$20 money saving challenge
Are you trying to save money, but don’t really know how to get started? An easy way to get going is to do a savings challenge. Today I want to talk to you about the popular $20 savings challenge.
What is the $20 Savings Challenge?
The $20 money saving challenge is a simple way to encourage yourself to start saving money now! With this challenge you save small amounts over time, so that you can save money without feeling the pinch of the “missing” money.
I love this challenge because the amount is big enough to feel like you are making progress, without it being so much that it feels impossible.
How much is $20 a week for a year?
One way to tackle this goal is to save $20 a week. If you are able to focus on saving $20 every week, for a year, you can end up saving $1040!
If you have never really saved money before, $1000 is a great accomplishment! Using this challenge can really jump start your savings and lead to a lifelong habit of saving and reaching financial goals.
How to do the $20 Dollar Money Challenge
The $20 dollar saving challenge is a simple enough challenge to do. And there are two main ways to accomplish it.
Method 1: 20 dollar a week challenge
The first option is to set aside $20 every week, for a year. Doing the challenge this way is a great way to save a little bit of money each week. It is a small enough amount to not feel overwhelming or too difficult to manage within a tight budget. This way you will be able to save without feeling like it hurts.
Small steps over time really do lead to big progress later on. And saving this way can help you get in the habit of saving.
Method 2: 20 dollar money challenge
The second option for the $20 challenge is a little more broad. With this option you save $20 every time you have a twenty dollar bill in your possession. This method works great for cash spenders/budgeters since they will be more likely to have $20 bills to save more often.
It doesn’t really matter how you structure your challenge. You really can do it any way you like. The point is to encourage yourself to actually save money in a way that is motivating and successful.
20 dollar challenge chart
If you want to ignite your savings goals with the $20 money saving challenge, then you need to make sure to keep track of your progress. Doing so will help keep you motivated and going when it feels hard.
I created a printable of this challenge to help you reach your new money goals.
This cute chart is set up with 100 circles, with $20 in each circle. Every time you are able to save $20, fill in one of the circles.
By the time you have filled in all of the circles, you will have saved $2000!
Get your own $20 dollar challenge chart here
I love using printable charts like these so you can actually see the progress you are making. No more “out of sight, out of mind”.
If you are ready to tackle you next savings goal, then try to $20 Savings Challenge!
Check out our other savings challenges and trackers!