WRAL SmartShopper

WRAL SmartShopper

Weekly video: 2016 Savings Challenge

Posted January 19, 2016

Today we are kicking off a new WRAL Smart Shopper series called "This is What I’m Thinking."

I’ll be sharing a weekly post here on the blog and a weekly video on the WRAL Facebook page about a frugal living topic. My goal is to focus on things that will get you in better shape financially by the end of the year than where you are right now.

You can see the video for this week at

And don't worry - if you do not have a Facebook account, you can still view the video on Facebook and then make your comments here on the blog.

The Savings Challenge

Lately, I've been thinking a lot about savings so this week’s topic is actually a challenge – a Savings Challenge.

Over the years I have spoken with far too many people who have little to no savings. They live paycheck to paycheck and one emergency can be a financial catastrophe.

And you know, most of us have been in that position at some point. And it’s scary. And some of you may be in that position now.

So I have a challenge for all of you: start or increase your emergency fund in 2016. Dave Ramsey, the author who wrote The Total Money Makeover recommends a $1000 emergency fund. This challenge gets you halfway there.

I challenge you to save $10 a week for the next year and by the end of the year you’ll have an additional $500 in the bank that you do not have there today. Even if you are already saving each month, I challenge you to find another $10 per week to pur away.

Some of you may be thinking that you don't have $10 extra to save each week.

But I want you to think long and hard about everything you buy during the week including lattes, meals at restaurants, bottle of wine (I'm just kidding about giving up the wine...), etc. Can you cut out 1 or 2 unnecessary expenses to set yourself up for a better long term financial position? I bet most of you can.

In a year, I’m going to check back in and see how you all did with your savings goal.

Post in the Comments section if you accept the challenge and how much you are planning to save each week. Good luck!


Please with your account to comment on this story. You also will need a Facebook account to comment.

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  • ascherer Jan 20, 2016

    Times are tough in our household and have been for a few years. But I want to try this for as many weeks as I can this year. I am going to change the rules a touch to suit our household situation. We need to pay down credit cards while rebuilding our savings. For every week I can squirrel away $10 - half goes to savings and the other half goes to credit cards. How I split it if I can save more in a week - I haven't figured that out yet.

  • couponmom Jan 19, 2016

    Last year we did the 52 week challage. It was great!!!

  • Faye Prosser -WRAL Smart Shopper Jan 19, 2016

    You all have great savings ideas! Thank you for sharing them. And welcome to the challenge!

  • justinsmommu Jan 19, 2016

    View quoted thread

    Great ideal. I get excited when the amounts start building up and want to cash out. Maybe I'll try not looking at the total and wait closer to Christmas.

  • lindabates Jan 19, 2016

    I'm totally in for this challenge! I am a teacher who gets paid once a month so I know exactly how CTYA feels! I also put money aside each paycheck which goes towards savings fund, and this year I decided to save all change I get and use that toward Christmas as well as saving my savings star balance and Walmart receipt rewards and use them for Christmas.

  • wonderswhy Jan 19, 2016

    I've been following Dave Ramsey for a few years and it's helped a ton! Recently left a high paying job because the stress wasn't worth it, so it definitely helped. I'm back in the savings game. I'm in for the $10 a week. I'm also doing the penny challenge with my niece and nephew (they are both 8). You put a penny per day for the day of the year (Jan 1 +1 penny Jan 31 = 31 pennies). At the end you have over $600 and it's easy for children to do and it teaches them to save!

  • ctya Jan 19, 2016

    I accept! Moo for me it makes sense to do it backwards. I save for Christmas now and try hard to stick to my budget, But getting paid once a month can be a challenge in it's self for me. n Open to any ideas.

  • Faye Prosser -WRAL Smart Shopper Jan 19, 2016

    raesmom1612 and Moo - I love the idea of the progressive savings. Whatever works for you is great as long as you are saving money!

    Raesmom - Once NBS finally gets here, I am sure there are a few us who will be happy to provide the wine! :-)

  • moo Jan 19, 2016

    I do a progressive savings schedule each year.....Week One $1, Week Two $2, Week Three $3 and so on until the end of the year. All totaled it's a little over $1300. It gets hard to find the $52 right after the holidays so during the summer or when I have a bit extra, I try to cover that one and just mark it off my list of weeks. The trick is to put it somewhere that you don't see it.

  • raesmom1612 Jan 19, 2016

    Thanks for the challenge Faye and I am going to accept it. DH and I are actually doing the 52 week challenge this year.....I'm doing it backwards, he is doing it "correctly" (he is doing week one save $1 week two save $2 week three save $3 doing week one save $52, week two save $51, week three save $50 etc....) so by the end of the year we should have $1378 each (which will go into another savings for each of the kids) and we will do it again next year. I think I can squeeze in an extra $10.....but once NBS gets here mommy is gonna need just a small bottle of Ill have to skip a week :)