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

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<p>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.</p>::Pexels

 

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, to check out our Bi-weekly money challenge article for 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. Do your best to avoid payday loans with extremely high interest rates. 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 our Self Lender review.

 

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. Visit Raisin and enter my referral code earlm014354 to earn up to $125 in bonus cash when you sign up and meet the deposit requirements.

 

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3 Ways to Hack the 52-Week Money Challenge

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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…

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Are You Ready For a Financial Challenge?

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<p>In more recent years internet challenges have become extremely popular. Usually they last the span of anywhere from one week to an entire year and, for the most part, they seem to help people reach their goals. From a 30 day squat challenge to a 365 day money challenge, these online competitions are pushing people to better themselves. But, outside of saving pennies a day, how can these online challenges help you financially?</p>::Pexels
In more recent years internet challenges have become extremely popular. Usually they last the span of anywhere from one week to an entire year and, for the most part, they seem to help people reach their goals.

From a 30 day squat challenge to a 365 day money challenge, these online competitions are pushing people to better themselves. But, outside of saving pennies a day, how can these online challenges help you financially?

Money Challenges

If you’ve been looking for financial challenges, you’ve probably already come across the 52 week money challenge and 365 day money challenge (and all the savings challenges in between). You may have also seen things like the “Debt Snowball Challenge” and other debt payoff challenges.

What I’ve found, however, is that there are very few internet challenges that challenge you to look at all of your finances at once. Why not challenge yourself to become involved in your finances?

As you know from previous posts, I just recovered from a financial crisis within the past few months. I’m finally in a place where I can start saving, paying off more debt, investing and simply bettering my life all around. So, I decided to challenge myself to become immersed in finance. Here’s the plan:

My Personal Financial Challenge

  • Budget. Budgeting is not my strong suit but I have made it a significant part of this challenge. While seeking new ways to make some extra cash, I will also be looking for places to trim my budget on a weekly basis. This will mean going out a lot less, eating out a lot less and really tracking my spending closely. To do this, I’ve picked out a couple helpful apps (Mint and Daily Budget).
  • Save. I’ve set a goal of saving $400 per month. This is feasible if and only if I stick to my budget closely. So, I’ll be using the apps mentioned. I will also be putting aside any change and any $1 bills I receive from a cashier at checkout to put aside. With my weekly savings and this, I’ll easily get $400 saved each month.
  • Invest. Part of that savings will be in investments. I am only starting out investing $20 a month. Currently, I am using Acorns to manage my small contributions to my investment portfolio. However, as my financial situation continues to improve I will be able to contribute more and more to this. I also plan on placing some savings into a Roth IRA before the end of the year, which will help prepare a stable financial future.
  • Pay Off Debt. Prior to moving, I paid off a sizable amount of debt. There is still a few hundred dollars that need to be paid off in medical debt that I will be tackling throughout this challenge series.
  • Build Credit. Sometimes paying off debt and building credit can clash. However, I’ve opened two very low ($300 each) credit cards that will help me further establish my credit. I buy everyday items on the cards and pay them off in full each month. I hope to see a raise in my credit score within a month.

I Challenge You!

All of that to ask you, what would you like to better about your life financially? Are you willing to both share and face your challenge with me? Take the plunge and challenge yourself to become financially fit.

Want to chat about your financial challenge? I’d love to hear from you!

How to Succeed at the 365 Day Money Challenge

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365 day money challenge

Several years ago, online challenges became really popular. Individuals challenged one another online to do 100 squats a day, lose weight, write journals, and save money. Of these challenges, one of the most popular has been the 365 Day Money Challenge. This was a finance-focused challenge that helped people save a set amount of money throughout the span of a year. 

About Money Challenges

If you’ve never heard of a money challenge, don’t worry! They are fairly simple to understand and extremely easy to participate in. The 365-day money challenge helps you save $668 over the span of a year, one penny at a time. Depending on your savings goals, you can pick-and-choose between many different money challenges that have higher (or lower) savings goals.

Other challenges also have altered time spans as well. For instance, there is the 26-week money challenge, or the bi-weekly money challenge, that helps individuals put money away every other week. No matter what your goals are, there is a money challenge out there for you.

The 365 Day Money Challenge

The money challenge was one of the first to appear online. Essentially, you start with saving $0.01 on the first day, $0.02 on the second day, $0.03 on the third day, and so on. On the 365th day, or after one year, you will have accumulated nearly $670.

