I have received several requests from readers asking if there is a better way to do the 52 week money challenge if you are paid on a bi-weekly basis. They mentioned that it tends to be easier to save the money for the week when they get paid, but more difficult to do it the second week when no income is coming in. Those who are paid bi-weekly may want to follow this bi-weekly money challenge chart.<\/p>\n
Before we talk about how to take the bi-weekly challenge, it makes sense to pause and consider why you need a healthy savings. Having a full savings account reduces your stress and it allows you to take advantage of investing opportunities as they arise.<\/p>\n
Another overlooked but important benefit is a healthy savings account keeps you from making bad decisions.\u00a0 Unexpected things such as traffic accidents, illness, or job losses happen.\u00a0 If your savings account is full, you won\u2019t be forced to borrow when something happens.\u00a0 This means you avoid interest, penalties and fees.<\/p>\n
So, here how to do the bi-weekly money challenge.\u00a0<\/p>\n
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The concept is the same as the 52-week\u00a0money challenge, where you\u2019re adding a single dollar for each week of the year. The only difference is that instead of making the payment each week, you combine two weekly payments into one, and make it every other week. There is no difference in the amount of money you save.<\/p>\n
At the end of the year, you\u2019ll still have saved $1,378. The only difference is, you\u2019ll be making 26 payments during the year, corresponding to your paychecks, which should make the challenge easier to accomplish.\u00a0 In some months you may have more than two checks.\u00a0 So you have a little bit of flexibility if you miss a week.\u00a0<\/p>\n
With the standard 26 week version, you would make a payment of $3 ($1 for week one and $2 for week two) for the first bi-weekly payment, $7 ($3 for week three and $4 for week four) for the second bi-weekly payment, and $11 ($5 for week five and $6 for week six) for the third bi-weekly payment, until you reach the 26th payment which would be $103 ($51 for week fifty-one and $52 for week fifty-two). While straightforward and simple, there is a major drawback. As with the standard 52-week version, this can make it difficult to save money toward the end of the year with the high payments during the holiday season. This is why we created an\u00a0alternate version of the money challenge.<\/p>\n
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The alternative version gives you more flexibility while still sticking with the 26 bi-weekly option. With this version, you still make the same payments throughout the year, but you get to choose which one you make for each bi-weekly payment. The goal is to pay the highest amount from the options at the bottom of the chart, then cross out that number. That allows you to pay off the higher amounts when it makes the most sense as the year progresses, rather than at the end of the year when money might be the tightest. This version takes into account that a steady increase in payments over the year doesn\u2019t always correspond with the reality of life. For that reason, it\u2019s nice to have some flexibility in the amount when making the payment.<\/p>\n
As with most things that pertain to finances, it\u2019s important to find the\u00a0best savings method for you. The 26 week bi-weekly money challenge is simply another variation that might make it a little easier to save than the standard 52 week money challenge. It\u2019s certainly an option worth considering if you are paid on a bi-weekly basis, and you know you\u2019ll find yourself short on funds when it\u2019s time for the next paycheck to arrive. As with all savings plans, they tend to be much more effective if you pay yourself first rather than at the end when there often isn\u2019t any money left to save.<\/p>\n
If you\u2019re in a situation where you\u2019re short of cash to save, there is good news.\u00a0 \u00a0The internet is awash with money.\u00a0 You just need to figure out how to get some.\u00a0 \u00a0There are a number of good lists of ways to make extra money floating around the web.\u00a0 Since you don\u2019t need to come up with a huge amount of cash on a weekly basis, some side activities might help you raise the weekly cash you need.\u00a0<\/p>\n
If you don\u2019t like these ideas, here are some other lists that might help.\u00a0<\/p>\n
The College Investor has a list of 53 popular side hustles, and theonehourprofessor.com has a eleven strange but profitable side hustle ideas.\u00a0 Finally, buildapreneur.com has a helpful list of 97 insanely lucrative side hustles.\u00a0<\/p>\n
Finally, if you\u2019re still looking for the right money challenge to fit your personality, here are other variations of money challenges that might be worth taking a look at:<\/p>\n
Earn More with the 52 Week Make Money Challenge
\n52 Week Kids Money Challenge
\nPrintable Monthly Money Chart
\n365 Day Money Challenge<\/p>\n