As part of our new year’s resolutions, we would like to invite you to participate in a month-long savings challenge with the Financial Wellness Center.
We are showcasing three savings challenges for the month of February. Below you will see a brief overview of these challenges. Please see the attachment to review more details of the challenges.
- 30 Day No Spend Challenge-This is a highly customizable savings challenge, which is a great start to the year. It encourages you to update your budget and get your spending focus on paper. Here is how it works- you are going to set tight restrictions on all the spending that you do, and you will limit yourself to only necessities: housing, bills, and groceries.
- 30 Day Pantry Challenge-A pantry challenge is designed to help you limit your food spending. Like the No-Spend challenge. You will be setting your own rules for how much you want to cut your Grocery spending. For example, you can set a budget of $100 for the week OR reduce your spending by sticking only to your list.
- 52 Week Saving Challenge (starting in February)*- It works like this: start depositing $1 in week one, $2 in week two, $3 in week three and so on. By week 52 you should have a full $1,378 in savings. You can also make this challenge more intense by adding in “Double Down Weeks”. For example, in weeks 1-5 you can double the amounts (week one would be $2, week two would be $4, week three would be $6, and so on).
*This year we wanted to include a jumpstart to a longer-term savings challenge as well. The first few weeks can be difficult. We are here to help you in any way throughout the year. If you select this challenge, we will send you reminder emails throughout the year to check-in!
To sign up for a challenge, please complete this survey: https://utk.co1.qualtrics.com/jfe/form/SV_bE1tKdwRApfsHsO
At the end of February, we will reach out to the individuals who participated to see how their Savings Challenge went. Everyone who signs up will for the challenge will be entered to win Tiffany Aliche’s (The Budgetnista) Get Good with Money and One Week Budget workbook!
There will be the following scheduled times to come by and chat with me in-person or to pick up any needed savings envelopes for your challenges.
Tabling Times: (Location University Center Financial Aid & Scholarships Hallway 201-202)
- 1/24/2023: 9:00-11:00 AM
- 1/26/2023 3:00-4:30 PM
- 1/27/2023 12:00-2:00 PM
Open Zoom Hours (for any questions or setting up a time for envelope drop-off from Sarah Edgar or another option for picking up your cash envelopes):
- 1/25/2023: 11:00-2:00 PM: https://tennessee.zoom.us/j/98753796822
Be on the lookout for an email next week that will include specific details for the Savings Challenge you chose via the survey above or coming to sign up at a tabling event/zoom session.
Financial Literacy Coordinator
Financial Wellness Center