Since it’s the beginning of the year, it’s a great time to start your financial goals. Money-saving challenges can be a good and easy way to reach your goals for this year. Whether it’s to go on a vacation or buy a car, there are plenty of money-saving challenges to help. Here are 6 best money saving challenges to try right now.
Start with a dollar
Save $1 every day. If your goal is to have $300 by the end of the year, save $1 every day to end up with $365 at the end of the year. Although this is a small goal, it’s easy and simple. All you have to do is save 1 dollar every day.
Save the tens
This challenge has a bigger reward at the end but is just as simple. save 10 dollars every week for the whole year. You’ll end up with a saving of $520.
Start with a penny
All you need to start this challenge is a penny, easy right? for this challenge, all you need to do is save a penny on the first day and add a penny for each day. For instance, Start the first day by saving 1 cent. Save 2 cents the second day. 3 cents the third. 50 cents the 50th day. $1 the 100th day. You get the gist. Anyways if you do this for a year, you’ll end up with $667.95
“No Spend” challenge
the point of this challenge s to get you to spend wisely. It’s not to get you to stop spending money altogether but to try spending money on necessary expenses like rent, utilities, and groceries. Any other unnecessary expenses like buying clothes have to stop. You can choose to start slow by doing a no spend week or month challenge, whatever suits your needs.
Grab this Free easy Money-saving Printable to save $2000 this year.
Save your fives
Get a jar or a purse if you want and save every 5 dollar bill that you come in contact with. It’ll add up to a great amount since $5 bills are frequent. You can also change this to suit you. For example, you can save your $10 or $20 bills. $5 bills can be easier since they’re smaller.
Automatic savings account
You can save money automatically. Have your bank withdraws a specific amount of money from your checking account and sending it to your savings. This is usually available in your bank’s app. all you need to do is set a certain amount for every week or every 2 weeks and that’s it. For instance, you can have a $10 set to be sent to your savings every week. when you don’t want to do it anymore, just cancel the transaction.