Finance

Loonie A Week Money Challenge (Free Money Savings Chart)

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Simple New Years 52 Week Savings Challenge for Beginners

What I’ve got for you is a free printable money savings chart and a Loonie a Week Money Challenge.

Since we are at the start of a new year I thought it would be fun to introduce an easy savings challenge.

Learn how to save money a simple way so that you can apply what you learned to your debt

Money is an effective, powerful, and simple motivator. Self-evidently, money motivates and extra money motivates people to work extra hard. It’s natural to compete, and when rewarded with money for better work then productivity and standards are raised for all.- Source Adrian FurnhamLoonie challenge

What would you do with a $52 savings at the end of this year? Be serious, I want to know so comment after you read this post.

If right away you think this is ridiculous saving one dollar a week, this is obviously not for you.

Perhaps your savings plan is in great shape or you really don’t care to understand the purpose and benefits.

This challenge is for the people who struggle to pay bills, need to control spending habits, and consider future retirement savings.

The point of this loonie a week money savings challenge is motivation and education for kids and adults.

It has nothing to do with a get rich fast scheme it’s for those of you who struggle to save money in the bank or with investments.

Financial education starts with the parents teaching their children about money so this is a great family challenge as well.

As a frugal living finance blogger for the past 9 years, it’s safe to say that there are people who don’t know how to save money

I’ve heard every excuse as to why people drop out of challenges but you have to keep trying or you’ll never get the savings bug.

Join Our Loonie Savings Challenge (Free Money Savings Chart)

loonie savings challenge

Today, I want you to stop with the excuses and jump on board our loonie a week money challenge with us.

However, if you don’t have a loonie and want to do $0.50 or a quarter that’s fine.

For those of you who really struggle at saving money I want you to join this challenge with our family.

I’ve also created a simple money savings chart that you can print and put into your budget binder to track your loonies.

So at $1 a week for 52 weeks you should have saved 52 dollars in this loonie money challenge.

It sounds ridiculous but there are lots of people who have never had $52 in savings.

Pursue this money-saving challenge as a year of education, happiness, and motivation to do better.

If you can afford more than a loonie and want to do toonies that’s fine too.

Just get it going and drop your coin into the jar once a week by setting up a time of day that you do it.

Keep the time standardized if you can so you don’t forget to track your coins and have to go back to the challenge.

Little CBB Wants To Save His Own Money

saving money

Believe it or not, our son came up with the idea of saving a loonie a week to see how much money he could save.

He knows I blog about money so sometimes he’s asking me questions about how money works.

Currently, he has a plastic water jug that we all fill with spare change when we have it to help him understand savings.

As he’s getting older he’s into the “I want” and “I need” stage but thinks mom and dad will pay for it. NOPE.

There’s a joy you get knowing that your child understands finance and wants to save money and have goals.

Obviously, our son is very young so Mrs. CBB and I challenged him to a loonie a week challenge.

Both of us explained that if he wanted to buy something then he would need to start saving money.

Inspire Your Children To Be Financially Independent Early

We gave him a few simple chores and if he finishes them he will get a loonie a week from us.

We’ve printed three money saving charts and at the same time on Sunday, we will track our loonie drop.

This is going to help him with responsibility and how to save money which will transform into a bank as he gets older.

Plus, he already has his life insurance covered for the rest of his life and a non-registered savings account.

On top of that, his education will be fully funded and all of this sounds great but we must teach him about money.

The last thing we want is for our son to be blowing the money we’ve been saving for him.

How Mrs. CBB Started Saving Money In The Bank At A Young Age

When Mrs. CBB was younger she worked at Tim Hortons for years and each day she would put her tips into a money jar.

At the end of one year, she had nearly $2000 in tips from her customers.

That’s how she started saving her money in the bank to build her savings so she would always have money in the bank.

At that point, she had already been through college, paid off her $7000 OSAP, and was working at Tim Hortons.

She gave up hope of finding a career in her field and was one of those students who were not interested in what she went to school for.

There’s plenty of students who might be reading this going through the same thing and that’s ok.

Keep going until you find what you want to do and do it better than anyone you know.

