of the year is too little for your savings goals, increase the weekly amount you deposit into savings. If the amount is too much, you can also decrease your contributions. Similarly, you can also switch around your contributions. Many people do the 52-week money challenge in reverse to account for holiday spending at the end of the year.
  2. Switch up your goals. You can also hack the 52-week money challenge by changing its objective. For example, most people use the challenge to save money. Instead, you could use the challenge to pay off debt. So, instead of saving $1 the first week, you’d add $1 to your current debt payments.
  3. Hustle. Lastly, you can “hack” the challenge by creating money to save. Let’s say you’re living paycheck-to-paycheck and there’s absolutely no way you are saving $1,400 this year. To hack that problem, you just need to find a hustle or sell things to create the cash to save.

Other Challenges to Try

Throughout the article, I’ve been referring to the 52-week money challenge, but that is far from the only internet challenge out there to try. No matter what your goals are, financial or otherwise, there is probably a challenge out there for you. Take a look at these other money challenges you may want to try…

Read More

Have You Tried the 52 Week Money Challenge?

| 2 Comments

52 Week Money Challenge
A few years ago it seemed like the internet blew up with different kinds of challenges. Weekly challenges, 30-day challenges and challenges that last an entire year all began to pop up on the web. The end goal for many of those challenges was to save money or better your financial life.

One of the most popular of said challenges was the 52 Week Money Challenge. Thousands of people tried it out and were able to start saving or add even more to their savings over the span of a year.

What is the 52 Week Money Challenge?

The 52 Week Money Challenge is a clever way to save some extra cash throughout the year. When all is said and done, at the end of the year, you should be able to save more than $1,300 with this challenge. An additional $1,300 in savings could make a world of difference (especially if you don’t have any savings yet).

Saving money is one of the most important things you can do to secure a financial future for yourself so whether you are just getting started saving, or you are looking to add more to your current savings, the 52 Week Money Challenge may be something you should try. Here’s how it works…

How to Do The 52 Week Money Challenge

Money challenges are fairly easy to follow and generally have a set amount of money corresponding with what day, week, month you are in the challenge. The 52 Week Money Challenge is broken down into, you guessed it, 52 weeks (one year). Many people begin the 52 week challenge on January 1 but you can start the challenge at any point through the year.

Week one of the challenge requires you to save $1, week two; $2, week three; $3 and $52 on the last week of the year. When you’ve completed the challenge you’ll have saved $1,378.

Tracking Your Money Challenge

Once you’ve gotten the gist of how to perform the 52 Week Money Challenge you’ll want to be able to accurately track it. Some people who’ve done the challenge in the past have created a separate account for the 52-week savings. Others have a jar they keep physical cash in. Either way, you will probably want to keep a calendar or table to keep on with which week you are on.

You can download and print a blank 52 Week Money Challenge to record your progress. If you’d like to track it in a different format some people have used planner and calendars to track their challenge. Printing a blank table, however, allows you to alter the challenge to your specific needs.

Other Money Challenges

In fact, many challenge takers have altered the 52 Week Money Challenge. Some have broken it down into a daily challenge where you save pennies every ($0.01 on day one, $0.02 on day two and $3.65 on the last day of the year). There are also shorter challenges, like the 12 Week Money Challenge.

If you’re looking to save more money this year, or even in the next few weeks, you may want to try a money challenge! There are plenty of forums and comment sections with other people who have tried it for support and you’ll be able to pump up your savings account.

Have you tried the 52 week money challenge? Let us know how it went in the comments! 

Want to read more? Other readers also liked: