You love Savings Challenges and so do we! We always like to showcase various options as we recognize that everyone's financial situation is different. If you have an additional $100 - $150 extra each month or paycheck that you feel comfortable putting into savings, this is the option for you.
You start with $100 the first week (or second week of the month), then deposit $150 on the 4th week of the month. You keep alternating this every other week for 5 months and save $1150. This is a quicker option than a standard yearly savings challenge and best for those who have a significant amount extra they can put away each month.
Bi-Weekly Savings Challenge - A Quick Challenge: Complete In Only A Few Months
On Be Secure Financially we want you to have different options on your Financial Freedom journey! So we have multiple options for you: a 30-Day Challenge, the 52-Week Challenge, the Penny Challenge and even more!
This Bi-Weekly Savings Challenge - A Quick Challenge is a great way to save if you have over $100 you can take out of each bi-weekly paycheck and want to save a larger amount in a quicker amount of time, like only 6 months.
Keep Reading For More Details On The Challenge
Bi-Weekly Savings Challenge - For Only A Few Months
You simply put away $100 in the first week (second week of the month), $150 for the next week (fourth week of the month), you keep alternating these amounts for a total of 10 deposits. The example above shows January as the first month, but this is also a great challenge to start at anytime of the year, including right now or your next paycheck!
Week 1 - $100
Week 2 - $150
Week 3 - $100
Week 4 - $150
Week 5 - $150
And so on..
Until Deposit 10 = $1150
This is a great way to put away $1150 in less than 6 months!
Setup automatic bank transfers from your checking account into your savings account, use a clear a jar (as mentioned before to see your savings) or a piggy bank.
If you choose the auto transfer option, once the transfers are setup, your app/bank will transfer the money for you into the desired account.
Just like all of our other savings challenges, put the money into the account and don't touch or spend it, that is the key to saving!