This 3-month money challenge is perfect if you’re always panicked about not having the money for unexpected expenses. I mean, wouldn’t it be nice to already have an extra $1,000 for that surprise dental bill. Or what about that unexpected car repair.
There are plenty of reasons why you should have $1,000 on hand, and better yet, what if you simply want to take a vacation this spring break without going into debt? Wouldn’t it be nice to chill on a beach, worry-free because it’s paid in full?
Regardless of the reason behind starting the 3-month money challenge, saving money regularly is a good financial habit to have. It can help you avoid debt and help you sleep easier at night.
So, today I’m going to introduce you to a simple, yet highly effective way of saving $1,000 in just 12 weeks. But first, be sure to download the FREE money challenge worksheets. There are three money challenge printables that you can print out to help guide you through the challenge, along with some helpful resources.
How to Complete the 3 Month Money Challenge
This 12-week money saving challenge is incredibly easy and you’ll love the weekly savings chart included on the printable. All you need to do is pick a pig for the week and color it in when you save the savings amount on the pig.
There is also a blank money challenge worksheet that you can fill in if you’d like to customize the amounts you contribute each week. As long as you’ve saved $1,000 by the end of the 3rd month, you’ve completed the challenge!
Download The Money Challenge Printables
To download the money challenge printables, simply drop your email in the box below to sign up for the LAAB Resource Library. You will receive instructions and a password to access the library and download the money challenge worksheet packet.
Once you’ve printed your savings printable, pull out your colored pencils or highlighters because these are coloring worksheets! On one of the worksheets, you can select the amount you want to contribute each month.
The first worksheet is definitely a challenge to complete. The second worksheet allows you to contribute $88 per week. And the last money challenge worksheet you can put the amount in you want to contribute and color in the pig for that week.
As long as you have $1,000 at the end of the money challenge, it really doesn’t matter which one you use.
Make This 3 Month Money Challenge Easier
So, you may be asking yourself, “where will I find the extra cash to save $1,000 in 3 months?” Well, the key to saving $1,000 or any amount is to EARN more money that you spend.
If you’re currently living paycheck to paycheck, your expenses might equal (or even be more than) your income. If you’re digging a whole each month, your expenses are more than your income. Your goal is to make sure your income exceeds your expenses.
How Can I Save Money Every Month?
Even the smallest amount of savings can have a huge impact on fulfilling a money challenge. If you track your expenses for a month, you’d be surprised at how much you’re spending on little things every day.
Cutting back on one or two things can make a world of a difference. While doing the 3-month money challenge, here are some helpful ways you can cut expenses:
- Sign up for Trim. It’s free to sign up and they will analyze your spending for you and will help you cancel unwanted subscriptions, find better car insurance, and negotiate bills like your cable and cell phone.
- Sign up for Ibotta to receive cash back on grocery and mobile shopping. You’ll get a free $10.00 Ibotta Welcome Bonus once you redeem your first rebate to add to your $1,000 savings.
- Here are over 150 frugal living tips that can help you reduce your expenses even further to reach the 3-month money challenge goal.
How Can I Earn Extra Cash Fast for the 3 Month Money Challenge?
If you put more focus on ways to earn extra cash, it’s quite possible to fulfill the savings goal in this money challenge a lot quicker than 12 weeks. Having multiple streams of income is important because you’re never relying on one source of income for your livelihood.
Just think, you’re right smack in the middle of the 3-month money challenge when all of a sudden your job tells you that there’s no more overtime. How would that affect you being able to save your $1,000?
Without a side-hustle, it could take you even longer than 3 months and you need the $1,000 in savings yesterday. Avoid this problem and make some extra money on the side. The opportunities are plentiful, you just need to pick something that works for you.
Here are some of the top ways you can earn extra cash over the next three months:
- Sign up and for Lyft. They are offering a $300 bonus to drivers that could boost your savings!
- Sign up for Shipt. If you’ve never heard of Shipt, it’s basically a grocery delivery service. Folks buy groceries on an app, you shop for them, deliver their stuff and get paid.
- Sign up for Swagbucks. Check out this post on how you can use Swagbucks and reach your savings goal a little faster.
- Here are over 100 more side hustles to help you complete your money saving challenge!
What should I do at the end of the money saving challenge?
So, now that you know how you’re going to complete this 3-month money challenge, you need to consider your end game. Why? Well, what’s the use in saving $1,000 in 3 months only to blow it on something you don’t really need?
The best thing to do at the end of the money saving challenge is to not touch a dime! I know it will be tempting. Seriously, what if Target’s new decor line this season is to die for? Or what about that $950 credit card bill? You could just throw the money towards that, but I urge you to reconsider!
Yes, it would be easy to purchase stuff you don’t really need and yes, it definitely sounds like a good idea to pay that credit card bill. But let me ask you this – how did you rack up all of that debt on the credit card in the first place? I’m sure Target deserves a little blame, but what about all of those unexpected expenses I mentioned earlier?
What if you actually had the money at the time to buy what you wanted or to cover those unexpected expenses? This is the precise reason why you need to start building your savings muscles. Consider the money you saved during this quick money challenge to be your emergency fund.
It will help you avoid future unwanted expenses and debt! Besides, once you’ve completed this 3-month money saving challenge, just do another one! And another one. If you can save $1,000, it will be easy to start saving for your random Target shopping sprees.
Just imagine the feeling of having guilt-free Target money to spend? That right there is reason enough to keep challenging yourself and saving more money beyond this challenge!
Automate Your Savings
Once you’ve saved $1,000 in 3 months, keep the momentum going and automate your savings. You can sign up for an account at Capital One 360, set up an automatic savings plan and sleep in peace knowing you’re building your emergency fund.
Go ahead and set up your Christmas fund, your Target fund, and all of that good stuff while you’re in there. I’ve discussed how you can set up multiple automated savings plans here. Go ahead, read it…
Start Saving Your $1,000 Today!
Here are the important things to remember as you get ready to save $1,000 in 3 months:
- Earn more income.
- Save it.
- Keep the savings for emergencies.
And that’s how you complete a 3-month money challenge. Don’t forget to print out the money challenge worksheets and start saving today!