10 Money Saving Challenges to Try this Year!!
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10 money saving challenges to try this year!!
I know how you guys like to save money, so here are a few ways to get creative with your money saving challenges this year.
1. Multi-purpose challenge
This is an excellent challenge for saving money AND reducing clutter because it involves buying fewer single-purpose items.
Here’s how it works: For a set period of time – such as 30 days, 90 days, six months, or whatever you prefer – only buy a non-essential item if it’s multi-functional.
To give you an example, let’s say you want an item to organize your mail and you’re also looking for a place to store your keys. Instead of buying two separate items, consider a wall-mounted organization system that holds your mail and keys.
2. Weather-saving challenge
Choose a random day, such as a Sunday, a Wednesday, or a Friday.
When this day rolls around each week, check the weather. Whatever the “high” or “low” is for that day, deposit this amount into savings, and continue for 52 weeks. So if the low is 50 degrees this Friday, you’ll save $50. And if it’s 45 degrees next Friday, you’ll save $45.
If you’re not in a position to save the full amount, maybe save half the forecast.
3. 1% challenge
Some people get comfortable saving a certain amount of money. And because they’re comfortable, they never challenge themselves to save more.
For this challenge, however, you’ll increase your retirement contributions, savings contributions, or other investments by 1% on a predetermined schedule. Perhaps at the beginning of a new year or every six months.
4. Generic swap for groceries challenge
Most people know that buying generic brands can save money when grocery shopping. However, if you’ve yet to make the switch to generic, or if you only buy a few generic items, make a goal to “only” buy generic or store brand goods on your next shopping trip.
But don’t just buy store brands to save money, actually “save” your savings. So if you normally budget $125 for groceries each week, but you only spend $90 this week, deposit the difference into your savings.
5. Receipt-savings challenging
And while we’re on the subject of “saving” your savings, pay attention to your receipt the next time you go shopping. If you receive any discounts, your total savings will often appear at the bottom of the receipt.
If so, transfer this amount into your savings account.
6. Age-savings challenge
This is another simple, doable challenge. It’s like the 52-week challenge, but with a twist.
Whatever your age, you agree to save “at least” this figure every week for 52 weeks. If you’re 21, you’ll save $21 every week, and if you’re $45, you’ll save $45 single week.
7. Vices challenge
This is similar to a no-spend challenge. However, this challenge focuses on giving up a vice – eating out, smoking, playing the lottery, etc.
Don’t just stop the vice, though. Transfer the money you would have spent on it into savings.
8. “Would You Rather” challenge
If you’ve played the “Would You Rather” game, this money challenge will sound familiar.
When contemplating buying something “that you don’t need,” ask yourself a simple question: Would I rather have the item or the cash?
If you’d rather have the item, buy it (if you can afford it). But if you’d rather have the cash, don’t buy it. Instead, transfer the money you would have spent into savings.
9. “Cancel It” challenge
This is great for getting rid of some subscription services and saving money each month. Make a point to cancel one subscription service this month, and then deposit the savings into your bank account.
Don’t only pay yourself once, though. Continue to pay yourself this amount every month. And the following month, repeat the challenge with a new cancellation.
10. Financial app challenge
Basically, you’ll use a money app for 30 days. If you like it, keep it. And if not, remove and download another one.
Several personal finance apps can help you save and manage money better. This includes educational apps, budgeting apps, as well as micro-investing apps like Acorns. I love Acorns because it makes saving and investing easy (you can invest your spare change and make recurring or one-time investments into your account at anytime starting at $5). If interested, click here to give it a try. As a bonus, when you sign up using my invite link, Acorns will give you $5 to start.
What’s your favorite money saving challenge???