This easy $10 weekly money saving challenge is a great way for beginners to get into the habit of setting money aside 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. If you could use some help with saving a little cash, this weekly savings challenge is for you!
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! 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 $10 weekly savings challenge
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:
This is a fee-free, high-interest savings account that pays YOU for what you save! Earn 0.40% APY* on your funds deposited into the account. Visit Capital One 360 to learn more, easy transfers to and from your primary bank and you can open your account in 5 minutes!
*As of 12/12/21. APY varies. Click here.
Step 2 – Set up your recurring weekly 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 Capital One 360, you can go into your account’s settings and locate the “Automatic Savings Transfer” option. Here’s how it’s set up:
Your ‘From’ account is your primary bank’s checking account, and the ‘To’ account is your Capital One 360 savings account. Set the ‘Frequency‘ to weekly, add your start date, and you can add an end date if you wish. You probably shouldn’t. This makes the $10 weekly money-saving challenge easy peasy!
Alternatively, you could 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!
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 to buy a car or just to have some extra money in the bank, we hope this savings idea helps you out! Good luck with your weekly money saving! Looking to save a little bit more? Here are some monthly money saving challenges to try.