How to Save $7,000 This Year With the $5 a Week Savings Challenge

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If your goal is to have a more financially secure future, you can start out on the right foot today with our $5 savings challenge.

Introducing the $5 a Week Savings Challenge

‘C’mon, it’s just $5 … What’s the big deal?’

How many times have you said that to yourself and then blown $5 on something that added little, if any, long-term value to your life?

If you’re like most people, the answer is “plenty of times!” But imagine if you could say “no” to yourself just once a week and redirect that money in your life.

That’s all it takes to begin the $5 savings challenge.

Save $7,000 in a year with $5 a week

How the $5 a Week Savings Challenge Works

This plan eases you into the idea of progressive saving, raising your savings amount by $5 each week. But the nice thing is that it happens slowly enough that it’s actually doable.

Follow these steps to get started:

  • Start by depositing $5 into a savings account on week 1
  • Deposit $10 into your savings account on week 2
  • Deposit $15 into your savings account on week 3
  • Deposit $20 into your savings account on week 4
  • Deposit $25 into your savings account on week 5

At the end of five weeks, you’ll have $75 in your savings account.

By increasing your savings by just $5 more each week, you’ll have nearly $7,000 by the end of the year when you participate in our challenge!

Tips to Help You Save

Some people will look at our $5 challenge and think, “OK, no problem.” But others will think there’s no way they could possibly come up with the money.

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If you’re in the latter camp, you’re going to have to come up with some ways to make extra money.

Don’t worry, we can help you with that, too!

The place to start is with our list of 20+ Ways to Make Extra Money. We researched legitimate ways to make extra dough that can have a big impact on your bottom line.

As one reader posted after reading our list, “When it comes to making some extra cash, most of the world is just running after faster ways. But authentic ways cannot be fast. The ways you have shared are authentic and helpful for the people to make more money.”

Final Thought

Here at Clark.com, we’re big believers in the power of five and hope you will become one, too. Now the only thing left to do is to get started on our $5 challenge!

When you’re ready to begin, you’ll probably want to open a dedicated account with an online bank to hold your weekly deposits. Doing this will really help you maximize the impact of your savings efforts.

Check out our updated list of the best high-interest savings accounts for your money here.

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