What Is the Every 2 Weeks Savings Challenge?

The every 2 weeks savings challenge, also known as the biweekly savings challenge, is a structured plan to help you save money consistently over time. As the name suggests, it involves setting aside a certain amount of money every two weeks to put into your savings.

The premise is simple – start by saving a small, manageable amount during your first two-week period. Then, increase the savings amount incrementally with each subsequent two-week period. For example, you might start by saving $25 in week 1, then $30 in week 2, $35 in week 3, and so on. The incremental increases are generally small – between $5-$10 per period. But over time, these small increases in savings really add up!

The Main Benefit

The key benefit of the biweekly challenge is that it makes saving feel more achievable by breaking it down into smaller, consistent actions. By saving every two weeks rather than monthly or annually, you are forming a regular savings habit. The incremental nature also creates a sense of momentum and motivation to keep going. Setting a specific savings goal and tracking your progress can further boost your savings commitment.

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Overall, the every 2 weeks challenge provides an easy, automated way to effectively build your savings over time. The steady increases make it less painful than trying to save a large lump sum all at once. With some discipline and dedication, this simple savings hack can put you on the path towards greater financial freedom and stability.

Setting Your Every 2 Weeks Savings Goal

Deciding on the right savings goal amount is crucial when starting an every 2 weeks savings challenge. You want to set a target that is realistic but still requires dedication and discipline to achieve. According to financial experts, the ideal savings goal amount will feel challenging but doable for your current financial situation.

When determining your biweekly savings goal, first look at your current income and expenses. Make sure to account for essential costs like housing, food, transportation, and utilities. Then look for areas where you can trim extra spending on wants rather than needs. Utilize this savings goal calculator for help.

Next, think about your timeframe. The longer you plan to save, the higher your goal amount can be. Common biweekly savings challenge durations are 3, 6, 12 or 24 months. Just remember – the key is consistency. It’s better to set a conservative target you can stick to than an overly ambitious one you’ll struggle with.

Once you’ve crunched the numbers, set your biweekly savings goal. Make it specific and measurable, like $100 every 2 weeks or $1,000 total over 6 months. Share your goal with others to increase accountability. Re-evaluate it quarterly and adjust if needed. With the right goal in place, you’ll be motivated to succeed!

Calculating Your Biweekly Savings Amount

When setting up a biweekly savings challenge, one of the most important steps is calculating how much you need to deposit each period in order to reach your savings goal.

There are a few key factors to consider:

  • Your total savings goal amount: This is the end target you want to reach through the challenge. Determine a realistic number based on your current income and expenses.
  • Length of the challenge: How many weeks or months will the challenge run for? Common durations are 6 months, 12 months, 24 months.
  • Compounding interest: If you’re putting your savings into a High Yield Savings Account, your deposits will earn interest over time, increasing the growth of your savings.

Use a biweekly savings calculator to determine your per-period deposit amount.

The basic formula is:

Savings goal amount / (Number of periods x 2) = Biweekly deposit amount.

For example, to save $10,000 over 12 months (26 periods): $10,000 / (26 x 2) = $192.31
So you would need to deposit $192.31 each biweekly period.

Try out different goal amounts and durations with a biweekly calculator to find a savings plan that fits your budget. Consistently saving even small amounts biweekly can grow your money exponentially over time!

Automate Your Every 2 Weeks Transfers

One of the best ways to ensure success with the every 2 weeks savings challenge is to automate your transfers from checking to savings. Automating your bi-weekly transfers takes the effort out of saving and helps you grow your savings over time. Set it and forget it!

Most banks offer features through their app or website to set up automatic transfers on a recurring schedule. For example, you can have $100 automatically transferred from checking to savings every other Friday.

Tracking and Monitoring Your Progress

Keeping track of your progress is key to staying motivated and reaching your savings goal.

  • Create a custom Excel spreadsheet: Make your own Excel sheet to input your biweekly savings amounts and watch your total grow. Seeing the numbers add up can be extremely motivating!
  • Use a budgeting app: Apps like Mint, YNAB, EveryDollar, and others have free versions to help track savings goals. The automation makes tracking a breeze.
  • Celebrate milestones: Each time you hit a savings milestone, celebrate your achievement. Share your excitement with others or treat yourself to a small reward (this could be something free or low cost!) Think: a bubble bath & self-care night, a picnic at your favorite park, getting your favorite snack and watching that movie you’ve been really wanting to see, etc.
  • Share on social media: Posting on social media about reaching certain milestones can keep you accountable and motivated. The support from others can give an extra boost!

