The $10 Weekly Money Saving Challenge

This easy $10 weekly money saving challenge comes with a savings challenge printable and is a great way to start saving money for beginners and to learn how to save money each week.

The $10 weekly money saving challenge – start today!

New year, new you? Starting fresh means new beginnings for so many of us, and finances are one of the main things that we wish to keep better track of.

There are plenty of clever ways to save money. If you could use some help with saving a little cash, this weekly savings challenge is for you!

An easy challenge to save money

I have always been a pretty good money saver, and I truly think it starts small and steady. Starting early was key for me, at age 14 was when I got my first job and began to understand what it takes to make money and how much my account could potentially grow so that I could save for future purchases (hello, first car!).

Saving money tips – it can be easy

No matter what age you are, you can learn how to start saving money today. The key is to live within your means, start creating healthy spending habits, and put your extra funds to work for you into a savings account – NOT to make impulsive purchases!

The $10 weekly savings challenge

Here is our favorite challenge to start saving money for beginners. We introduced this in our monthly money-saving challenge post a couple of years ago and we love it!

The ten dollar money saving challenge to try to save over $500 this year

Step 1 – Getting started with the best savings account

Before you can start this money-saving challenge, you’ll need to have a place to put it! While you can always put the money under your mattress or keep it in your checking account, it will be too easy for you to access and you won’t be maximizing your interest income possibilities. Here is what we recommend:

Ally High-Yield Savings Account

This is a fee-free, high-yield interest savings account that pays YOU for what you save! Earn 4.35% APY* on your funds deposited into the account. Visit Ally to learn more, easy transfers to and from your primary bank and you can open your account in 5 minutes with no minimum balance!

Also, they are offering a new account bonus of up to $125, so check it out and see how you can start earning today.
*As of 1/23/24. APY varies. Click here.

Step 2 – Set up your recurring weekly savings deposits

Whatever account you decide to use, you can set up recurring deposits each week to go from your checking account straight to your savings. Make sure you have sufficient funds in your account each week to minimize issues and delays.

With Ally’s high-yield savings account, you can go into your account’s settings and locate the “Transfer” option. Here’s how it’s set up:

Log into your Ally account, click Transfers, then Bank Transfers.

Your ‘From’ account is your primary bank’s checking account, and the ‘To’ account is your Ally savings account. Set the ‘Frequency‘ to weekly and even create “buckets” for your savings goals to save specific amounts into different places. This makes the $10 weekly money-saving challenge easy peasy!

Other ways to make savings deposits

Alternatively, you could set a weekly alert on your phone to transfer money into your existing savings account. Also, you can walk in and deposit $10 cash every week into your account at a bank branch, but that’s not really an easy way to go. It’s your choice!

The $10 money saving challenge, you can save more than $500 in a year!

Step 3 – Check in each month to see your savings account grow!

As a saver, one of the most rewarding things is to watch how much your account has grown. Every single week your account grows, and you are well on your way to having over $500 + the interest you earn in your account by the end of the year!

Good luck with your New Year saving money challenge!

Whether you are saving for a specific goal, like buying a car, purchasing holiday gifts, or just to have some extra money in the bank, we hope this savings idea helps you out! An extra $500 at the end of the year is a nice cash buffer to have for all occasions.

This savings challenge idea is a great way to start saving money for beginners. Good luck with your weekly money saving! If you are looking to save a little bit more cash, here are some monthly money saving challenges to try.