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).