August 10, 2025 • 24 mins
This episode introduces savings challenges to make financial discipline engaging and achievable for women facing pay gaps and caregiving roles. Anna explains how gamification, small wins, and community accountability make challenges effective, with options like the 52-week or no-spend challenge. Detailed steps for each challenge help tailor them to different budgets and lifestyles. She offers solutions for obstacles like lack of motivation or unexpected expenses, ensuring consistency. These challenges lay the foundation for emergency funds, investments, and long-term wealth.
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Episode Transcript
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Speaker 1 (00:00):
Welcome back to the wealth Wise Woman podcast. I'm your host, Anna,
and as always, a quick reminder, this podcast is for
educational and informational purposes only. It is not financial advice.
Always do your own research and consult with a licensed
professional before making any financial decisions. Today, we're diving into
(00:20):
a topic that transforms saving money from a chore into
an exciting, achievable adventure. Fun savings challenges that actually work
for women navigating the gender pay gap, caregiving responsibilities, or
tight budgets. Saving can feel overwhelming, but with creative savings challenges,
(00:41):
you can turn building financial security into a game that's motivating, rewarding,
and even fun. Whether you're aiming for an emergency fund,
a dream vacation, a down payment, or your first investment,
these challenges make saving accessible and engaging. This episode will
give you practical tools, inspiration, and strategies to start saving
(01:02):
today and build wealth for tomorrow. In this expanded eight
part episode, we'll cover why savings challenges are a game
changer for women, the psychology behind why savings challenges work,
top savings challenges to try, with detailed step by step guides,
customizing challenges to fit your unique budget, and lifestyle, overcoming
(01:23):
common obstacles to staying consistent. Real world examples of women
succeeding with savings challenges turning savings into long term wealth
through smart strategies, resources and tools to keep your savings
momentum going. Let's jump in and make saving money something
you look forward to every day. Part one. Why savings
(01:48):
challenges are a game changer for women. Saving money is
the foundation of financial independence, but it's especially critical for
women facing systemic and personal financial challenges. Gender pay gap.
Women earn on average eighty two cents for every dollar
a man earns, leading to a lifetime earnings gap of
(02:11):
four hundred thousand dollars one million dollars. Savings challenges make
it easier to build wealth despite lower incomes caregiving responsibilities.
Women are more likely to pause careers or work part
time for caregiving, reducing savings potential. Challenges allow small, consistent
savings that fit busy schedules, longer life spans. Women live
(02:36):
five seven years longer than men, requiring larger retirement funds
to cover health care and living costs. Savings challenges build
habits to secure your future financial confidence. Many women feel
intimidated by finance due to societal messaging or lack of exposure.
Gamified challenges make saving approachable, empowering you to take control
(03:00):
flexibility for goals, whether it's an emergency fund, a new car,
or a side hustle investment. Savings challenges help you achieve
dreams without relying on debt. Example, saving one thousand dollars
through a challenge could cover a five hundred dollars car
repair or a seven hundred dollars plane ticket, preventing you
(03:21):
from dipping into credit card debt. For women, savings challenges
are about more than money. They're about resilience, empowerment, and
building a financial safety net that lets you live life
on your terms. Savings challenges work because they break daunting
goals into byte sized, rewarding steps, making it easier to
(03:42):
stay committed and celebrate progress. Part two, The psychology behind
why savings challenges work. Savings challenges are effective because they
tap into human behavior and motivation, turning a mundane task
into an engaging journey game of a caning by framing
(04:02):
saving as a game with clear rules and rewards. For example,
reaching one hundred dollars, challenges make it feel like leveling
up in a video game keeping you hooked small wins,
breaking big goals into small steps. For example, saving one
dollar today delivers frequent dopamine hits, boosting motivation with each milestone.
(04:23):
Habit formation regular saving even small amounts, builds a habit
over time. Research shows it takes about sixty six days
for a behavior like weekly saving to become automatic. Community
and accountability. Sharing your challenge with friends, family, or on
platforms like X creates social pressure to stick with it,
(04:44):
increasing your odds of success. Visual progress tracking savings with charts, apps,
or jars provides tangible proof of your efforts, reinforcing your commitment.
Behavioral nudges Challenges use nudges like automation or reminders to
reduce friction, making saving easier than spending impulsively. Example, a
(05:10):
woman overwhelmed by a five thousand dollars savings goal might
give up early. A challenge starting with dollar one slash
week feels doable, and watching her savings grow from one
dollar to fifty dollars over weeks keeps her motivated to continue.
By leveraging psychology, savings challenges make financial discipline fun, sustainable
(05:30):
and empowering, especially for women balancing multiple roles. Part three.
Top savings challenges to try. Here are seven proven savings challenges,
each with detailed step by step guides to suit different budgets, goals,
and lifestyles. These are flexible and designed to keep you motivated.
