Five Savings Challenges To Try This Year - Money Tip Tuesday Making Money Personal

Ready to up your savings game this year? If you need a little motivation and a fun way to create a new saving habit, you should try a savings challenge.  
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Transcript: 
Welcome to Money Tip Tuesday from the Making Money Personal podcast.   
Saving money can be extremely difficult, especially if it’s not something you’ve really committed to before. There are many questions that come along with saving money like “how much do I need to save?” or “how do I make saving money more manageable?” 
A new year is a great time to take a look at your financial situation and make appropriate changes if necessary. 
If you’re ready to start the new year off on the right foot, we have 5 savings challenges (with trackers) that you should try in 2023! 
$5 Savings Challenge 
This challenge is probably the easiest challenge of all. There is no expected completion date, no required weekly or monthly contribution and essentially, minimal rules.   
The purpose of this challenge is to save $500 dollars by breaking it up into more manageable $5 increments.   
That doesn’t mean that you can only save $5 at a time. If you have an extra $15 that you want to put towards this goal, go for it! Did you sell something on Facebook Marketplace for $30 and you want to save that cash? This is the perfect place for it!   
This can be a cash savings or a digital savings—that choice is up to you and whatever type of saving works better for your lifestyle–whichever you choose, make sure you’re tracking the deposits!   
52 Week Savings Challenge 
The 52 Week Savings Challenge gives you the opportunity to save $1,378 throughout the year by depositing a different amount every week!  
The premise of this challenge is to deposit money every week for 52 weeks, upping the amount each time starting with depositing $1 and ending with depositing $52.   
It should look something like this:   
Week 1- Deposit $1  
Week 2- Deposit $2  
Week 3- Deposit $3  
By the end of the first month, you will have $10 saved up!  
Doing small deposits at the beginning will help you build up your savings slowly while creating a good habit with repetition.   
Some people who do this savings challenge choose to complete it in reverse. This means they start by saving $52, then $51, then $50 and so on and so forth which knocks out the bigger numbers first. By the end of the year, they only need to save the smaller, one-digit numbers.   
365 Nickel Savings Challenge 
The 365 Nickel Savings Challenge is a great savings challenge for beginners. Instead of worrying about big monetary values to set aside for this savings challenge, this challenge focuses on nickels.   
The idea is to make small, daily deposits which is more manageable for many people. Similar to the 52 week savings challenge where you increase the amount deposited by $1 every week, the amount you deposit in this challenge increases by $0.05 each day.  
Here’s how it works:   
Day 1- Deposit $0.05  
Day 2- Deposit $0.10  
Day 3- Deposit $0.15  
Continuing that trend, halfway through the year you will be depositing $9.10. On the last day you will deposit $18.25. Those numbers seem so small in comparison to other savings challenges mentioned.  
By the end of the challenge, you will have saved over $3,300 and it won’t even seem like you did anything at all!  
If you download our tracker, you will need to print out 2 copies to fully complete this challenge. 
100 Envelope Savings Challenge 
The 100 Envelope Savings Challenge is a popular favorite! It’s fun to do and allows you to save different amounts each time you save.   
Similar to the $5 savings challenge, there is no pre-determined end date for this challenge meaning you don’t