Money-Saving Challenges You Should Try Today
Are you interested in making some remarkable cash savings next month?
Why wait till next year to start a new habit when you can start next month instead. The earlier you learn good money habits the better it is for you and the more money you’ll save.
Money-saving challenges can be fun. You get to save plenty of money and also get to change your long term spending patterns. The challenges mentioned in this post are not at all extreme or complicated. I believe in incremental learning and by completing these easy 30 day challenges, you’ll hopefully be inspired and motivated to continue the pattern of saving.
Here are a Few Money-Saving Challenges You Should Try.
1. The No-Spend Challenge: 30-Day Challenge
The purpose of a 30-day no spend challenge is to break the relentless spending pattern that is costing you so much more money. To get started, delete your credit card credentials from all eCommerce sites like eBay, Amazon, or Etsy so that you won’t buy each time the compulsion arises.
Do you feel like buying that bestseller placed on the window every time you pass by the book store? Reading books may be a good habit but while on a 30-day no-spend challenge, you are not allowed to buy anything else than the bare essentials. Try to be honest with yourself and limit yourself to purchasing only essential groceries, only spend on transportation (preferably public transport), and emergency medical help.
2. Spare Change Challenge: 30-Day Challenge
By taking up this challenge you won’t save hundreds of dollars but it is very important when it comes to learning the principles of frugality. So, next time a cashier hands you change, keep it in your wallet without spending it. Once you are home, toss it in a piggy bank or a box where no one else can take it. If possible put a label on the box and also mention the reason why you are doing this. At the end of the month, you should have saved close to $100.
3. The $1 Challenge: 30-Day Challenge
The $1 Money-saving challenge is a lot similar to the spare change challenge except you have an opportunity to save more money here. Every time a cashier hands down a dollar bill, keep it in carefully in your wallet without spending it. Store the money somewhere safe and only count it at the end of the month. This challenge won’t be as effective for people using payment apps like Venmo to do their shopping but it is perfect if you use cash.
4. Weekly $50 Challenge: 6 Month Challenge
The weekly $50 challenge is perfect for those who are involved in side-hustles. I am assuming your side-hustle–whatever it may be– pays you at least $100 a week. Your task is to set aside $50 each week for the next six months. You don’t have to live frugally or cut costs on your spending, just save $50 per week for the next six months. This way you are guaranteed to save $1200 at the end of the challenge.
Summary
Your goal should be to save as much as possible and also learn a lessons from having to put a restraint on your spending. I am assuming you are taking up such challenges for the first time in your life. And it is not going to be easy. So don’t be disheartened if you relapse. Just be positive and do your best each time you restart the challenge.