(05:51):
One the fifty two week challenge. How it works. Save
one dollar in week one, two dollars in week two,
three dollars in week three, and so on for fifty
two weeks, totaling one thousand, three hundred and seventy eight
dollars by saving fifty two dollars in the final week.
Steps Open a high yield savings account for example ally
(06:15):
Marcus or ing at four percent interest to maximize growth,
Set a weekly reminder for example Sunday evenings to transfer
the amount via your banking app. Download a free fifty
two week challenge tracker online, or create a spreadsheet to
mark progress. If dollar fifty two slash week is too steep,
reverse the challenge. Start with fifty two dollars and with
(06:37):
one dollar or cap at dollar twenty slash week six
hundred and fifty dollars total, share weekly updates on X
to stay accountable. Best four beginners, steady earners, or those
who love structured plans. Example, Maria saves one thousand, three
hundred and seventy eight dollars in a year, enough for
(06:58):
an emergency fund or a deposit on a dream trip
to Italy. Two The no spend Challenge. How it works.
Commit to spending only on essentials for example, rent groceries,
utilities for a set period for example a weeker month,
and save the rest steps. List essential expenses for example
(07:19):
dollar two hundred slash week for groceries, one hundred dollars
for bills. Cut non essentials for example dining out, streaming subscriptions,
clothes for seven thirty days. Track daily savings in a
notebook or app like Yannab or Mint. Transfer savings to
a dedicated account. At the end of the challenge. Reward
(07:40):
yourself with a small treat, for example five dollars coffee
to celebrate completion. Best for women over spending on non
essentials or wanting to reset spending habits. Example, Lena skips
dollar fifty slash week on takeout and subscriptions, saving two
hundred dollars in a month to fund her wroth Ira. Three.
(08:01):
The round up Challenge. How it works. Round up every
purchase to the nearest dollar or five dollars and save
the difference. For example, a three dollars seventy five cents
coffee rounds to four dollars, saving twenty five cents. Steps
Link a debit card to an app like Acorns, Capital
or Chime for automatic round up transfers. Alternatively, track purchases
(08:26):
manually and transfer weekly roundups for example five dollars fifty
cents total. Set a goal for example five hundred dollars
in six months and check progress monthly. Boost savings by
rounding to five dollars. For example, three dollars seventy five
cents becomes five dollars, saving one dollar twenty five cents.
(08:46):
Deposit savings into a high yield account for extra interest.
Best four Busy women or those preferring low effort automated saving. Example,
Sophie saves dollar ten slash week from roundups, totaling five
hundred and twenty dollars in a year for a new laptop.
Four The five dollars bill Challenge. How it works. Save
(09:10):
every five dollars bill or equivalent, for example five euros
you receive in cash instead of spending it. Steps Keep
a jar, envelope or digital jar for example a saving
sub account for five dollars bills. Deposit collected bills monthly
into a high yield savings account. Track your total with
(09:30):
a spreadsheet or app like Google Sheets. Set a goal,
for example, five hundred dollars for holiday gifts or car repairs.
If cash is rare, adapt by saving five dollars daily
or weekly via digital transfers. Best four women who use
cash often or enjoy tangible visual challenges. Example, Clara saves
(09:52):
ten five dollars bills month fifty dollars, reaching six hundred
dollars in a year for unexpected medical bills. The one
hundred envelope challenge. How it works. Number one hundred envelopes
from one dollar to one hundred dollars. Pick one daily
and save that amount, totaling five thousand and fifty dollars
(10:13):
in one hundred days. Steps create digital envelopes in a spreadsheet,
or use physical envelopes randomly. Pick one daily and transfer
the amount to savings. If five thousand and fifty dollars
is too much, reduced to fifty envelopes one dollar fifty
dollars totaling one thousand, two hundred and seventy five dollars
(10:33):
or twenty five three hundred and twenty five dollars. Post
progress on x or with friends for accountability. Use a
high yield account to earn interest on your savings. Best
four gold driven women seeking a fast intensive challenge. Example
Priya completes a fifty envelope challenge, saving one thousand, two
(10:56):
hundred and seventy five dollars in fifty days for a
home down payment. Six The spare change challenge. How it works.
Save all loose change, for example coins from cash transactions
in a jar or account, adding up over time steps.
Keep a physical jar or a dedicated saving sub account
(11:17):
for coins. Empty your wallet or perse weekly depositing change
into the jar, transfer to a savings account quarterly, and
track totals. Set a goal, for example two hundred dollars
for a small treat or gift if you rarely use cash.
Round up digital transactions to the nearest fifty cents. For example,
four dollars twenty five cents becomes four dollars fifty cents,
(11:39):
saving twenty five cents. Best four women who want a
low effort, nostalgic challenge with minimal planning. Example, Aisha saves
one hundred and fifty dollars in change over a year,
using it to buy holiday gifts without touching her main budget.