One problem with challenges, however, is that many people fail to complete them. Maybe they grow bored with it or they don’t have a plan in place for saving. Whatever the case may be, follow these tips to successfully perform the challenge:

  1. Print this sheet to track your 365-day money challenge progress. Tracking your savings will help encourage you to continue on. You’ll be able to see the money stacking up over time. Also, writing your contributions down will help make you feel like you are being held accountable for saving that money.
  2. Join a Facebook Group. The 365-day money challenge has been around for a few years and thousands of people have tried it out. There are plenty of forums and social media groups to talk about the money challenge, ask for help, and bounce ideas off other individuals. Having support like this can encourage you to continue saving and complete the challenge.
  3. Ask a friend to join you. By asking someone you know to join you in the challenge, you can create a small feeling of competition, making the challenge more interesting. It can also provide you with someone to go to if you are having trouble saving or sticking to your plan.
  4. Keep your eye on the prize. Whatever the reason is for you want to take on the 365-day money challenge, write it down on a sticky note and put it wherever you are stashing your pennies every day. Seeing that reminder will help you continue driving forward with your savings goals.

No matter what those goals are, participating in a challenge like the 365-day money challenge is a great way to add to or kickstart your savings. Making the decision to take on a year-long challenge is a big commitment but can prove to be extremely beneficial.

Have you tried a money challenge? How much did you save?

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Have You Tried the 52 Week Money Challenge?

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<p>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.</p>::Pexels
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! 

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Use The 365 Day Money Challenge to Start Your Savings

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Just a few years ago it seemed like different challenges were popping up all over the internet. If you want to lose weight, there is an internet challenge for it. If you want to drink more water, there’s a challenge for that. Similarly, people who want to save money have internet challenges as well.

The first few money challenges that came out were designed to help people begin saving or add to their existing savings. One of the very first, the 365 Day Money Challenge, helps those who take the challenge save one penny at a time.

 

What is the 365 Day Money Challenge?

In short, the 365 Day Money Challenge is a fun way to save money. It was designed by internet users to help others save and create a community of people with similar financial goals. Like other money challenges, the 365 Day Money Challenge helps you save money by giving you a structure and set amount to save each day over a year (365 days).

How to Do The 365 Day Money Challenge

Every day you add more money to savings with the 365 Day Money Challenge. On the first day you save $0.01; day two, $0.02; day three, $0.03 and on the 365th day $3.65 (as illustrated in the photo below). After the year is over you’ll have saved $668.

<p>The 365 Day Money Challenge is a great way to add some additional cash to your savings or kickstart your savings. Many people have also used the money challenge to teach their children about saving. Either way, it is a fun way to go about saving. Click here for a downloadable version of the 365 Day Money Challenge.</p>::Pexels
The 365 Day Money Challenge is a great way to add some additional cash to your savings or kickstart your savings. Many people have also used the money challenge to teach their children about saving. Either way, it is a fun way to go about saving. Click here for a downloadable version of the 365 Day Money Challenge.

 

Other Money Challenges

If the 365 Day Money Challenge doesn’t appeal to you but you like the idea of a money challenge there are plenty of others to try as well. Below are some of the most popular challenges you can try:

  • 12 Week Money Challenge – Taking a money challenge for an entire year can seem a bit overwhelming. Scaling it down to 12 weeks can make it a bit more manageable. You can save $1,000 in just 12 weeks with this challenge.
  • 30 Day Money Challenge – An even shorter challenge is the 30 Day Money Challenge. The challenge lays out a structure that helps people save $500 in one month.
  • $5 Bill Challenge – The $5 bill challenge is a bit different. Instead of contributing money to savings every day, week or month you contribute every time you receive a $5 bill in change. Each time you do the $5 goes to savings.
  • 52 Week Money Challenge – The 52 Week Money Challenge is similar to the 365 Day Money Challenge. Both take a year. However, the 52 week challenge helps people save about $1,400 throughout the year.
  • Reverse 52 Week Money Challenge – The Reverse 52 Week Money Challenge is the same as the 62 Week Money Challenge but in reverse (as the name suggests). You start out saving $52 in week one and only $1 on week 52.
  • Bi-Weekly Money Challenge – Many people get paid bi-weekly so contributing to savings every other week works better for some people. This still takes a year and you’ll save $1,400 (like the 52 week challenges) but you can schedule it with your pay schedule (if you’re paid bi-weekly).
  • Money Challenge for Couples – Couples and finance can be rough. Trying a money challenge together can bring you closer together. There are many different challenges for couples to try, including daily, weekly and monthly saving structures.
  • Money Challenge for Kids – Teaching kids to save with a money challenge can be fun as well and you’ll be teaching them something they’ll use forever. There are multiple different challenges available for kids out there, most involve small amounts of money.
  • Money Challenge for College Students – A lot of college kids have to learn to save pretty quickly. Using a money challenge for college students can help them get a kickstart.

Whether you’re looking to start saving, add to your savings or save for a specific purchase trying a money challenge like the 365 Day Money Challenge can be great. Will you try one?

Photo: The Stingy Saver