Are you interested in making some remarkable cash savings next month?
Why wait till next year to start a new habit when you can begin from the next month itself. The early you learn good money habits the better it is for you and the more money you 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 will get enough impulse and positive reassurance to go ahead and do more significant things in life.
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 to purchasing only essential groceries, 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 hand you change, collect them in your wallet without spending them. Once you are home, toss it in a piggy bank or in 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 at least have saved a $100.
3. The $1 Challenge: 30-Day Challenge
The $1 Money-saving challenge is a lot similar to the spare change challenge but you have an opportunity to save more money here. Every time a cashier hand down a dollar bill, keep 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
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 spendings, just save a 50 dollar bill per week for the next six months. This way you are guaranteed to save $1200 at the end of the challenge.
Your goal should be to save as much as possible and also learn the lessons from having to put a restraint on your spendings. 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 your challenge.