Seven The savings Bingo challenge. How it works. Create a
(12:03):
Bingo card with savings tasks. For example, save ten dollars,
skip a coffee, and save the corresponding amount when you
complete a square. Aim for a full card or a
Bingo row. Steps. Design a five x five Bingo card
with tasks like save five dollars, no dining out for
a day, or transfer twenty dollars. Complete one square daily
(12:25):
or weekly, transferring the amount to savings. Set a goal
for example three hundred dollars for a full card. Share
your card on x or with a friend to make
it fun and competitive. Customize tasks to your budget, for
example one dollar tasks for low incomes. Best four creative
women who enjoy variety and interactive challenges. Example, Maya completes
(12:50):
a Bingo card with two hundred dollars in tasks over
a month, saving for a new phone. Part four. Customizing
challenges to fit your budget and life's dial Savings challenges
are flexible, but they need to align with your income, time,
and goals. Here's how to tailor them. Low income, if
(13:13):
one thousand, three hundred and seventy eight dollars fifty two
week challenge is too much, try a micro version zero
dollars twenty five week totaling three hundred and forty four
dollars fifty cents. Or focus on no spend challenges to
cut expenses without extra income irregular income. Opt for the
(13:33):
roundup five dollars bill or spare change challenge, which adapt
to variable spending or cash flow. Freelancers can save a percentage,
for example ten percent of each payment busy schedule. Choose
automated challenges like roundups via apps Acorn's Capital, or set
a weekly no spend day to minimize effort. Big goals
(13:55):
combined challenges for example fifty two week plus no spend
plus roundups to save faster for a ten thousand dollars
emergency fund or down payment. Small goals use shorter challenges,
for example thirty day no spend or twenty five envelope
challenge for quick wins like three hundred dollars for a
weekend getaway. Fun factor add visuals for example, color in
(14:18):
a savings chart for each ten dollars saved. Or make
it social by challenging friends to a group no spend month. Example,
a single mom earning two dollars zero zero zero month
modifies the fifty two week challenge to twenty five cents
increments twenty five cents week one, fifty cents week two,
saving three hundred and forty four dollars fifty cents in
(14:39):
a year. She pairs it with a weekly no spend day,
adding one hundred dollars for a total of four hundred
and forty four dollars fifty cents toward a family vacation.
A gendered perspective, women often juggle caregiving, lower earnings, or
societal pressures to prioritize others. Flexible, low pressure challenges let
you save without stress fitting into busy lives and tight budgets.
(15:04):
Part five Overcoming common obstacles to sticking with savings. Savings
challenges are fun but require discipline. Here's how to tackle
common hurdles lack of motivation. Set a vivid goal, for example,
one thousand dollars for a Paris trip and visualize it
with a photo on your phone or fridge. Share progress
(15:26):
on X or with a savings buddy for encouragement. Unexpected expenses,
keep a one hundred dollars two hundred dollars. Buffer outside
your challenge savings to cover surprises without derailing your goal,
Pause and resume if needed. Time constraints, automate savings with apps,
for example Capital for roundups or bank auto transfers for
(15:50):
example Dollar five slash week. Use budgeting apps like Mint
or wine Abbey to track effortlessly temptation to spend. Freeze
non ascent credit cards in a block of ice, unsubscribed
from shopping emails. Or avoid malls during no spend challenges
to curb impulse buys Feeling deprived. Build in small rewards,
(16:12):
for example a five dollars treat after saving one hundred dollars.
Or plan cheat days for example one coffee during a
no spend month to stay motivated forgetting to save. Set
calendar alerts or use apps with reminders, for example Chime
to prompt transfers. Pair saving with a routine like transferring
(16:34):
five dollars every payday. Example, Emma struggles with no spend
challenges due to frequent coffee shop visits. She switches to
home brewed coffee, saving dollar twenty slash week and rewards
herself with a five dollars pastry monthly. She automates dollar
ten slash week roundups, saving six hundred dollars in a
(16:54):
year without feeling deprived. Part six Real world examples of
women succeeding wen with savings challenges. Let's explore three hypothetical
women who used savings challenges to achieve their goals. Llila,
twenty eight freelancer Lyla tried the fifty two week challenge,
(17:15):
saving one thousand, three hundred and seventy eight dollars in
a year. She used a high yield savings account and
shared progress on X staying motivated. Her savings funded a
one thousand, two hundred dollars course to boost her freelance skills,
increasing her income by dollar five hundred slash month. Amara
thirty five, stay at home mom. Amara did a thirty
(17:39):
day no spend challenge, cutting one hundred and fifty dollars
in non essentials for example, take out subscriptions. She paired
it with the five dollars bill Challenge, saving dollar one
hundred slash month in cash, totaling one thousand, five hundred
dollars in a year for her kid's education fund. Sophie
forty two Nurse Sophie used the one hundred envelope challenge
(18:03):
fifty envelopes one dollar fifty dollars, saving one thousand, two
hundred and seventy five dollars in fifty days. She automated
roundups adding two hundred dollars and use the total one thousand,
four hundred and seventy five dollars for a family vacation,
avoiding credit card debt. These stories show that savings challenges
(18:24):
work for women at any life stage, turning small efforts
into big wins. Part seven. Turning savings into long term wealth.
