The term ‘saving money’ is often associated with struggle and sacrifice. Building a hefty savings requires discipline but it can also be fun. Take a look at some exciting saving challenges that will help you meet your financial goals and have fun along the way.
Master your Spending Challenge
If you’ve been feeling like your spending habits are getting a little out of hand, take note of the following saving challenge. Kat Brancato, a writer for clevergirlfinance.com explains, “This no-spend challenge can save you some serious cash and help you stop overspending. With this money challenge, you commit to a specific time-frame such as a week or a month, and only spend money on necessities. The rules are simple: You can only spend money on essentials such as rent, gas, and groceries. And, you cannot spend money on eating out, shopping, coffee, or anything that is considered non-essential. Once you get started, you’ll be surprised at how many non-essential items can sneak into your daily spending habits.” It’s a good idea to track your expenses for a couple days before you start this challenge. This information will give you an idea of where you’re spending unnecessarily.
$5 Savings Challenge
The $5 challenge is a fun way to save money quickly. For a decided period of time, (60 days, 6 months) every time you get a $5 bill, set it aside. Stick it in a piggy bank to make it difficult to get the money out. Don’t request specific bills when you’re at the check- out stand. Leave it up to chance! If you aren’t using cash on a regular basis, you can always find a way to apply the same principle to your checking account. For example, take an increment of money ($50, $100, etc.) and for every $50 or $100 deposited into your account, set aside $5.
Holiday Helper Challenge
This savings challenge has a specific goal. It’s an easy way to save for Christmas. You’ll have money for presents, stocking stuffers, Christmas dinner, etc. Beginning January 1, pull $20 out of your checking account each week. You can do more if you’d like based on your family’s needs. Do this every week and by the time Black Friday rolls around, you’ll have a minimum of $1000. This should cover the vast majority or all of your holiday costs.
52 Week Challenge
This is a challenge for people with larger savings goals. Take the sum of money you’d like to save in a year ($5,000, $10,000) and divide it by 52. This will give you the amount you need to be saving weekly. Make sure you can afford the number. If not, your challenge will be over before it starts. Prioritize saving money and enjoy the peace of mind a financial cushion can bring.
Saving money can be as fun as you make it. Create financial goals and challenge yourself to achieve them. The sacrifice is worth the end result.