How to Do a Biweekly Savings Challenge
Minute Read
(Edited by Sedona Meadows)
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:
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First two weeks: $5
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Second two weeks: $10
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Third two weeks: $15
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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 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 but also want to save with a vacation club account. 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 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.
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Write down your biweekly totals for the entire year so that you know how much to save each pay period.
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Look at your weekly expenses and see where you can save, such as subscriptions you don’t use, takeout or coffee runs.
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Set up an automatic savings plan using our digital banking tools so you can put money away without thinking about it every paycheck.
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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.
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Download our free printable money-saving challenge template to help guide you on your savings journey.
Finally, find a savings account that suits your goals so you can make the most of every deposit.