Savings challenges are a starting point, but the real power
comes when you transform savings into wealth. Here's how high
(18:45):
yield savings accounts move savings dollar five hundred plus to
accounts with four five percent interest for example Ali, Marcus
or European banks like Ing example one thousand dollars at
four percent earns dollar forty slash year versus one dollar
in a standard account. Invest for growth. Transfer challenge savings
(19:09):
to a low cost etf for example voo, VTI or
VXUS for international exposure via platforms like Vanguard or Trade Republic.
Example one thousand, three hundred and seventy eight dollars from
the fifty two week challenge could grow to three thousand,
six hundred dollars in fifteen years at seven percent. Fund
(19:29):
a side hustle. Use savings to start a side income,
for example two hundred dollars for Etsy supplies or a
one hundred dollars course on upwork. This generates more money
to save and invest. Automate future savings post challenge. Set
up auto transfers for example, dollar fifty slash month to
(19:49):
a savings or investment account. To maintain the habit, build
an emergency fund, aim for three six months of expenses
six thousand dollars twelve thousand dollars To avoid debt during setbacks.
Use challenge savings as a foundation. Diversify goals. Allocate savings
to multiple goals, for example, fifty percent to investments, thirty
(20:12):
percent to an emergency fund, twenty percent to a dream purchase.
To balance security and joy track net worth. Use apps
like personal Capital or Empowered to monitor savings and investments.
Celebrating milestones like five thousand dollars saved. Example, after saving
one thousand, two hundred and seventy five dollars with the
(20:34):
fifty envelope challenge, Priya invests one thousand dollars in an
S and P five hundred ETF and keeps two hundred
and seventy five dollars in a high yield savings account.
She adds dollar fifty slash month to the ETF, growing
her portfolio to ten thousand dollars in ten years at
seven percent while earning dollar eleven slash year on savings
(20:57):
a gendered perspective, women often prioritize family or immediate needs
over long term wealth. Savings challenges empower you to save consistently,
creating a foundation for investments and financial security despite systemic barriers.
Part eight. Resources and tools to keep your savings momentum
(21:17):
going to sustain your savings, habit and grow your wealth.
Leverage these resources apps YNAB budgeting, mint tracking, acorns or
capital roundups, and personal capital net worth tracking. Most are
free or low cost books. Get Good with Money by
(21:39):
Tiffany Alice or I Will Teach You to Be Rich
by Ramet Sethi for practical saving and investing tips. Communities.
Join women focused financial groups on X like Women's Personal
Finance or Money Circle for inspiration and accountability. Trackers Search
Savings Challenge printable for free fIF two week or Bingo templates.
(22:02):
Use Google Sheets for customizable digital trackers. Courses. Platforms like
Corsera or skill share offer budget friendly courses on budgeting
and investing, for example ten Dollars fifty dollars. Websites nerd Wallet,
the Financial Diet, or Money Saving Expert for savings tips
and high yield account comparisons. Pro tip follow women in
(22:27):
finance on x for example at her First one hundred
k or at Money with Katie for daily motivation and
challenge ideas. Avoid accounts promoting get rich quick schemes. Final words,
Savings challenges turn the daunting task of building financial security
into an exciting, achievable journey, especially for women facing pay gaps, caregiving,
(22:52):
or stretch budgets. By gamifying, saving, breaking goals into small steps,
and leveraging psychology, these challenges make discipline fun and sustainable.
Whether you choose the fifty two week challenge and no
spend month or a creative Bingo card, the key is
starting small, staying consistent, and celebrating every win. Your savings
(23:14):
can fund emergency accounts, investments, or dreams, empowering you to
overcome systemic barriers and build a secure future with the
right tools, community, and mindset. Saving becomes a habit that
transforms your financial life. Here's your action planned to start today.
Pick one challenge for example fifty two week no spend
(23:36):
a roundup that fits your budget this week, Open a
high yield savings account and transfer your first one dollar
five dollars. Download a tracker or app for example winnab Capital,
and create a visual chart to mark progress. Share your
challenge on x or with a friend for accountability and motivation.
