For a lot of people, saving money is a challenge, what with their small budgets and earnings. Social media and many others have echoed much on the benefits of saving money, and yet many have no savings at all. Maybe it is time to ride on money-saving challenges in order to drive you to spend less in order to save more.
These money-saving challenges have increasingly become popular much more during this pandemic when many individuals and families have become economically displaced. These challenges encourage you to become a saver by economizing in many creative ways. The struggle to save would mean changing your current spending.
52-Week Savings Challenge. Decide for yourself on how much to save every week. It should be a manageable amount for you. For the 52 weeks of the year, you should have put up savings you could spend for a vacation or serve as your emergency fund.
Trim Your Salary Challenge. You aren’t working for less. Instead, you are trimming your budget and have more on savings. This may sound good and straightforward because you are slashing a certain amount from your salary. And whatever amount is left from the salary is worked around for the monthly budgeting.
“No Spend” Challenge. Commit yourself to no spending over a few days or a week. Common sense can dictate you to whatever is manageable to your spending lifestyle. You might resort to digging deeper into your closet for long-kept clothes instead of buying new ones. Or thinking to do housework instead of driving up, thus saving on gas.
Pantry Challenge. Exhaust all the possibilities from your pantry. The idea is to consume what you have already bought. There are times that you had bought a lot of veggies or canned ingredients during one of your grocery shopping. As long as they aren’t expired, you have to consume all those in order to save for a few days or weeks.
‘Keep All The Change’ Challenge. Every time you receive loose change from your purchases, set it aside in a jar. Make this a habit and without much effort, you could have saved a lot in the end. It could be your jar for retirement or other purposes.
Holiday Gift Challenge. Get into the habit of setting aside a certain amount each week so that when December arrives, you have money ready for the holidays. Since it is already expected that December spending is usually high, what with parties, gifts, and shopping, you have actually prepared yourself for those heavy spending.
‘Kick a Bad Habit’ Challenge. Make lifestyle changes. Do away from those bad habits. Those bad habits could also mean unnecessary spending. It is time to end those behavior patterns to give you savings and much, much more. Smoking is one example. Habitual trips to the coffee shop are another example.
The takeaway. Spend less in order to save more. Do not blame your tight budget if you haven’t got any amount tucked away as your savings. Rather, it is a matter of mindset around money. It may be that you haven’t got yourself into the challenge of saving money. Make those money-saving challenges your life-changing habits!