How to choose a savings challenge for your goals

Imagine: you want to save for a dream vacation, a new phone, or simply build a financial buffer. But where do you start? A savings challenge can be the perfect way to save money—and it can be fun too! In this blog post, we'll walk you through the steps of choosing the perfect savings challenge that fits your goals and lifestyle. Ready? Let's get started!

Step 1. What do you want to achieve?

The first thing you need to do is think about your savings goals. What do you want to achieve? Maybe you want to book a vacation, build an emergency fund, or save for a new car. Having a specific goal in mind will keep you motivated and help you know exactly what you're doing it for.

Examples of goals:

Short-term goals : A weekend away, a new gadget, Christmas presents.

Long-term goals : A house, a degree, a wedding.

At Vaye Amsterdam, we have a handy collection of savings challenges to help you easily reach your savings goals. Whether you're starting big or small, there's always a challenge that's right for you.

Step 2. How much can you save?

It's important to be realistic about what you can afford to lose. Take a look at your financial situation: what's coming in, and what's going out? Having a good overview will help you determine how much you can save regularly.

Tips for determining your amount:

• Start small: even €1 a day can make a big difference in the long run.
• Make it challenging, but not impossible.
• Consider different savings challenges, such as the 52 Envelopes Challenge, for an achievable weekly savings build-up.

Have you already thought about how much you can save? Great! Then it's time to move on to the next step.

Step 3. Which challenge suits you?

Not everyone has the same lifestyle or financial situation. That's why it's important to choose a challenge that fits your daily routine and needs.

Popular savings challenges:

• The small change challenge: save your weekly change. The small change challenge is often combined with a transparent piggy bank so you can always see your progress.
• The 100 or 52 envelopes challenge: Collect 100 envelopes for €5050 or 52 envelopes for €1378.
• Monthly savings: with this savings challenge, the amounts are pre-populated so you know exactly how much you need to save. This challenge is also available as a split-saving option, so you're not tied to a specific month.

You can also save in cash envelopes. These can be personalized to your savings goal.

Step 4. Make it fun

Saving might sound boring, but it doesn't have to be. Adding a playful twist to your savings challenge will help you stay motivated. How? Here are a few fun tips:

• Track your progress: Use a savings tracker to see how close you are to your goals. Our budget planners are perfect for keeping track of everything.

• Personalized Envelopes: Make saving personal with custom envelopes. Check out our personalized options !

• Rewards: Give yourself a small reward when you reach a milestone. Saving is worth celebrating, right?

Make it a game and before you know it you'll be closer to your goal than you thought.

Step 5. Set a deadline

A savings goal without a deadline is just a dream. Set a concrete end date to achieve your goal. This will help you stay focused and measure your progress.

Examples:

• Want to save for Christmas gifts? Set a deadline of December 1st.
• Planning a summer vacation? Make sure you're ready by June.

Our budget binders help you clearly record your goals and deadlines. This makes planning even easier!

Tips for savings challenges

Nobody's perfect, and that also applies to saving. Here are a few common mistakes and how to avoid them:

1. Starting too ambitiously: Start with a manageable amount. It's better to start small and build up than to start too big and give up.

2. No plan: Use tools like our savings trackers to track your progress.

3. Forgetting the challenge: Make saving a regular part of your routine. Use reminders or a visual aid like our transparent piggy banks .

Ready to start

Choosing a savings challenge doesn't have to be complicated. It's all about your goals, your lifestyle, and what you can realistically achieve. With the right tools and a healthy dose of motivation, you can achieve a lot.

At Vaye Amsterdam, we have everything you need to make your savings goals a reality. From cash envelopes to budget planners , we have it all.

So what are you waiting for? Choose your savings challenge, set your goals, and start saving today. You'll be amazed at how quickly you can reach your goals!

View our offerings and start your savings journey today!