Tune into next week's episode for tips on turning savings
(23:59):
into a diverse fistment portfolio. The best day to start
saving was yesterday. The second best day is today. Don't
let procrastination or overwhelm stop you. Make saving fun and
build the financial future you deserve. Thanks for joining me
on the wealth Wise Woman podcast. If this episode ignited
(24:20):
your saving spark, share it with a friend who needs
a fun push to save. Until next time, keep building
your wealth wisely.
Welcome back to the wealth Wise Woman podcast. I'm your host, Anna,
and as always, a quick reminder, this podcast is for
educational and informational purposes only. It is not financial advice.
Always do your own research and consult with a licensed
professional before making any financial decisions. Today, we're diving into
(00:20):
a topic that transforms saving money from a chore into
an exciting, achievable adventure. Fun savings challenges that actually work
for women navigating the gender pay gap, caregiving responsibilities, or
tight budgets. Saving can feel overwhelming, but with creative savings challenges,
(00:41):
you can turn building financial security into a game that's motivating, rewarding,
and even fun. Whether you're aiming for an emergency fund,
a dream vacation, a down payment, or your first investment,
these challenges make saving accessible and engaging. This episode will
give you practical tools, inspiration, and strategies to start saving
(01:02):
today and build wealth for tomorrow. In this expanded eight
part episode, we'll cover why savings challenges are a game
changer for women, the psychology behind why savings challenges work,
top savings challenges to try, with detailed step by step guides,
customizing challenges to fit your unique budget, and lifestyle, overcoming
(01:23):
common obstacles to staying consistent. Real world examples of women
succeeding with savings challenges turning savings into long term wealth
through smart strategies, resources and tools to keep your savings
momentum going. Let's jump in and make saving money something
you look forward to every day. Part one. Why savings
(01:48):
challenges are a game changer for women. Saving money is
the foundation of financial independence, but it's especially critical for
women facing systemic and personal financial challenges. Gender pay gap.
Women earn on average eighty two cents for every dollar
a man earns, leading to a lifetime earnings gap of
(02:11):
four hundred thousand dollars one million dollars. Savings challenges make
it easier to build wealth despite lower incomes caregiving responsibilities.
Women are more likely to pause careers or work part
time for caregiving, reducing savings potential. Challenges allow small, consistent
savings that fit busy schedules, longer life spans. Women live
(02:36):
five seven years longer than men, requiring larger retirement funds
to cover health care and living costs. Savings challenges build
habits to secure your future financial confidence. Many women feel
intimidated by finance due to societal messaging or lack of exposure.
Gamified challenges make saving approachable, empowering you to take control
(03:00):
flexibility for goals, whether it's an emergency fund, a new car,
or a side hustle investment. Savings challenges help you achieve
dreams without relying on debt. Example, saving one thousand dollars
through a challenge could cover a five hundred dollars car
repair or a seven hundred dollars plane ticket, preventing you
(03:21):
from dipping into credit card debt. For women, savings challenges
are about more than money. They're about resilience, empowerment, and
building a financial safety net that lets you live life
on your terms. Savings challenges work because they break daunting
goals into byte sized, rewarding steps, making it easier to
(03:42):
stay committed and celebrate progress. Part two, The psychology behind
why savings challenges work. Savings challenges are effective because they
tap into human behavior and motivation, turning a mundane task
into an engaging journey game of a caning by framing
(04:02):
saving as a game with clear rules and rewards. For example,
reaching one hundred dollars, challenges make it feel like leveling
up in a video game keeping you hooked small wins,
breaking big goals into small steps. For example, saving one
dollar today delivers frequent dopamine hits, boosting motivation with each milestone.
(04:23):
Habit formation regular saving even small amounts, builds a habit
over time. Research shows it takes about sixty six days
for a behavior like weekly saving to become automatic. Community
and accountability. Sharing your challenge with friends, family, or on
platforms like X creates social pressure to stick with it,
(04:44):
increasing your odds of success. Visual progress tracking savings with charts, apps,
or jars provides tangible proof of your efforts, reinforcing your commitment.
Behavioral nudges Challenges use nudges like automation or reminders to
reduce friction, making saving easier than spending impulsively. Example, a
(05:10):
woman overwhelmed by a five thousand dollars savings goal might
give up early. A challenge starting with dollar one slash
week feels doable, and watching her savings grow from one
dollar to fifty dollars over weeks keeps her motivated to continue.
By leveraging psychology, savings challenges make financial discipline fun, sustainable
(05:30):
and empowering, especially for women balancing multiple roles. Part three.
Top savings challenges to try. Here are seven proven savings challenges,
each with detailed step by step guides to suit different budgets, goals,
and lifestyles. These are flexible and designed to keep you motivated.
(05:51):
One the fifty two week challenge. How it works. Save
one dollar in week one, two dollars in week two,
three dollars in week three, and so on for fifty
two weeks, totaling one thousand, three hundred and seventy eight
dollars by saving fifty two dollars in the final week.
