Today, we’ll focus on this saving method, which will hopefully help you achieve your year’s saving goals. There are dozens of money-saving challenges, and picking the right one can be challenging.
Creating a saving culture can be difficult, thanks to endless bills and other things that require money. The exciting part is that you can create a saving style like the biweekly money-saving challenge to suit your needs.
Keep reading to understand what and how the biweekly money-saving challenge works.
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What Is Biweekly Money Saving Challenge?
Whether you need to save for a wedding, education, a holiday, travel, or build a nest egg for rainy days, starting a saving challenge can help you achieve your goals.
The biweekly saving challenge focuses on saving money every other two weeks. You’ll set a specific amount from your paycheck towards your biweekly saving kitty.
For instance, you can save $10 in the first two weeks and double the amount in the next two weeks. If you start with $10 and set an increment of the same amount, expect to save $3,510 by the end of the challenge. You can increase the amount by ten dollars each week.
The biweekly money-saving challenge has 26 cycles in a year. You can set the amount to save depending on your budget and paydays. This budget works well for people who get their paycheck biweekly.
It is a budget-friendly way to save without straining, penny-pinching, or cutting your budget. The best thing about this saving challenge is that you can start with any amount and set an increment of the same amount.
How Much Money Do You Save In A Biweekly Saving Challenge?
The amount you can save in a biweekly savings challenge depends on your income, responsibilities, and saving goals. You can start with $1, $5, $8, $10, $15, $50, $100, and even more—nothing is set to stone on how to go about the biweekly saving challenge.
The ultimate goal is to make this saving challenge fun and affordable, so you can start with whichever amount you deem fit your budget.
You don’t need any app or software to get started with this money-saving challenge—the good old pen and paper can help you visualize your savings.
Create a biweekly table that runs up to 26 weeks and assign the amount to save the first week, which will be an increment for the subsequent biweekly weeks.
Automating your biweekly savings is an excellent strategy to stay committed throughout the saving challenge period.
Complete your saving journey by ticking against each week and ensuring you top up your account with the amount for that week.
How To Save Money Biweekly?
There is no set thumb rule on how to approach a biweekly money-saving challenge, and you can consider one of the many ways to complete this challenge in 26 biweekly weeks.
First, you need to create a savings account, which can be your 401K or an online account with your bank. Automating your savings is a breeze when you have an account.
Once that is set, you can create start and end dates for the challenge; you can start this at any time of the year. The important thing is for you to save consistently for 26 weeks. Your next step is deciding the amount to deposit into your account.
You can start saving the highest amount as you reduce it by a set base figure or with the smallest amount as you increase it.
This saving system is known as the reverse or descending method. For instance, if you want to start a $10 biweekly saving, you can save $260 in the first two weeks and work your way down to $10 at the end of the challenge.
Alternatively, you can start with $10 and save $260 during the last two weeks, which is an ascending method.
| Biweekly Week | Amount To Save | Savings Balance |
| 1 | $10 | $10 |
| 2 | $20 | $30 |
| 3 | $30 | $60 |
| 4 | $40 | $100 |
| 5 | $50 | $150 |
| 6 | $60 | $210 |
| 7 | $70 | $280 |
| 8 | $80 | $360 |
| 9 | $90 | $450 |
| 10 | $100 | $550 |
| 11 | $110 | $660 |
| 12 | $120 | $780 |
| 13 | $130 | $910 |
| 14 | $140 | $1,050 |
| 15 | $150 | $1,200 |
| 16 | $160 | $1,360 |
| 17 | $170 | $1,530 |
| 18 | $180 | $1,710 |
| 19 | $190 | $1,900 |
| 20 | $200 | $2,100 |
| 21 | $210 | $2,310 |
| 22 | $220 | $2,530 |
| 23 | $230 | $2,760 |
| 24 | $240 | $3,000 |
| 25 | $250 | $3,250 |
| 26 | $260 | $3,510 |
How Much Should I Save Biweekly To Save $10,000?
Do you want to save a grand this year? The biweekly money-saving challenge, also known as a 26-week saving challenge, can help you hit the goal.
You can use a flat rate or the increment method to achieve this savings amount or more in a year. If you save $384.62 every other two weeks or $192.31 every week for 26 weeks, you’ll have $10k in your nest egg.
Alternatively, you can start with a small amount, for instance, $29, and increase the amount by this figure biweekly. You’ll save at least $10,181 at the end of the challenge. There is no preferred or better method; start saving an amount that fits your budget and payment periods.
Biweekly $10k Money-Saving Challenge Table
| Biweekly Week | Amount To Save | Savings Balance |
| 1 | $29 | $29 |
| 2 | $58 | $87 |
| 3 | $87 | $174 |
| 4 | $116 | $290 |
| 5 | $145 | $435 |
| 6 | $174 | $609 |
| 7 | $205 | $814 |
| 8 | $232 | $1,046 |
| 9 | $261 | $1,307 |
| 10 | $290 | $1,597 |
| 11 | $319 | $1,916 |
| 12 | $348 | $2,264 |
| 13 | $377 | $2,641 |
| 14 | $406 | $3,047 |
| 15 | $435 | $3,482 |
| 16 | $464 | $3,946 |
| 17 | $493 | $4,439 |
| 18 | $522 | $4,961 |
| 19 | $551 | $5,512 |
| 20 | $580 | $6,092 |
| 21 | $609 | $6,701 |
| 22 | $638 | $7,339 |
| 23 | $667 | $8,006 |
| 24 | $696 | $8,702 |
| 25 | $725 | $9,427 |
| 26 | $754 | $10,181 |
Why Biweekly Savings Challenge?
There are dozens of money-saving challenges, so why pick a biweekly, 26-week saving challenge? One of the best things about a biweekly saving challenge is that it can help you focus and achieve your money goals, and automating your savings can help you stay on track.
Another thing is that you can save more money in a biweekly saving challenge. You can deposit money into your savings kitty more than in a monthly challenge. Plus, using the reverse or the pump-up method can motivate you to save more and stick to a healthy saving habit.
Starting a savings challenge means keeping track of your finances, which can help you budget better. When you track your expenses, it is easy to find and eliminate unnecessary costs and bad spending habits.
Notably, a biweekly saving challenge is a perfect strategy if you earn every other two weeks. You only need to automate the savings and watch your nest egg.
Money Saving Challenge FAQs
42% of Americans have less than $1000 in savings, and the average American holds $4,500 in a savings account, which shows that most people don’t have a substantial amount in savings.
Sticking to a challenge can make a difference if you want to save more than the average person. Understandably, there are many questions regarding money-saving challenges, and below are the answers to some of your questions.
Save Money Biweekly And Achieve Your Goals
Are you ready to kickstart your saving journey this year? The biweekly money-saving challenge is perfect if you need a simple strategy. Be creative and find ways to put more money into your savings account. The biweekly money-saving challenge is one of the many excellent articles to help you grow your savings. Get more money-saving tips by joining our newsletter!
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