No matter which tracking method you choose, monitoring your every 2 weeks savings challenge progress is essential for staying on track and pumped up to reach your savings goals. You can celebrate each small win along the way to encourage yourself and keep going!

Overcoming Obstacles and Setbacks

Life happens, and you may encounter obstacles that make it difficult to stick to the biweekly savings challenge. The key is to not get discouraged and have a plan to get back on track!

What to Do If You Miss a Deposit

Missing a deposit doesn’t have to derail your entire savings plan. Here are some tips if you miss making a biweekly savings deposit:

  • Make it up as soon as possible. Even if you deposit a smaller amount, getting back into the habit is important.
  • Temporarily increase your savings amount for future deposits to make up for what you missed. For example, deposit an extra $10 or $20 until you get caught up.
  • See if you can automate a makeup deposit for the next pay period to get back on schedule.
  • If needed, give yourself permission to extend the length of the challenge by a couple weeks to make up for missed deposits. The timeline can be flexible.

Getting discouraged after missing a deposit is normal, but focus on each individual deposit rather than perfection. Every little bit you save gets you closer to your goal!

Re-adjusting If Goals Aren’t Met

You may find your initial savings goal for the biweekly challenge needs to be adjusted based on your financial situation. Here are some tips for modifying goals:

  • Re-evaluate expenses and see if you can cut back on discretionary spending to put more towards savings. You can even look for cheaper phone, internet or car insurance options and consider cancelling your cable or streaming subscriptions (YouTube has tons of free content!)
  • Consider side hustles or freelance work to bring in extra income that can be put towards savings.
  • Scale back the amount saved biweekly to something sustainable, and increase it over time.
  • Set a smaller but still meaningful savings target that works with your current budget.
  • Extend the length of your savings challenge to make the biweekly amount more reasonable.

The key is being flexible and not getting discouraged if your original goal isn’t feasible. Even small amounts saved consistently over time add up. Focus on progress and building long-term savings habits.

Money Saving Tips To Boost Your Challenge

To maximize your savings during the biweekly challenge, it’s important to find ways to reduce your expenses and earn extra income. Here are some effective strategies:

  • Cut down on dining out and limit food delivery services. Cooking at home and planning your shopping list based on what’s on sale at the grocery store can save hundreds per month.
  • Renegotiate monthly bills like cable, internet, phone plans, and insurance. Providers often have promotional rates for new customers that existing ones can ask for.
  • Cancel unused subscriptions and memberships. Go through bank and credit card statements to identify charges you can eliminate.
  • Shop with a list and avoid impulse purchases. Stick to buying only essentials during the biweekly challenge.
  • Sell unused items around your home. Have a garage sale, use Facebook marketplace or Mercari.
  • Pick up a side gig like DoorDash, petsitting, tutoring, freelance writing, etc. Use your skills to earn extra cash.
  • Ask for a raise or promotion at work if you’ve been excelling. More income means more savings potential.
  • Utilize apps like Ibotta, Fetch or Unidays to help maximize your savings.

Getting creative about earning additional income while cutting unnecessary expenses can give your savings a significant boost during the biweekly challenge. The more cash you free up, the more you can put towards hitting your savings target.

Maintaining Savings Habits Long-Term

After completing the every 2 weeks savings challenge, it’s important to transition to long-term saving and investing habits. The key is to maintain the momentum you’ve built and continue growing your savings!

One recommendation is to roll your challenge savings into a high-yield savings account, CD, or other conservative investment vehicle. This will allow the money to continue earning interest and compounding over time. Consider setting up automatic transfers from your checking account to the investment account, just as you did during the challenge.

It’s also wise to develop lifelong frugal habits that extend beyond the challenge timeline. For example, continue budgeting a set amount for savings each month or paycheck. Limit unnecessary spending on wants rather than needs. Always look for extra ways to earn money that can be added to your investments.

The every 2 weeks challenge is designed to kickstart a long-term savings mindset. With discipline and commitment, the habits formed during the challenge can lead to financial freedom down the road. The key is staying consistent, avoiding lifestyle inflation, and letting your money work for you through smart investments.

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