Watch the Sochi Winter Olympics and Play the Medal Money Challenge

Sochi Olympics gold silver and bronze medals
While it might not seem so at first glance, being an Olympic athlete has some similarities to saving money. Both don’t just happen. In order to be an Olympic athlete, you need to dedicate hours of training over a long period of time to achieve the goal of making it to the Olympic games. In order to save money, it’s also important to be dedicated to save consistent amounts over a long period of time. That’s the idea behind such challenges as the 52 week money challenge and the 365 day money challenge.

Olympic athletes have to make numerous sacrifices in order to be the best that they can. They can’t eat everything they want or do many things that would take time away from their training. Saving money also requires you to make sacrifices so that you are able to squirrel away the money instead of spend it all.

With this in mind, it seemed like a good idea to put together a Sochi Olympics money challenge to benefit your emergency fund (or whatever else you may currently be saving for). This can be done by committing to save amounts related to the number of medals the US (or whatever country you’re cheering for) wins during the Olympic games.

This is a little different than the other challenges as it’s for a short period of time rather than a year-long challenge. The Winter Olympics only last 18 days, so this challenge should be viewed as an extra infusion of savings on top of the savings goals that you already have. While the others are marathons, this is more like a sprint to bump your savings.

The concept is pretty easy to understand. The first step is to choose a specific amount of money that you will save for each medal that the US wins during the games. For example, you can save $5 for each gold medal, $3 for each silver medal and $1 for each bronze medal that the US wins during these Olympic games. As an example, the US won 37 medals in the 2010 winter Olympic games (9 gold, 15 silver and 13 bronze). If the US won the exact same number of medals in Sochi, you would have to save $103 (9 gold medals x $5 = $45, 15 silver medals x $3 = $45 and 13 bronze medals x $1 = $13) during the games (click on image to print).

Sochi Olympics money challenge
The amount for each medal can be adjusted to whatever you feel is appropriate for your goal. You can significantly up the amount so that you save more, or lower it a bit if you still want to try it, but realize that money is currently tight. Choosing an amount that will force you to sacrifice a bit while saving it should be seen a type of appreciation for all the sacrifices the athletes have had to make to get where they are. Use their performance and dedication to motivate yourself to do a bit more than you usually do when saving money. For those who want to set their own amount for each medal, you can click on the image below to print.

Sochi Olympic saving money challenge
This money challenge should be a fun activity to do along with watching the games to both cheer on the athletes and your own savings. It will add a little more excitement to the games and make each event a little more personal to you. More than anything, it’s a unique way to help motivate you to save a little more so that you can reach your ultimate financial goals, just like the athletes were able to reach their ultimate goals.

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4 Responses to Watch the Sochi Winter Olympics and Play the Medal Money Challenge

  1. Paulette says:

    I told my kid I’d buy one share of the publicly traded Canadian company of his choice (Telus, Tim Horton, Canadian National Railway, uranium mining company, whatever) for every goal Canada’s Olympic Men’s hockey team scored. I hope he’s forgotten that: I could see us at the food bank while our money heads to his Coverdell account. This was also before I knew Canada would be playing Latvia.

    I considered one share for myself for every goal Canada’s Olympic Women’s hockey team scores. Unless we end up playing Japan: again, we’d be at the food bank…

  2. jeffrey says:

    That’s a creative and fun way to enjoy the games

  3. Paulette says:

    I think I like your way better though, Jeffrey, because with your way I anticipate only $97 savings overall for us (13 gold, 7 silver, 11 bronze). I’ll feign forgetfulness and adjust the stock purchase to every win my country’s men’s and women’s hockey teams earn from quarter-finals on up. As an aside, I correct myself: it turns out Canada isn’t playing Latvia in hockey.

  4. jeffrey says:

    It’s great if you think mine works better for you, but I liked your imaginative thinking with stocks. All these challenges should be inspiration to figure out a challenge that will work best for you and your financial needs.

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