The 26-Week Savings Challenge

If you start now, you'll have over $1,000 in just six months! 

New Year, New Savings Goals? Use our 26-week Savings Challenge to have an extra $1,000 in your pocket in just six months!

Many of us spend $3 or more on small items from gum, energy bars, and beverages. If you can reduce or avoid making these purchases one day at a time, then you could save up enough for an emergency fund, pay down debt, get yourself something nice, or take a vacation.

That’s the theory behind the 26-week savings challenge – a simple, $3 approach to saving more than $1,000 in just six months. The plan is refreshingly easy, even for the math-challenged: set aside $3 in the first week and put it into a savings account. Then add another $3 each week after, so $6 is saved in week two, $9 in week three, and so on.

By week 26, when the final deposit of $78 is made, the savings will total $1,053. If $78 sounds like a lot, keep in mind that by the time you get to that point, you’ve already found easy ways to save that feel rewarding, not sacrificing.

This table shows you how much money to set aside each week for the 26-week savings challenge:

7 Ways to Start Saving Today

Review that grocery list: We’ve got to eat, but do we really need to eat a $4.99 box of gourmet fig bars? A moderate grocery budget for a family of four is more than $255 a week. Build a grocery list, and stick with it. By planning the week’s meals in advance, a household can better manage its budget ahead of time. And don’t even go down those aisles that don’t carry goods on your list.1 You can also use the online shopping option at some grocers. Buying online before you go saves you time and money while helping you avoid impulse purchases.

Switch brands: Do a little research into the products you regularly buy and see if alternative brands, including less-expensive private-label goods, get strong reviews. This strategy applies to food and other items.  A combined $50 difference in prices would more than cover week 16.

Rethink all of those re-ups: By late 2021, the average person held five retail subscriptions at an average cost of nearly $38 each. That’s more than what’s required in savings for week 12.2 Now add in other subscriptions, such as magazines, music (think Spotify), and video streaming. Cut ties with those that are not used regularly – or at least once a week.

Pack a lunch: Yeah, a homemade lunch is low-hanging fruit (which you should pack instead of pricey pre-made snacks), but for good reason. A packed lunch can cost $4 or less, while lunch at a quick-serve restaurant averages $8, and often $15 or more at a sit-down restaurant. That’s $4 to $11 that can be saved – in one day.3 Tip: Ask a few co-workers to join in your brown-bag challenge, to help hold you accountable. The group can share lunch recipes and save them together.

Call your mobile service provider: It might not be exciting, but a quick review of the line-by-lines of a mobile phone bill could reveal unnecessary expenses, such as way more minutes than needed and even roadside assistance. Money-wise, a no-contract phone is the smartest bet.4 Some phone companies have offers that give you a better price if you switch from your old provider. It pays to shop around.

Serve friends at home – or just un-wined: Replace one weekly after-work happy hour with a happy-to-be-home hour, and save $10 or more. Invite friends or go it alone. A beer or cocktail isn’t necessary; an hour of “you” time in the tub or on the deck watching Netflix is happy enough.

Eliminate “therapy” spending: Many of us retreat to a favorite place for alone time after work and between errands. Drive on by that Target or Ace Hardware and instead head to a park or explore a new neighborhood on foot. The 24-hour rule is one way to avoid impulse buying online. Instead of clicking buy now, just add the items to your cart and wait until later to see if you still want to buy them. After 26 weeks, you will be financially and physically fit (and maybe reexamining that gym membership).

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1 “How Much Should I spend on Groceries?” By Geoff Williams, U.S. News & World Report, March 10, 2021; https://money.usnews.com/money/personal-finance/saving-and-budgeting/articles/how-much-should-i-spend-on-groceries

2 “Average U.S. Consumer Now has 5 Retail Subscriptions,” PYMNTS (Yahoo News), Nov. 26, 2021; https://www.yahoo.com/video/average-us-consumer-now-5-090001666.html

3 “How Much Do Americans Spend on Lunch?” By Anna Caldwell, Top Dollar, April 13, 2021; https://www.accrediteddebtrelief.com/blog/how-much-do-americans-spend-on-lunch/

4 “Lower Your Cell Phone Bill With These 12 Tips,” Ramsey Solutions, Aug. 26, 2021; https://www.ramseysolutions.com/budgeting/trim-down-your-cell-phone-bill