Steps Open a high yield savings account for example ally
(06:15):
Marcus or ing at four percent interest to maximize growth,
Set a weekly reminder for example Sunday evenings to transfer
the amount via your banking app. Download a free fifty
two week challenge tracker online, or create a spreadsheet to
mark progress. If dollar fifty two slash week is too steep,
reverse the challenge. Start with fifty two dollars and with
(06:37):
one dollar or cap at dollar twenty slash week six
hundred and fifty dollars total, share weekly updates on X
to stay accountable. Best four beginners, steady earners, or those
who love structured plans. Example, Maria saves one thousand, three
hundred and seventy eight dollars in a year, enough for
(06:58):
an emergency fund or a deposit on a dream trip
to Italy. Two The no spend Challenge. How it works.
Commit to spending only on essentials for example, rent groceries,
utilities for a set period for example a weeker month,
and save the rest steps. List essential expenses for example
(07:19):
dollar two hundred slash week for groceries, one hundred dollars
for bills. Cut non essentials for example dining out, streaming subscriptions,
clothes for seven thirty days. Track daily savings in a
notebook or app like Yannab or Mint. Transfer savings to
a dedicated account. At the end of the challenge. Reward
(07:40):
yourself with a small treat, for example five dollars coffee
to celebrate completion. Best for women over spending on non
essentials or wanting to reset spending habits. Example, Lena skips
dollar fifty slash week on takeout and subscriptions, saving two
hundred dollars in a month to fund her wroth Ira. Three.
(08:01):
The round up Challenge. How it works. Round up every
purchase to the nearest dollar or five dollars and save
the difference. For example, a three dollars seventy five cents
coffee rounds to four dollars, saving twenty five cents. Steps
Link a debit card to an app like Acorns, Capital
or Chime for automatic round up transfers. Alternatively, track purchases
(08:26):
manually and transfer weekly roundups for example five dollars fifty
cents total. Set a goal for example five hundred dollars
in six months and check progress monthly. Boost savings by
rounding to five dollars. For example, three dollars seventy five
cents becomes five dollars, saving one dollar twenty five cents.
(08:46):
Deposit savings into a high yield account for extra interest.
Best four Busy women or those preferring low effort automated saving. Example,
Sophie saves dollar ten slash week from roundups, totaling five
hundred and twenty dollars in a year for a new laptop.
Four The five dollars bill Challenge. How it works. Save
(09:10):
every five dollars bill or equivalent, for example five euros
you receive in cash instead of spending it. Steps Keep
a jar, envelope or digital jar for example a saving
sub account for five dollars bills. Deposit collected bills monthly
into a high yield savings account. Track your total with
(09:30):
a spreadsheet or app like Google Sheets. Set a goal,
for example, five hundred dollars for holiday gifts or car repairs.
If cash is rare, adapt by saving five dollars daily
or weekly via digital transfers. Best four women who use
cash often or enjoy tangible visual challenges. Example, Clara saves
(09:52):
ten five dollars bills month fifty dollars, reaching six hundred
dollars in a year for unexpected medical bills. The one
hundred envelope challenge. How it works. Number one hundred envelopes
from one dollar to one hundred dollars. Pick one daily
and save that amount, totaling five thousand and fifty dollars
(10:13):
in one hundred days. Steps create digital envelopes in a spreadsheet,
or use physical envelopes randomly. Pick one daily and transfer
the amount to savings. If five thousand and fifty dollars
is too much, reduced to fifty envelopes one dollar fifty
dollars totaling one thousand, two hundred and seventy five dollars
(10:33):
or twenty five three hundred and twenty five dollars. Post
progress on x or with friends for accountability. Use a
high yield account to earn interest on your savings. Best
four gold driven women seeking a fast intensive challenge. Example
Priya completes a fifty envelope challenge, saving one thousand, two
(10:56):
hundred and seventy five dollars in fifty days for a
home down payment. Six The spare change challenge. How it works.
Save all loose change, for example coins from cash transactions
in a jar or account, adding up over time steps.
Keep a physical jar or a dedicated saving sub account
(11:17):
for coins. Empty your wallet or perse weekly depositing change
into the jar, transfer to a savings account quarterly, and
track totals. Set a goal, for example two hundred dollars
for a small treat or gift if you rarely use cash.
Round up digital transactions to the nearest fifty cents. For example,
four dollars twenty five cents becomes four dollars fifty cents,
(11:39):
saving twenty five cents. Best four women who want a
low effort, nostalgic challenge with minimal planning. Example, Aisha saves
one hundred and fifty dollars in change over a year,
using it to buy holiday gifts without touching her main budget.
