Still trying to save money for that car lease in Sydney? Or maybe planning a holiday getaway? Whatever you’re saving for, Setting aside cash into your savings can be hard. With all the monthly and unplanned expenses, sticking to your budget can be tricky. To help you get on the right track, a money-saving challenge may come in handy.
Another factor is lack of motivation. After all, shopping online or at the mall is a great way to relieve stress. But you should always try your best to put aside money in your savings account. To help you stay motivated and focused on your goal, consider trying a money saving challenge.
A money-saving challenge is for fun. It gives you a sense of accomplishment and motivates you to stay on the right track. Before you know it, your savings will build up, and you have more money in your savings without even realising it.
What’s more, money-saving challenges can be done with your loved ones. Make it a friendly contest on who can save more money in the short amount of time. The competition can help motivate you to save, and it’s always better to do an activity like saving money together.
To give you an idea of what money saving challenge to take, here are a few of the most popular ones:
The 52-week challenge is popular because it’s easy to start and allows you enough time to adjust to the small changes in your budget over time. It is simple to do: in the first week, you set aside $1. 2nd week, you put aside $2. The third week, it becomes $3, etc.
You keep on doing this until you reach the 52nd week. Ideally, you should be able to save a total of $1,378 after saving money for 52 weeks straight. If you want to speed up things, you can adjust the amount you save every week.
TIP: Aside from getting support from family and friends, you can also get the motivation you need from online financial forums and groups that are also into money-saving challenges. The more support groups you have, the lesser the chances you have of losing your motivation.
The goal behind this money-saving challenge is to avoid buying things you don’t need. Instead, you may only spend on your necessities such as rent, food, bills, and petrol. The challenge helps to develop your discipline, patience, and determination.
Spending only on necessities means you can’t go on shopping trips or movies with your friends. Instead, opt for fun and free activities you can do at home such as movie marathons and playing board games with the kids.
Aside from saving money, the no-spend challenge allows you to take a closer look at your expenses. At the end of this challenge, you’ll understand more where your money goes and where it shouldn’t. Armed with this new perspective, it’s easier to budget your funds and develop better saving habits.
This one is easy. You dump all your spare change in a piggy bank or jar every day, regardless of the amount. Those coins may not seem like much, but at the end of the month, you’ll be surprised at how much you were able to save.
With this challenge, you’re motivating yourself not to spend your loose change on things like sweets or coffee. Once the jar is full, you can bring it to your local bank and have the coins changed to bills or just deposited into a savings account.
TIP: Hold a contest at home and see which family member has the heaviest piggy bank at the end of the challenge. This way, you’ll motivate each other to put away your spare change every day.
When you let the kids join, you’re also teaching them good money-saving habits at an early age. Starting a money-saving challenge may seem like a difficult task, but once you’re into it, saving money becomes second nature.
Lastly, all these challenges are flexible. You can adjust the amount or time frame to give yourself enough room for comfort. Encourage your friends and family to join in on the fun and be each others’ support as you all try your best to beat these money-saving challenges.