Money-Saving Challenges You Should Try
Money has a funny way of leaving as fast as it was acquired if not used carefully. It is common to hear someone say that they need to kick out some snacks they keep buying since they are causing unnecessary spending. With the rising living standards, having some extra money is precious these days. It is like finding some dollars in the pocket of your jacket. Saving money is usually a challenge in itself to get to the targeted amount. However, it is totally doable as long as there is focus and determination. Money-saving challenges are reminders that will keep you committed to saving some few dollars for a given time without wavering. Here are some 9 helpful money-saving challenges that will help save more money.
Choose the amount that you are good with.
This challenge can be done according to what one prefers. For instance, it can be a dollar a week for 20 or 52 weeks until the target is reached. By the end of the 20 weeks, you will have 20 dollars. It can be a 10-week challenge where each week there is a double increment of the saving amount. It can be $1 for week one, $2 for week two, $4 for week three, $8 for week four, and so on. By the end of the 10 weeks, you will have saved $1023 which will help for certain spending.
A dollar a day
The dollar challenge can be an easy saving tip that will help, provided you stay committed. The dollar challenge can be a dollar a day for half a year or for the entire year. Saving a dollar a day might seem little but it will help acquire the saving habit. In a span of a year, while saving a dollar a day, you will have $365 in your pocket. The next year you can try more dollars and keep the commitment and in no time, the saving will become a healthy habit in your lifestyle.
This will help to build a consistent habit of saving. Read this article from Forbes Advisor.
Along the way, we pick up some unhealthy spending habits. For instance, it can be a fast food restaurant that you recently discovered and you can’t help yourself but keep going back. I am not saying that spending on fast food is unhealthy but taking care of how much we spend on certain things is helpful. In this challenge, the focus is on limiting spending to the necessary and essential things in your life. No, not the bills because you don’t want to spend the night out since the landlord would hear none of your spending challenges. I am talking about unnecessary spendings like snacks and unplanned spending. The more the no spend challenge lasts, the more extra money you will have.
Read more on the no spend challenge;
Meal Prep to save money
Usually, having a meal out is fun but expensive unless to eat out you should avoid it. Instead of eating out how about doing shopping and cooking the meals. As a matter of fact, single spending for a dinner out might buy enough food for a week all that it needs is for you to cook. Do this for a month and you will effortlessly have extra money by the end of the month.
This challenge surely instills discipline until the home bank fills up. The good thing is that you want it to fill up fast so your efforts will determine when you will break it. There is no way you will be interested to break it when it is not yet full unless it is an emergency. Otherwise, you have to patiently wait until it fills up and in the end you will have a certain amount saved up.
Have a goal in mind!
This saving challenge has a certain goal in mind like by the end of the year I want to treat myself for a vacation or make a big purchase or buy an apartment. In this challenge, you decide on the amount of money you want to save up for some period to save enough money for the goal. The goal will challenge you to save up so that by the time you want to get the apartment you will be able to buy it.
Money-Saving Challenges: Roll the Dice Challenge
This is a fun money-saving challenge where the dice will determine the amount you save up. A six-sided die will work perfectly for this challenge. When rolled, the number on it will be the amount to save. You can set that by the end of the week. you will roll the dice five times or daily.
Fun Bowl Money Saving Challenge
This challenge is more like the dice challenge only that you write the different amounts to save in different pieces of paper and fold them and put them in a bowl. Every pick will determine the amount you save. It can be done daily or it can be weekly or monthly based on how much you want to save.
Getting emergencies without a plan leads to debt
Urgent things are common and nothing would help than having some money saved up that will be convenient for the emergency. You can commit to saving up money that might be used for emergencies or to add up on a big purchase or an urgent thing like a car breakdown. Having an emergency without an emergy fund can lead to debt.
It is important to note that saving up is a commitment and it requires one to be focused and determined to save up for the end goal.