As the years went on she moved to where we live now and went to University where she graduated in a career she loved.

She easily found a job paying her the most she’s ever been paid but soon after got sick and had to leave.

I might as well add that she also had a paper route for a year in grade 8 which helped build her confidence with customer service.

Once she got to high school she had already found a job working at an ice-cream shop and kept building her savings.

Small City vs. A Big City Careers

Living in a small town makes it tough to find a good job and that’s why so many graduates move away.

At the same time, graduates struggle to move anywhere but home unless they can scoop up a career that pays the bills.

With the Covid-19 pandemic, everything is a disaster for businesses, students, parents with their jobs.

Not everyone gets to go to work and collecting less money than they earned working.

We all understand why this is happening but I’m just pointing out that many families are in a hard spot right now.

Renting a one or two-bedroom apartment is getting so expensive that you’d need 2 working people.

Moving to a new city with high rental expenses means you move in with someone and split the rent or rent a room.

Renting a room where we live will cost you $550-$700 a month based on location and the home itself.

Having that savings discipline is SO important for both kids and adults for life.

Print Your Free Money Savings Chart Printable

Overview Of the Loonie Savings Challenge

I believe this Loonie-a-week savings challenge along with the printable money savings chart will change the way someone thinks about savings.

There’s no dipping into your challenge money and promising you’ll pay it back.

You drop the money in and forget about it until the next loonie drop which is not your emergency savings fund.

52 Week Saving Challenge and Money Savings Chart Discussion

I enjoy reading your comments so please leave them below.

You can let me know if you’d like to join in if you want and I can help motivate you if you need help.

If not take a shot on your own and see you can share some good news with CBB at the end of the year. 

What would you do with $52 at the end of this year? comment below.

Mr.CBB

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6 Comments

  1. I agree with Cheryl that coins don’t happen in my life very often. I will use my jar for the bottle return money. I don’t put that money in my budget and it comes in cash (so far). In Alberta we pay deposit on milk containers and distilled water bottles (for our CPAP machines) so we don’t receive a lot in refunds but it is money!! I will donate the money to the Food Bank at year end. Not entirely selfless as I will receive a tax receipt for my donation.

    I will share a money concept strategy that my husband and I did when our daughter was young. When we purchased our first brand new car and had a car payment, my daughter drew a picture of the car to include the same number of boxes that there were payments. Every month that we made a payment, a box was coloured in until the car was paid for meaning that it was ours!
    When my daughter was 10, she and I started saving to purchase a puppy which was going to cost $300. A picture was drawn with boxes to represent $10 increments of savings. When the picture was completed we purchased our puppy who blessed our family with companionship for 12 years.

    I enjoy reading CBB have learned many money management and frugal living tips from your blog posts. Thank you for sharing.

  2. A buck a week is a great idea as a start off point to anyone who’s never saved money!

    The problem being, who has coins these days when it’s mostly a cashless society? I know when I get hold of a loonie I hoard it cause I need it for the shopping cart at Real Canadian Superstore! Toonies or any change for when I buy eggs from a nearby farm.

    As for saving $52, I think I’d use that money to help our charities, like the Salvation Army kettles in December or the legion when they’re selling poppies early November. Or something similar. You go to trade shows and there are often charitable organizations with a jar out.

    I’m just amazed that your wife made tips at Tim Hortons! I don’t drink coffee and I rarely go there, mostly because I have a portion control issue when it comes to donuts – so stay away! I’ve never noticed a tip jar, but I’m such an infrequent visitor maybe I just don’t notice it? I went to Tim Hortons once last year.

    1. Lots of great ideas Cheryl. I wanted to keep the challenge as simple as possible but as I mentioned anyone could set an amount that works.
      I always seem to have change in my pocket. I toss the coins in my cup holders. She worked at Tim Hortons in the 90’s and yes she made lots of tips.
      The team would keep their own tips too. She ate so many donuts she said and worked out after, walked back and forth to work. They weren’t able to donate any day olds so everything got tossed back then. The donuts were made fresh in the kitchens. Now they taste like crap. I think it was just after I got to Canada that they stopped doing the baking and prep in store. Great idea for the donations. You’re a very kind human. Well done.

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