Saving money can sometimes feel like a challenge, so why not make it a fun, simple one? If you start small and time your savings deposits with your paychecks, the reward can be sweet.
Whenever you choose to build a new, healthy habit—like working out more often or saving money—it requires some discipline. The more you practice putting money away, the easier it becomes until it’s almost second nature. A biweekly savings challenge offers a great way to make saving part of your routine.
How a Biweekly Savings Challenge Works
Depending on your goal, you can begin with a manageable amount and increase your savings each pay period. Starting with something small (about what you would pay for a takeout cup of coffee), makes it easier to ease into the challenge while adjusting your budget along the way.
Here’s What It Looks Like
Many people increase their contribution by $5 each pay period. For example:
First two weeks: $5
Second two weeks: $10
Third two weeks: $15
Fourth two weeks: $20
And so on, until you reach the 13th pay period and hit $455. Throughout your one-year challenge of 26 pay periods, you would bank $1,755.
But the savings challenge doesn’t have to stop there. Our savings goal calculator (opens in a new tab) shows what it takes to reach your longer-term goals.
Is This Challenge Right for You?
Biweekly savings challenges help those who want to develop a savings habit or have a specific goal in mind. For instance, maybe you already contribute to an emergency fund (opens in a new tab) but also want to save with a vacation club account (opens in a new tab). A savings challenge lets you gradually build your new habit.
You might also enjoy this approach if you have tried money-saving efforts like a no-spend challenge (opens in a new tab) and liked the motivation they provide.
How To Set Yourself Up for Success
Are you ready to take on a biweekly savings challenge? Here are some tips to prepare.
Write down your biweekly totals for the entire year so that you know how much to save each pay period.
Look at your weekly expenses and see where you can save (opens in a new tab), such as subscriptions you don’t use, takeout or coffee runs.
Set up an automatic savings plan (opens in a new tab) using our digital banking tools (opens in a new tab) so you can put money away without thinking about it every paycheck.
Stay motivated by revisiting your goals. Look at photos of where you want to vacation or read more about the benefits of long-term savings.
Download our free printable money-saving challenge template to help guide you on your savings journey.
Finally, find a savings account (opens in a new tab) that suits your goals so you can make the most of every deposit.
