The older you get, the harder it gets to save money.
It is important to save in case of a financial emergency.
Saving money can reduce financial stress and grant you a greater sense of financial freedom and help you meet future goals. Here are a few money saving challenges to help you grow your savings.
1. Pay yourself when you make a money mistake
This challenge is a great way to balance out financial errors you may have made. Every time you make a foolish decision with money, put $5- or any amount of your choosing into your savings account.
Finically foolish is pretty broad, you you should define foolish and compile a list to hold yourself accountable.
This challenge may also make you more aware of your financial lifestyle. How much money you’ve saved will force you to reevaluate your money habits, good or bad.
2. Holiday gift challenge
The holiday season is the most expensive time of the year, but many people are surprised by how much money they actually spend. This past season, more than $6 billion was spent just on Christmas trees. This challenge should prevent you from overspending this season. It involves putting money away throughout the year.
All it takes is contributing $5, or any amount of your choice to a savings account. Making a weekly deposit to an interest-bearing savings account could save you big-time.
For example, putting away $15 each week for 45 weeks would be $675 for holiday spending. And that doesn’t include the interest you could get on top of that.
3.Trim 1% of your salary
The name of this challenge is misleading as you’ll actually trim your budget, not your salary.
Imagine you make $80,000 in a year. 1% of that would be $800. By the standards of this challenge, you’d have to trim your annual budget by $800.
An easy way to cut your budget is by reevaluating your subscription services.
If these challenges are a bit too much for you, there are others. There are plenty of others that don’t require as much money to be put away.
One example is teh 52 week challenge. Each week you would increase your deposit by another dollar, so you would start at $1 until you reach $52.
If you complete the challenge completely and correctly, you should have collected over $1,300.
An even easier challenge is to put away $1 a day for a year. You’ll only end up with $365 but it can help build better long term savings habits.
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