2018 Savings Challenges

Happy new year

After making the decision to save, it can be difficult to know where to start and how much to save per month. Sometimes you will need to start with the end in mind, eg if you know you need R10,000 in six months, then you pro rate that and decide how much to save per month or week.

Sometimes you don’t exactly have a figure in mind, but just know that you need to be saving. You could be saving for an emergency fund, a holiday, or even to spoil yourself with a handbag you’ve been eyeing. Saving is not about depriving yourself, but planning your expenditure in a responsible manner, and that is why it goes hand in hand with budgeting.

I trawled the internet for various savings challenges, and customised them in a way which I think will make sense to us in South Africa and a few of our Zimbabwean followers. I hope you can find one which resonates best with you and your financial goals. If you miss a week or month, don’t give up altogether, rather continue and where possible try and catch up. You’d rather have some savings than no savings at all.

All the templates are available on the resources page.

The 52 weeks savings challenge

This is a popular one which has been around for a number of years. It was originally designed by Kassondra Perry-Moreland, but I have customised it into Rands and also included the dates. It’s my personal favorite, and I tried it in 2017 but did not complete it – yikes! I’ll be trying it again this year and commit to completing it. The amount increase by 10 every week, and it will leave you with R13,780 at year end.

How it works: Week 1 – R10; Week 2 : R20 and so on until you reach week 52

Great for :  (a) Building an emergency fund (b) Saving for a major purchase at year end.52 week savings plan

The 52 weeks challenge – by half

If some of the amounts on the 52 weeks challenge are unsustainable, you can try this one, where all the weekly amounts are half of the original challenge. It will leave you with R7,400 at the end of the year. No too bad at all!

Great for :  (a) Building an emergency fund (b) Saving for a major purchase at year end.52 week half savings plan

The 52 weeks challenge – midway countdown

Again, this one is based on the original 52 weeks challenge, but once you hit the half way mark, you start counting down the amounts. It helps because the amounts can become unsustainable as the weeks go by, depending on personal circumstances.

Great for :  (a) Building an emergency fund (b) Saving for a major purchase at year end.

Daily Savings Plan

As the name suggests, this one requires a daily deposit into the piggy bank/savings account. It will help you achieve R14.560 in a year. It amounts to R280 per week, so if you like, you can make a weekly deposit to achieve the same results.

You can halve the amounts and still achieve R7,280 by year end. Not too shabby!

Daily savings plan

12 week holiday challenge

You can use this one to save for Easter fun! If you begin promptly in January, then you will have R3000 to spend at Easter time. You can also use it for birthday funds, for Christmas, and other holidays. Just start at least 12 weeks before the event, and you can popping bottles for your birthday lol!

Great for :  (a)Short term savings, birthdays, short holidays, long weekends.

Easter savings challenge

I hope you will find at least one method to follow this year. Please do comment or email me on your progress.

One thought on “2018 Savings Challenges

  1. Great article.

    Currently doing the 52 week challenge for the second time. It works better if you do it in a small group of people you trust for motivation and accountability.

    Like

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