$10K Saving Challenge- Week 1

7 Saving Challenges to start 2021

Here we are! 2021!

The biggest lesson we learned during 2020 was that we could take nothing for granted. Not our freedom, our jobs, the ability to hug our families and see them when we needed them the most, or even toilet paper.

For years I have been procrastinating about bringing back my saving challenge, but I feel like if we can overcome the challenges of last year, we can overcome anything. So I’m BACK. And the $10K Accession Finance Saving Challenge is back.

12 months

$10K Saved from the budget or earned on the side…

*spoiler alert… I had to start 4 days earlier to give me time to write about it and so far I’ve saved $420… so $10K might well be $15K or $20K by the time I’m done.

Week 1’s Challenge is to start a side Challenge- I have collated 6 Saving Challenges which range from 4 weeks to 52 weeks and here I’ll break them down & I’ve attached a printable.

Challenge 1: The 52 week challenge.

Saving Goal: $1,378 in 52 weeks. Start with saving $1 in week 1 and add $1 extra each week. Simple concept… but if things get harder to save towards the end of the year you should try Challenge 2 instead.

Challenge 2: The 52 week challenge in reverse

Saving Goal: $1,378 in 52 weeks. Start with saving $52 and decrease it by $1 each week. It eases the burden closer to Christmas with less than $10 needing to be saved in December.

Challenge 3: Save $10K in a Year… or the Go Hard or Go Home Challenge.

Saving Goal: $10K in 52 weeks. Save a weekly amount ranging from $50 to $500. There are 2 weeks of $500 contributions required so save those weeks if you are expecting a bonus or windfall. The challenge is flexible- you choose an amout on any week of the year. I would suggest always making the biggest contribution you can on a given week and save the smaller amounts for weeks where things are harder.

Challenge 4: Save $10K in a Year

Saving Goal: $5K in 52 weeks. Just like the $10K in 52 weeks, make flexible contributions to the saving kitty each week.

Challenge 5: Save all the $5 Notes you receive in a year

Saving Goal: I wouldn’t recommend a saving goal because you don’t want to encourage more spending just to ‘earn’ extra $5 notes as change- but it can be a nice little pre-Christmas bonus. This challenge wouldn’t really work for me as I very rarely use cash.

Challenge 6: Save a $1,000 emergency fund

Saving Goal: Save $1,000 in 4 weeks. If I had less than $1,000 in my bank account this is absolutely where I would start. In fact- this is where I did start….

3 days ago I started selling household items on facebook market place. It takes less than a minute to post and here are my tips:

– Post on days where you will be at home and can be free to communicate promptly and be there for people to collect the goods.

-Include your suburb in your listing to avoid wasting time being contacted by people that can’t get to you.

-Join your local Buy/Swap/Sell (BSS) pages on facebook as you will likely have more luck with people that can collect from you conveniently.

Challenge 7: Join the $10K Accession Finance Saving Challenge

Saving Goal: $10K. Each week I will blog about something I did to save money and the result. Head to www.facebook.com.au/accessionfinance where I will share our blog each week.


Week 1 Challenge: Start one of the above 6 Challenges alongside this one.

I started the Challenge 6: Save a $1,000 emergency fund.

This week I started to sell our goods on FB Marketplace to try and save $1,000. By selling some household items; a rug, some artwork and the kids old Wii U and games, I was able to make $420 in 3 days. There was a lot of interest in the rug and the artwork- I made the mistake of not researching the price before I listed it and I believe I could have got a little extra for both. The Wii U didn’t get a lot of interest- so I agreed to sell it for much less than I listed it for after 3 days….. the next day someone else offered $70 more than I had accepted and sold it for. If someone offers you a lower price, it’s a good idea to lock them into a time to collect… because time is valuable. But if you have something you know by comparing it to like products, it can be worth holding out for someone that is willing to pay what you are asking for- especially of you don’t have much to sell. I will continue to sell a few more things over the next 4 weeks while the kids are on school holidays, but there will be a new challenge for next week too.


Week 1: $420 Saved

Thanks for following along!

Nat X

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