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Bi weekly savings challenge

Bi-Weekly Savings Challenge: How It Works

A bi-weekly savings challenge is designed to help you reach your financial goals (faster!). This can be a great challenge to help you build discipline and consistency, and help you navigate budgeting. There are a few different ways to do a bi-weekly savings challenge, but don’t worry, we cover them all in this blog. Ready to reach your savings goals? Let’s go!


  • What is a Bi-Weekly Savings Challenge?
  • How to do a Bi-Weekly Savings Challenge
  • Who Should Try a Bi-Weekly Savings Challenge?
  • How to Save $5,000 in 2 Months Bi-Weekly?

Bi-Weekly Savings Challenge

What is a Bi-Weekly Savings Challenge?

A bi-weekly savings challenge is a financial strategy where individuals commit to saving a specific amount of money every two weeks (bi-weekly). The goal of this challenge is to encourage regular savings habits and gradually accumulate funds over time. If you have a specific savings amount in mind, this is definitely for you! 

Unlike traditional monthly savings plans, which typically involve saving once a month, a bi-weekly savings challenge involves setting money aside every two weeks, which can result in more frequent and consistent contributions to your savings goals. A bi-weekly savings challenge is an effective way to build good financial habits and steadily work towards your financial goals. By consistently setting aside money from each paycheck, you’ll grow your savings over time and enhance your financial security. 

Remember that the key to success is discipline and consistency, even if you start with small savings amounts. Over time, these contributions can add up significantly. Plus– you get to build a relationship with yourself that builds trust! When you come through for your small goals, you will see how capable you are of handling your big goals. 

How to do a Bi-Weekly Savings Challenge

1. Determine Your Savings Goal

Start by setting a clear savings goal. Decide why you’re saving (e.g., emergency fund, debt payment, vacation), and establish a specific target amount you want to reach. Knowing your goal will help you stay motivated throughout the challenge. 

Knowing your “why” is a big determinant of your success. There are tons of resources to help you with your money mindset and getting clear on your goals in this guide

2. Choose Your Savings Amount 

Decide how much money you want to save from each paycheck. This amount should be realistic and fit within your budget. Common options include a fixed dollar amount (like $50 per paycheck) or a percentage of your income (like 10% of your take-home pay). 

Some people also choose to do a bi-weekly savings challenge by starting with a low number and bumping it up each week. As an example, that could look like:

  • The first two weeks you save $10
  • The second two weeks you save $20 
  • The third two weeks you save $30 
  • The fourth two weeks you save $40 

3. Set Up a Dedicated Savings Account

Having a savings account is important to keep your spending money separate from your savings money. If you want to take it up a notch, a High-Yield Savings Account is the easiest way to start building wealth. It can be helpful to find a High-Yield Savings Account with savings buckets so that you can clearly track your progress. 

4. Automate Your Savings

Automate the process by setting up an automatic transfer from your main account to your dedicated savings account. This transfer should occur on the same day you receive your paycheck, ensuring that you save consistently without effort. 

5. Monitor Your Progress 

Regularly track your savings progress. Create a spreadsheet, use a financial app, or simply check your bank statements to ensure that your savings contributions are happening as planned. This monitoring helps you stay on target and adjust if needed. 

6. Adjust as Necessary 

Life is unpredictable, and unexpected expenses may arise. If you encounter financial challenges or need to make adjustments to your savings plan, it’s okay to do so! The key is to maintain a commitment to saving regularly. 

7. Stay Accountable

Consider sharing your savings challenge with a friend, family member, or an online community. Sharing your progress can provide accountability and motivation, as others can encourage and support you along the way. 

8. Celebrate Milestones

As you reach milestones along the way, celebrate your achievements. Remember, celebrating doesn’t have to cost money! There are a lot of free ways for you to celebrate your progress, without losing track of your savings goals.  

Who Should Try a Bi-Weekly Money Savings Challenge? 

A bi-weekly savings challenge can be beneficial for a wide range of individuals and financial situations. Here is just a small sample of those who might benefit from a bi-weekly savings challenge

Beginners in Saving

If you are new to saving money and want to establish a regular savings habit, a bi-weekly savings challenge is a great starting point. Its simplicity and frequency make it accessible for beginners. 

