Two Liter Dime Challenge

Two Liter Dime Challenge

You may have heard about savings challenges like the 365 day money challenge, the 52 week money challenge (and its alternatives) and maybe even the 12 week money challenge. They’ve taken the internet by storm and there seems to be a new money challenge coming out every year.

These challenges can make saving money fun. One of the newest challenges, the two liter dime challenge, does just that.

What is the Two Liter Dime Challenge?

The two liter dime challenge is pretty self explanatory. It is another way to make saving money fun. All you need is an empty two liter bottle and the will to start saving every dime you get back in change.

How to Do The Two Liter Dime Challenge

As previously stated all you need is an empty two liter bottle and dime to perform the two liter dime challenge. What you do is set the two liter bottle up in a place that is easy to access in your home (most people put it in the kitchen). You can decorate the bottle to make it a bit more appealing or leave it clear.

Once you have the bottle set up the way you want it start filling it with dimes. You can put dimes from anywhere in the bottle (change from the store, change found at home, etc). Continue to put the dimes in the two liter until it is slap full.

How Much Can You Save?

Once you’ve completed the two liter dime challenge by filling up the bottle with dimes you can cash them in. There are a couple of ways to do this.

You can roll the dimes and bring them to the bank (this will give you the most savings) or you can bring them to a CoinStar and get cash. CoinStar, however, will take about 10 percent of the amount of money you put into the machine.

If you complete the two liter dime challenge you can save anywhere between $550 and $700.

How to Track the Two Liter Dime Challenge

You can save a ton of money with the two liter dime challenge but it is a challenge that seems like it may take a bit of time. You can be proactive about the savings challenge though. When you are at the checkout counter, for instance, you can ask the cashier for dimes. You can also search the couch and your car for dimes as well, but how do you track the challenge?

Many people who have performed the two liter dime challenge set goals on the outside of the bottle. For example, you can draw lines on the bottle and write dates above the line. This will mark the place you want to reach with dimes by that date.

Saving money is important. Whether you do it through a savings plan like the two liter dime challenge or budget out a savings plan for yourself, securing your financial future through savings can change your life.

Photo: Nicholas LabyrinthX

Have You Tried a Money Challenge?

Money Challenge
A few years ago 30-day challenges and money challenges became super popular. It was like the internet was trying to challenge everyone to do something to better themselves.

Some challenges had to do with fitness (i.e. the 30-day squat challenge). Others had to do with blogging or writing or other career-specific challenges. And, the most popular had to do with saving money.

The 365 Day Money Challenge

All of the money challenges seemed to have stemmed from the 365 Day Money Challenge. Ultimately this money challenge would challenge you to save a penny a day, increasing by one penny each day. For example, on January 1 you would save $0.01, January 2: $0.02, January 3: $0.03 and so on.

At the end of the year (or 365 days) you will have saved $668. You can see a print out of the money challenge here. The money challenge has been adapted so that you can save nickels, dimes and quarters as well.

The 52-Week Money Challenge

The 52-Week Money Challenge is another great way to save money as well. Like the 365-Day Money Challenge the 52-Week Money Challenge saves a little bit of money at a time. You save money each week, increasing the amount by $1. The first week you’ll save $1, week two: $2, week three: $3 and so on. By the end of the year you’ll have saved $1,400.

You can print out the 52-Week Money Challenge here. There are also a number of alternative challenges you can try, including doing the challenge in reverse.

The Biweekly Money Challenge

Many people get paid biweekly and not weekly. For those who get paid biweekly, an alternative money challenge has been made. The Biweekly Money Challenge is like the 52-Week Money Challenge except it is only on the span of 26 weeks (half a year or biweekly over the year). You simply increase the amount you save every-other-week by $4. Week one you save $3, week two: $7, week three: $11 and so on. You save $1,378 over the span of the year with this money challenge.

If you want to try the biweekly money challenge you can print it out here. You can also alter the plan to suite your own needs.

Creating Your Own Money Challenge

In fact, you don’t have to go by any of these specific money challenges. You can make your own. Saving isn’t easy by any means, however, making a plan and setting out how much money you’ll save and when can really help.

Whether you want to save a certain amount of money per week, biweekly or per month you can lay out a plan that can really help. The internet also has a huge amount of printable money challenge charts out there for you to create your own or follow someone else’s.

The new year is just around the corner and many people will be pledging to save more money and gain control of their finances. There are plenty of money challenges out there for you to try and aid you through your financial journey.

With a new year comes a new challenge. Will you take the money challenge? 

Photo: 401(K) 2012