Still trying to save money for that car lease in Sydney? Or maybe you’re planning to take the entire family on a holiday you won‘t forget? Whatever it is you’re saving for, like many of us, you’re possibly having a hard time setting aside money for savings.
With all the monthly and unplanned expenses you have to deal with, sticking to your budget can be tricky. Lack of motivation is also another factor. After all, it’s easier to buy stuff than to actually stop yourself from buying things you don’t need. But no matter how tough things are, you should always try your best to put aside money in your savings account. To make saving money more fun and motivating, here are three money-saving challenges you should try.
1. The 52 weeks challenge
This is a very popular money-saving challenge because it starts out easy and gives you enough time to adjust your monthly budget in order to do it. On the first week, you set aside $1. On the 2nd week, you put aside $2. On the third week, the amount becomes $3. 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 chances you have of losing your motivation.
2. The 30-day no-spend challenge
The goal behind this challenge is to not spend anything on stuff you don’t need. You only shell out cash for basic necessities such as rent, food, utility bills, and gas. This may seem like a hardcore challenge, but you’ll never know until you’ve tried it. Aside from creating a way to save money, the no-spend challenge gives you a chance 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 be going! Much of the money we spend each week that we think we have to – are actually non-essential. By getting a new perspective on where your money goes, it’s easier for you to budget your funds and develop better saving habits and keep more of your money!
TIP: Spending your money only on necessities means you can't go out on a shopping trip or watch a movie with your friends at the cinema. Instead, opt for fun and free activities you can do at home such as movie marathons and playing board games with the kids.
3. Piggy bank challenge
This one is easy. You just dump all your spare change in a piggy bank or jar every day. Those coins may not seem like much at the end of the day, 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 stuff you don’t need such as sweet treats or a cup of overpriced 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 your ‘holiday’ or ‘car’ 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. By letting 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. Plus, all these challenges are flexible. You can adjust the amount or time frame to give yourself enough room for adjustment. To make the challenge even more exciting, let your family or friends join in on the fun. By involving other people, you have someone to keep tabs on you in case you forgot that you’re in a money-saving challenge. So go on. Start that money-saving challenge so you could buy that dream car or go on a dream holiday.
For more money-saving tips, check out Alpha Finance. If you’ve got other money-saving tricks up your sleeves, share it with us through @AlphaCarFinance.