Irregular Income Earners

People with irregular income, such as freelancers or those with commission-based jobs, can benefit from a bi-weekly savings challenge. It allows for flexibility in savings contributions based on income fluctuations. 

Emergency Fund Builders

If you are working on building up your emergency fund, this will definitely help you! A bi-weekly savings challenge can help you consistently set aside money for unexpected expenses. Read more about emergency funds

Debt Repayers

Individuals working on paying off debt can use a bi-weekly savings challenge to pay off debt quicker and create a cushion in case of unexpected expenses. This will help prevent from going into future debt. 

Short-Term Goal Achievers

If you have a short-term savings goal, such as saving for a vacation, this challenge can help you reach it faster by making regular contributions. 

Long-Term Savers

Even individuals with long-term savings goals can benefit from this challenge! If you have long-term goals, such as retirement or buying a home, this challenge can help instill discipline and ensure that you are consistently contributing to your long-term savings goals. 

Remember, if you are looking to build wealth, you can’t save your way there. To build wealth, you will have to apply more strategies, like lazy investing

Budget-Conscious Individuals 

If you are already budget-savvy and want to maximize your savings efforts, a bi-weekly challenge can help you optimize your finances and make the most of your income. 

Couples and Families 

Couples and Families can work together on a bi-weekly savings challenge to strengthen their financial health collectively. It encourages open communication about finances and shared money goals. This can also be a great challenge to use to help teach your kids about saving. 

Anyone Seeking Financial Discipline

A bi-weekly challenge like this can teach financial discipline and self-control. By committing to regular savings, you can develop better money management skills. If sticking to a budget has been hard for you in the past, having bite-sized, achievable steps can help you form new habits and reach your financial goals. 

People Looking to Boost Financial Confidence

Successfully completing a bi-weekly challenge can boost your confidence! As you see your savings grow over time, you’ll gain a sense of accomplishment and financial empowerment. 

Remember that the key to any savings challenge is consistency and commitment. Whether you are a beginner or an experienced saver, bi-weekly savings challenges can be useful to help you achieve your financial goals and improve your financial well-being. It’s adaptable to different income levels and financial objectives, making it a versatile strategy for anyone looking to save more effectively. 

How to Save $5,000 in 2 Months Bi-Weekly? 

If your goal is to save $5,000 in two months using a bi-weekly saving challenge, there are two different ways you could go about this. 

Option 1

Set aside the same amount every two weeks until you reach your goal. If you are hoping to save $5,000 in 8 weeks, that would mean you need to save $625 per week, or $1,250 every two weeks ($5,000 divided by 4). You would need to budget and plan accordingly for this added bi-weekly “expense”, but it’s certainly doable. The benefit of this option is that you know what to expect each two weeks, and it can help you stay consistent in reaching your goal. 

Option 2

The other option would be to save strategic, building amounts every two weeks. For instance, you could save $500 in the first two weeks. During the second two weeks, you save $1,000. During the third two weeks, you save $1500. Lastly, during the last two weeks, you save $2,000. The benefit of this is that you can gradually work out your budget and also allow yourself time to figure out how you will save that final bit. You might choose to start a side hustle or sell some items, and gradually building up your savings goals, it allows you time to increase your income. 

You could also choose to do this in reverse order. The benefit to this would be starting by eliminating the most difficult part upfront so that by the end of the challenge, you hardly notice the $500 going to your savings. This tactic can also be helpful if you have a goal in mind that requires a lot of upfront expenses, like plane tickets abroad.  

Final Thoughts

A bi-weekly savings challenge is a great way to get going on your savings goals! If you are ready to finally take that trip to France or want to build up your emergency fund, this savings challenge can help you make a practical plan to reach your goals with ease. Whether you are an experienced budgeter or are just getting started, everyone can benefit from this challenge as long as they are clear on their individual goal. 

Remember, saving can be beneficial to help you reach specific goals that require liquid cash. If you want to build wealth, you will likely need to employ other strategies on top of saving. Learn how to build wealth on autopilot here. 

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