If you’ve been looking for a challenge or a fun way to incorporate putting more money to the side, you should try a money-saving challenge.
WHAT ARE MONEY-SAVING CHALLENGES?
Money-saving challenges are when you try to save as much money as possible within a certain timeframe or to save up to a certain dollar amount.
Sounds simple, but it can be challenging if you’re someone that enjoys frequently spending your money. However, if you have a certain goal in mind, you can put your habits to the side to save your coins and spare dollars.
WHY DO A MONEY-SAVING CHALLENGE?
Sometimes you may just need to do a reset with your spending habits or you need to save money for an upcoming expense or you want to treat yourself to a luxurious vacation.
If you’re looking for a challenge but not sure where to start, here are a few money-saving activities you can do on your own or with family and friends:
THE NO SPEND CHALLENGE
While the name suggests no spending, this challenge doesn’t mean to not spend anything. To succeed with this money challenge, you should only spend on necessities and things you need like gas, rent or mortgage, groceries or insurance. You can choose a duration that works for you and cut out spending on extras like dining out, happy hours, beauty items and shopping.
It may seem like a tough sacrifice at first, but after a few weeks, you’ll notice a difference in your account.
52-WEEK MONEY CHALLENGE
This money challenge usually comes at the start of a new year. Let’s say you have a big financial goal you want to achieve, you want to have a bigger emergency savings fund or you want to treat yourself to a getaway on an island, this challenge would be for you. The hardest part of the challenge is staying committed for the full 52 weeks.
So, how does this challenge work? There are no complicated rules to remember. During week one, you save $1.00, week 2 you save $2.00 and it continues through the year, adding one more dollar to each week’s savings goal. By week 52, you should have set aside $52 which will bring your total savings goal to $1,378.
If you want to modify it to fit your specific savings plan, you can.
It’s recommended to keep a visual chart or checkoff sheet to keep track of your progress.
$1 BILL SAVE MONEY CHALLENGE
If you’re working with a smaller budget or want to ease your way into saving more money, this challenge is ideal.
True to the name, you simply save all of your spare $1 bills. This is also a great savings challenge to incorporate with teenagers or young adults who are working towards small savings goals.
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