Setting yourself a money saving challenge is an excellent way to develop smart saving habits that’ll help you reach your goals that much faster. Whether you’re saving up for the end of year holiday period, creating an emergency fund for your family or working towards a specific goal, these nifty saving techniques are an excellent place to start!
The 30 Day Money Saving Challenge
Savings: $496.00 in one month
Save just under $500 in a month by depositing a small amount each day directly into your savings account. Each deposit should correspond with the day of the month, i.e. Deposit $5 on the 5th of the month and $25 on the 25th. In a 31 day month, you will have set aside $496; an excellent savings booster to help you reach a short term goal.
The 52-Week Money Challenge
Savings: $1,378.00 in one year
A very popular money saving technique, the 52-week challenge is incredibly simple. Each week, you will deposit a small amount into your savings account, increasing the amount you save each week by $1. Start with $1 in week 1, $2 in week 2, $3 in week 3 and so on, until you’ve reached the final week, depositing $52 into your savings. In total, you should have set aside $1,378.00 by the end of the challenge, creating a very healthy emergency fund to get your through the end of year holidays.
The $5 Challenge
The $5 challenge is also incredibly simple yet so very effective! Opt for cash instead of card payments when you’re out shopping and hold onto any $5 bills you receive in change from your purchases. Set the bills aside and by the end of the year, you should have a very healthy amount to play with during the holidays. This challenge will also assist you in keeping a better eye on your general spending habits, effectively limiting any impulse buys during your shopping trip as you are using tangible cash instead of electronic payments, leading to an excellent grip on your own personal finances.
The No-Spend Challenge
Setting a No-Spend Challenge for yourself forces you to sit down and really examine where your money is going. Write down all of your monthly expenses, making sure to include all bills, groceries, clothing, take-out meals, etc. and see where you afford to trim some fat! The beauty of this tactic is that it can be customised to suit your own lifestyle while still assisting you in creating better spending habits in the long term.
The time limit is completely up to you: one month, two months or six. Define a reasonable amount of time and decide what you will not be spending any money on at all throughout this period. Eliminating any and all take-out meals and beverages from your budget for example, can save you a bundle in the long term while also encouraging better eating habits as you will be planning all of your meals and being much more conscious of your grocery spending.
The 12-Week Savings Challenge
Savings: $1,000 in 12 weeks
As far as money saving challenges go, this one’s an excellent choice that will help you to quickly reach a specific goal or build an emergency fund for your family.
Following the chart below, set aside the specified amount until you’ve hit week 12 with a whopping $1,000 in your savings account!
Money saving challenges offer an incredible and realistic way to achieve both your short term and long term financial goals by creating better saving habits and forcing you to examine where your money is actually going. These five examples are our top picks – Do you have a great money saving tactic to share? Tell us in the comments below!
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