Seven The savings Bingo challenge. How it works. Create a
(12:03):
Bingo card with savings tasks. For example, save ten dollars,
skip a coffee, and save the corresponding amount when you
complete a square. Aim for a full card or a
Bingo row. Steps. Design a five x five Bingo card
with tasks like save five dollars, no dining out for
a day, or transfer twenty dollars. Complete one square daily
(12:25):
or weekly, transferring the amount to savings. Set a goal
for example three hundred dollars for a full card. Share
your card on x or with a friend to make
it fun and competitive. Customize tasks to your budget, for
example one dollar tasks for low incomes. Best four creative
women who enjoy variety and interactive challenges. Example, Maya completes
(12:50):
a Bingo card with two hundred dollars in tasks over
a month, saving for a new phone. Part four. Customizing
challenges to fit your budget and life's dial Savings challenges
are flexible, but they need to align with your income, time,
and goals. Here's how to tailor them. Low income, if
(13:13):
one thousand, three hundred and seventy eight dollars fifty two
week challenge is too much, try a micro version zero
dollars twenty five week totaling three hundred and forty four
dollars fifty cents. Or focus on no spend challenges to
cut expenses without extra income irregular income. Opt for the
(13:33):
roundup five dollars bill or spare change challenge, which adapt
to variable spending or cash flow. Freelancers can save a percentage,
for example ten percent of each payment busy schedule. Choose
automated challenges like roundups via apps Acorn's Capital, or set
a weekly no spend day to minimize effort. Big goals
(13:55):
combined challenges for example fifty two week plus no spend
plus roundups to save faster for a ten thousand dollars
emergency fund or down payment. Small goals use shorter challenges,
for example thirty day no spend or twenty five envelope
challenge for quick wins like three hundred dollars for a
weekend getaway. Fun factor add visuals for example, color in
(14:18):
a savings chart for each ten dollars saved. Or make
it social by challenging friends to a group no spend month. Example,
a single mom earning two dollars zero zero zero month
modifies the fifty two week challenge to twenty five cents
increments twenty five cents week one, fifty cents week two,
saving three hundred and forty four dollars fifty cents in
(14:39):
a year. She pairs it with a weekly no spend day,
adding one hundred dollars for a total of four hundred
and forty four dollars fifty cents toward a family vacation.
A gendered perspective, women often juggle caregiving, lower earnings, or
societal pressures to prioritize others. Flexible, low pressure challenges let
you save without stress fitting into busy lives and tight budgets.
(15:04):
Part five Overcoming common obstacles to sticking with savings. Savings
challenges are fun but require discipline. Here's how to tackle
common hurdles lack of motivation. Set a vivid goal, for example,
one thousand dollars for a Paris trip and visualize it
with a photo on your phone or fridge. Share progress
(15:26):
on X or with a savings buddy for encouragement. Unexpected expenses,
keep a one hundred dollars two hundred dollars. Buffer outside
your challenge savings to cover surprises without derailing your goal,
Pause and resume if needed. Time constraints, automate savings with apps,
for example Capital for roundups or bank auto transfers for
(15:50):
example Dollar five slash week. Use budgeting apps like Mint
or wine Abbey to track effortlessly temptation to spend. Freeze
non ascent credit cards in a block of ice, unsubscribed
from shopping emails. Or avoid malls during no spend challenges
to curb impulse buys Feeling deprived. Build in small rewards,
(16:12):
for example a five dollars treat after saving one hundred dollars.
Or plan cheat days for example one coffee during a
no spend month to stay motivated forgetting to save. Set
calendar alerts or use apps with reminders, for example Chime
to prompt transfers. Pair saving with a routine like transferring
(16:34):
five dollars every payday. Example, Emma struggles with no spend
challenges due to frequent coffee shop visits. She switches to
home brewed coffee, saving dollar twenty slash week and rewards
herself with a five dollars pastry monthly. She automates dollar
ten slash week roundups, saving six hundred dollars in a
(16:54):
year without feeling deprived. Part six Real world examples of
women succeeding wen with savings challenges. Let's explore three hypothetical
women who used savings challenges to achieve their goals. Llila,
twenty eight freelancer Lyla tried the fifty two week challenge,
(17:15):
saving one thousand, three hundred and seventy eight dollars in
a year. She used a high yield savings account and
shared progress on X staying motivated. Her savings funded a
one thousand, two hundred dollars course to boost her freelance skills,
increasing her income by dollar five hundred slash month. Amara
thirty five, stay at home mom. Amara did a thirty
(17:39):
day no spend challenge, cutting one hundred and fifty dollars
in non essentials for example, take out subscriptions. She paired
it with the five dollars bill Challenge, saving dollar one
hundred slash month in cash, totaling one thousand, five hundred
dollars in a year for her kid's education fund. Sophie
forty two Nurse Sophie used the one hundred envelope challenge
(18:03):
fifty envelopes one dollar fifty dollars, saving one thousand, two
hundred and seventy five dollars in fifty days. She automated
roundups adding two hundred dollars and use the total one thousand,
four hundred and seventy five dollars for a family vacation,
avoiding credit card debt. These stories show that savings challenges
(18:24):
work for women at any life stage, turning small efforts
into big wins. Part seven. Turning savings into long term wealth.
