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How to save nearly $7,000 this year with the $5 a week savings challenge

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Theo Thimou

How many times have you said that to yourself and then blown $5 on something that added little if any long-term value to your life?

If you’re like most people, the answer is — plenty of times!

But imagine if you could say “no” to yourself just once a week and redirect that money in your life.

That’s all it take to begin the $5 savings challenge. If completed successfully, it will result in you having nearly $7,000 by the end of the year!

Introducing the $5 a week savings challenge

Over the past week, we shared a separate savings challenge that started with you socking away $20 during the first week of January and upping the amount from there. Within a month, that plan had people saving over $100 a week — if they could manage it.

A lot of people balked and said they’d find it easier to do a savings challenge if it just weren’t so extreme. So for all of you, we present the $5 a week savings challenge!

This chart below from KuriPotpinay.com show how it all starts with socking away just $5 during the first week of January. Everybody can do that, right?

Then during the second week, you save $10. And during the third week you save $15, and on and on…

How to save nearly $7,000 with the $5 savings challenge this year

This plan eases you into the idea of progressive saving, where you’re raising your savings amount by $5 each week. But it happens at a slower pace that more people would be inclined to stick with versus the other savings challenges that start out all guns blazing.

If you keep upping your savings rate by just $5 more each week, you’ll have nearly $7,000 by the end of the year!

Of course, the devil is in the details. While it might be easy to stash away a few bucks early in the year, how about when you get toward the middle and end of the year? You’ll have to come up with anywhere from $100 to almost $300 on a weekly basis under this plan.

But don’t despair…it is possible! Here are a ton of ways to reduce your bills or create more money in your life — broken down by category — so you can successfully complete the $5 savings challenge in 2017!

For more information visit, clarkhoward.com

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