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Happy 2024! I am excited for a new year and new savings goals. I have been trying to keep up with the blog, but the holidays were REALLY busy for me! The free resource library has been updated with a new 52 Week Savings Challenge, January Savings Challenge, and Winter Bingo Savings Challenge to help you save for 2024.
I plan to start adding more free budgeting resources outside of the savings challenges, but this savings challenge freebie is a must have for any saver! The $1, $5, and $10 Savings Challenges are perfect for anyone looking to save on a regular basis. I’ll tell you all about these easy savings trackers and how to get them! Click the link below to start the download:
$1, $5, and $10 Savings ChallengesThe Printable $1, $5, and $10 Savings Challenges
I created the $1, $5, and $10 Savings Challenges to help you save small amounts of money in a fun way. There are three savings challenges: $1 Savings Challenge, $5 Savings Challenge, and $10 Savings Challenge. They are meant to match dollar denominations: 1,5, and 10, so you can save certain bills!
The savings goals are also low, so they are not overwhelming. The $1 Savings Challenge has a savings goal of $25. The $5 Savings Challenge has a savings goal of $150. The $10 Savings Challenge has a savings goal of $250. Now let’s talk about how to complete these savings challenges.
How to Complete the Savings Challenge
Each savings challenge has 25 images on the tracker. Each image has a savings amount on it. For example, each image on the $1 Savings challenge is worth $1. You save $1 per image and color in each image that you complete. You do the same for the other challenges and continue until the challenge is complete.
I had to start the year with a color and save challenge, because they are a popular way to save! I would suggest starting with the $1 challenge so that you can finish it quickly. You can even do it multiple times!
How to Set a Yearly Savings Goal
Even though we are a couple of weeks into 2024, I want to discuss savings goals. This is a necessary step in setting yourself up for success. I discussed my savings goal on Instagram because it’s important for me to be transparent. My savings goal for 2024 is $10,000, so I had to create a savings plan for this goal.
To Set your Yearly savings goal consider the following:
- Your Current Income and Expenses.
- Any Financial Changes that May Occur during the year. (Change in Job, Increase or Decrease in Income, and/or Increase or Decrease in Expenses)
- Upcoming Events and Activities (Vacation, Birthdays, Holidays, School Activities, Outings, etc.)
- Reasons why You want to save. (Emergency fund, month ahead, vacation, Investing, etc.)
The reason that I listed these situations is because it will help you to determine if you will be able to consistently save. Will you be able to contribute the same amount of money each paycheck to achieve your yearly savings goal? What other circumstances could occur that would affect how much you can save?
After reviewing all the circumstances, set a yearly savings goal that is challenging, but not too high. A goal that you know will stretch you but seems attainable. I set my goal to $10,000 because it was double what I saved in 2023. I knew that if I made a few adjustments in 2024 I could reach this goal. It is challenging, but something I can achieve with discipline.
Even if I don’t reach this goal, I know that I can get really close. Here is how you break that yearly savings goal into monthly goals:
Savings Goal / 12 Months = Monthly Savings Goal
$10,000 / 12 Months = $833.34
I took my savings goal and divided it into 12 months. To reach my yearly savings goal of $10,000, I need to save $833.34 a month. Let’s break it into weeks:
Savings Goal/ 52 Weeks = $192.31
There are 52 weeks in a year, so I need to save $192.31 a week to reach the $10,000 savings goal. I get paid weekly, so this is what I will add to my savings each week. And of course, I will use savings challenges to help me reach my savings goal!
Get Your Free $1, $5, and $10 Savings Challenges
Now that you know how to use the savings challenges and set a yearly savings goal, it’s time to access the savings trackers! To get your Trackers Click the link below to begin the download:
$1, $5, and $10 Savings ChallengesPlease feel free to check out the free budgeting resource library that has all a bunch of budgeting trackers to help you transform your finances: Free Budgeting Resource Library.
Small Progress Adds Up!
This year let’s focus on the small wins and celebrating that you are progressing (even when it does not feel like it). I created a $1 Savings Challenge because I want to show that even a $1 adds up. If you keep doing this same challenge each month for 12 months that is $300 saved in a year! That is by saving $25 a month. That may not seem like a lot, but as those months fly by it adds up!
I plan to be more consistent on this blog, because helping you achieve your savings goal(s) is important to me. It’s what helps me come up with new savings challenges and content. I hope that you remember that small progress adds up!
Please reach out to me in the comment section below or shoot me a message on social media: @thesavingbutterfly. I’d love to hear about your savings progress and how you plan to use this savings challenge!
