All of us want to save money. I would like to share some of the money saving challenges that I have tried. These 5 challenges have changed my lifestyle for a better future.
#1) Spend in Cash for 30 Days:
Try spending all your expenses in cash. This may be difficult in the beginning since many of us are addicted to using cards.
But I guarantee you that after first two weeks, you will start to think on HOW and Where do you spend your money ?
By the end of 30 days, you will be amazed by the results. You would have saved a lot more than you would have without tracking.
Ahhh!! One more bonus is You would have gained a better understanding of your lifestyle.
Check out How often do you eat outside.
#2) Follow “NO SPEND MONTH” Challenge:
In this challenge, spend your money only on essentials such as Rent, Food, Mortgage and other Utilities.
The goal here is making you to not spend on anything for a luxury life.
Let me know How much you are saving if you follow this challenge for a month.
I was able to save more than 15% of my Total Expenses which is very significant.
#3) 52 Week Challenge:
I think most of you are aware of very popular “52-week challenge”. This is a very easy challenge.
If you are not aware of this challenge, let me guide you:
There are 52 weeks in a year. In the first week set aside $1 or INR 10 (AS Per your currency) in a Jar, in the second week $2, Week #3 it’s $3 and in the 52nd week, it should be $52.
By end of 52 weeks, you would have saved a massive $1378.
[I stay in Bangalore, India. My savings are in Indian Currency Rupee. I started my first week saving at 10 INR and by the end of 52 weeks, it was a massive 13780 INR for me ].
#4) Spare Change challenge:
In this challenge, try to accumulate all the spare change.
This is an easy one and requires very less effort. All you do is take some spare currency that you have and put it in a jar.
You can do it anytime. Unlike Idea #3, you don’t have an obligation of having to meet a weekly goal.
This small spare amount will accumulate and becomes big over a period of time.
#5) Automate Monthly Transfer from your savings account:
In this challenge, you just need to have an another saving’s account.
Automate to transfer some amount from your primary saving’s account to your secondary saving’s account monthly.
This challenge will ensure you that you are on the right path towards creating an emergency fund and earn decent returns.
The Idea of challenging ourselves is to get the right mindset of saving money for our future needs. I want my readers not just to get these ideas but I would like them to put it into action.
Share and let me know if you have anything to add on to the list.