Have you considered starting a money-saving challenge? Maybe you have already completed one? Either way, these challenges are a great idea to help give you some focus and structure regarding how to go about starting one and sticking to it.
There are many savings challenges to choose from, and you will find one that suits your budget. Listed below are a few worth looking into.
The aim of this challenge is to save a dollar in week one, two dollars in week two, three dollars in week three, and so forth. By the last week of the year, week 52, you are putting away $52. You may find that doing this in order could get difficult in the later months, particularly around Christmas.
In this instance, there is no reason you can’t mix the weeks up to suit your budget. Why not save the more substantial amounts in a month where there are no birthdays and your social life is quieter?
You could save a significant $1,378 by sticking to this challenge. If that seems too tricky, you could also try a ‘mini 52-week challenge’ by saving 50 cents a week rather than a dollar. This still adds up to an impressive $689!
This financial task has a very similar premise to the 52-week challenge above. The main difference is that you save a cent on day one, two cents on day two, three cents on day three etc., every day, every week until the end of the year. This, too, can be adapted to suit your financial needs over the months. It all adds up- with this challenge, you could save $667.95 by the end of the year!
Do you buy coffee every morning? If so, you could save any change you get once you’ve paid and you will soon see that amount of money adding up. Similarly, when the day is over, empty your pockets or wallet and put any spare change away. You could set your challenge to be ‘put away anything under a dollar’ or ‘save every $5 note I get’. Just remember, don’t get in more debt for the sake of trying to accomplish a challenge.
If saving money isn’t the only thing you’d like to do this year, and losing weight is another, then try this! For every pound (lb) or kilo that you lose, set money aside. Saving a dollar per pound will help you save more than a dollar per kilo if you have a way to go. Whatever you choose, the extra amount of money could contribute to your new wardrobe!
A no-spend challenge is almost just that! Simply put, you only buy the bare essentials needed to get you through the week or month.
Take a home-made lunch to work rather than buying one. For more tips on how to save money in the workplace, click here.
Can you make a coffee at home before buying one on the way to work?
Maybe you can cook a fantastic meal at home for friends rather than pay restaurant prices?
Try a movie night at home rather than at the cinema.
Obviously, this only works if you put away the money that you would have spent!
After all, it doesn’t really matter where or how you save the money. You can save it in a bank account, by automatic transfer to a savings account or in a simple jar on your table. What matters is what you do with the extra cash.
It makes sense to use it on something financially sound. This could be to pay off debt- a student loan, towards a new car or to pay credit card debt. Of course, how you use it is entirely your decision, but it would be a shame to stay in debt if you have the chance to clear it or minimise it. Once your debts go, your savings grow!
Alongside the savings challenges, consider other ways to earn extra cash, such as selling your unwanted goods.