Savings challenges are a starting point, but the real power
comes when you transform savings into wealth. Here's how high
(18:45):
yield savings accounts move savings dollar five hundred plus to
accounts with four five percent interest for example Ali, Marcus
or European banks like Ing example one thousand dollars at
four percent earns dollar forty slash year versus one dollar
in a standard account. Invest for growth. Transfer challenge savings
(19:09):
to a low cost etf for example voo, VTI or
VXUS for international exposure via platforms like Vanguard or Trade Republic.
Example one thousand, three hundred and seventy eight dollars from
the fifty two week challenge could grow to three thousand,
six hundred dollars in fifteen years at seven percent. Fund
(19:29):
a side hustle. Use savings to start a side income,
for example two hundred dollars for Etsy supplies or a
one hundred dollars course on upwork. This generates more money
to save and invest. Automate future savings post challenge. Set
up auto transfers for example, dollar fifty slash month to
(19:49):
a savings or investment account. To maintain the habit, build
an emergency fund, aim for three six months of expenses
six thousand dollars twelve thousand dollars To avoid debt during setbacks.
Use challenge savings as a foundation. Diversify goals. Allocate savings
to multiple goals, for example, fifty percent to investments, thirty
(20:12):
percent to an emergency fund, twenty percent to a dream purchase.
To balance security and joy track net worth. Use apps
like personal Capital or Empowered to monitor savings and investments.
Celebrating milestones like five thousand dollars saved. Example, after saving
one thousand, two hundred and seventy five dollars with the
(20:34):
fifty envelope challenge, Priya invests one thousand dollars in an
S and P five hundred ETF and keeps two hundred
and seventy five dollars in a high yield savings account.
She adds dollar fifty slash month to the ETF, growing
her portfolio to ten thousand dollars in ten years at
seven percent while earning dollar eleven slash year on savings
(20:57):
a gendered perspective, women often prioritize family or immediate needs
over long term wealth. Savings challenges empower you to save consistently,
creating a foundation for investments and financial security despite systemic barriers.
Part eight. Resources and tools to keep your savings momentum
(21:17):
going to sustain your savings, habit and grow your wealth.
Leverage these resources apps YNAB budgeting, mint tracking, acorns or
capital roundups, and personal capital net worth tracking. Most are
free or low cost books. Get Good with Money by
(21:39):
Tiffany Alice or I Will Teach You to Be Rich
by Ramet Sethi for practical saving and investing tips. Communities.
Join women focused financial groups on X like Women's Personal
Finance or Money Circle for inspiration and accountability. Trackers Search
Savings Challenge printable for free fIF two week or Bingo templates.
(22:02):
Use Google Sheets for customizable digital trackers. Courses. Platforms like
Corsera or skill share offer budget friendly courses on budgeting
and investing, for example ten Dollars fifty dollars. Websites nerd Wallet,
the Financial Diet, or Money Saving Expert for savings tips
and high yield account comparisons. Pro tip follow women in
(22:27):
finance on x for example at her First one hundred
k or at Money with Katie for daily motivation and
challenge ideas. Avoid accounts promoting get rich quick schemes. Final words,
Savings challenges turn the daunting task of building financial security
into an exciting, achievable journey, especially for women facing pay gaps, caregiving,
(22:52):
or stretch budgets. By gamifying, saving, breaking goals into small steps,
and leveraging psychology, these challenges make discipline fun and sustainable.
Whether you choose the fifty two week challenge and no
spend month or a creative Bingo card, the key is
starting small, staying consistent, and celebrating every win. Your savings
(23:14):
can fund emergency accounts, investments, or dreams, empowering you to
overcome systemic barriers and build a secure future with the
right tools, community, and mindset. Saving becomes a habit that
transforms your financial life. Here's your action planned to start today.
Pick one challenge for example fifty two week no spend
(23:36):
a roundup that fits your budget this week, Open a
high yield savings account and transfer your first one dollar
five dollars. Download a tracker or app for example winnab Capital,
and create a visual chart to mark progress. Share your
challenge on x or with a friend for accountability and motivation.
Tune into next week's episode for tips on turning savings
(23:59):
into a diverse fistment portfolio. The best day to start
saving was yesterday. The second best day is today. Don't
let procrastination or overwhelm stop you. Make saving fun and
build the financial future you deserve. Thanks for joining me
on the wealth Wise Woman podcast. If this episode ignited
(24:20):
your saving spark, share it with a friend who needs
a fun push to save. Until next time, keep building
your wealth wisely.
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