Everyone likes a good challenge, especially if it helps you save money. A recent study showed that two thirds of Americans don’t have enough money saved for a $1,000 emergency, however, with a little discipline you can have that amount of money saved in just 12 weeks using a set savings plan.
The 12-week savings plan isn’t as popular as some of the year-long savings plan because it is a bit more intense and requires you to save larger sums of money each week. If you are able to pull off this savings plan though, it is a great way to get $1,000 in your savings account in a short period of time.
12-Week Money Challenge
Saving $1,000 is no small feat and doing so in 12 weeks is even more of a triumph. No matter what your reason is for saving (vacation, growing your savings, etc) this savings challenge is perfect for a short-term savings goal. It will take a little buckling down on your end but it will be well worth it in the end.
The challenge requires you to save $60 or more each week. The first week starts with you saving $60 and then $75 the second week, $95 the third week and $100 the fourth week. Week five you save $65, then $75, $95 and $100. You then save in that pattern for four more weeks and you’ve completed the challenge.
Photo: How Does She
How to Successfully Do The 12-Week Money Challenge
When you look at this savings challenge you may be thinking “how can I save $100 in one week or even $65?” It is possible! If you have a budget (which you should), go over it and decide where you can cut over the next 12 weeks. This is an aggressive savings plan so you will need to be aggressive in trying to make it work.
Here are a few things you may be able to cut and/or try to successfully save $1,000 in 12 weeks:
- Limit eating out. You will be surprised how much money you will save by simply not going through the Drive Thru or going out to eat on Friday night.
- Sell things you don’t use. Go through your closets and have a weekly garage sale during the 12 weeks. Whatever money you make at the garage sale put directly towards your savings plan.
- Skip unnecessary expenses like pampering. If you go and get your nails done every week, skip that expense during the 12 week money challenge. You’ll be surprised at how much this will help you save.
- Stay home. Instead of going out for your entertainment, stay in. You can have a game night, watch a movie or curl up with a book.
- Find a free or cheap hobby. If you like to go shopping, find something else to fill your time like visiting local parks, going on walks or even a book club. This will help you successfully pull off this 12-week plan.
If you are looking to save $1,000 quickly or simply ready to buckle down and really start getting your savings on track, this 12-week plan is a great way to make that happen. While it is more aggressive than the 365 Day Money Challenge or the 52 Week Money Challenge, it is effective in helping people save and really take a good look at their finances over a 12-week span.
Need Money To Save?
One of the biggest problems people run into with the 12 month savings challenge is finding money to save. While most people who take this challenge save money from their salaries, there are several really easy and quick things you can you to earn money. These are:
- Take Surveys: Taking Surveys has traditionally been a high effort low return proposition, but there are a couple of apps that pay well. Two of these are 1Q and Prolific. 1Q pays 25 cents per question, which is the best rate you’ll find anywhere for a survey. Prolific pays somewhat worse, but has far more available surveys. Both of them won’t replace your day job, but they’re good if you have some spare time and need a few extra bucks to meet your savings goal. You can find 1Q here and Prolific here.
- Get A Part Time Job: America is increasingly moving towards a gig economy. Part time jobs such as filling DoorDash orders, walking pets or driving for Uber are all legitimate and effective way to find money to save.
- Sell Your Browsing History: Your browsing and location history has modest economic values for marketers. And, in recent years, a number of companies have started to take advantage of this. SavvyConnect, Caden, Datacy, and Nielsen Opinion Rewards are all legitimate companies that will pay you for your data. What these corporations do is aggregate your information with thousands of other people and sell the information to marketers. They’ll all pay you about $5 per month for your data. If you install all of these apps on your smartphone and laptop, you’ll bring in an extra $30 per month for little effort. This should help you get across the finish line on weeks when you need to save more.
Lastly, if you have taken the 12 month challenge or have any other saving idea, please leave us a comment below.
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Photo: Flickr: 401(K) 2012
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