100 envelope challenge total amount1/3/2024 Brick and mortar banks typically offer less than 1% interest on savings, but you can find better rates online.įor example, the Wealthsimple Savings Account that I like to use is currently offering a 2% interest rate. If you're going digital, you should try to find an account that offers the highest interest rate possible. If you want to use cash, do it! You won't earn any interest on your money but that's really the only downside. The most important thing to do before starting a 52-week money-saving challenge is to figure out where you're going to put your money. What to Do Before Starting Your 52-Week Saving Challenge Sounds corny but seriously, it's a big accomplishment! The 52-week money challenge is fulfilling – After you complete the 52-week money challenge, you can feel good knowing all your hard work and persistence paid off.Every variation is straightforward – Before you even start one of the 52-week money-saving challenges below, you'll get to see how it works, how often you need to save, and how much you'll have saved by the end.Helps you save for a goal – Doing a 52-week money challenge can help you build your emergency fund, pay off debt, save for a vacation, or something else.Warms you up to saving regularly – If you're not already saving money on a regular basis, doing a 52-week money-saving challenge will help you build that habit.Benefits of Doing a 52-Week Money-Saving Challenge To be more specific, I'll be showing you 9 different twists you can put on the 52-week challenge. And that's what I'll be showing you in this post. It works perfectly well, but there are other ways to do it too. That's just the classic 52-week money challenge though. That may not seem like much, but by the end of the 52-week money saving challenge, you'll have saved $1,378. Eventually, you get to week 52 and you save $52.If you've never heard of the 52-week money-saving challenge, here's how it works: A reward: You will have saved over $1,000 by the end of 52 weeks.Easy steps: You save a certain amount of money each week for 52 weeks.The 52-week money challenge is an example of a good, complete challenge. Without all three things, you either don't know what you're aiming for, don't know how to get there, or you just don't want to get there because there's no point. However, for a challenge to work, I think it needs three things:
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