Saving money isn’t generally a fun experience. In fact, not spending money on the things you want seems to be the opposite of a good time. However, there’s often a little bit of joy to be had in tackling challenges. If you’re trying to give an extra boost to a recently raided savings account, consider trying one of these money-saving challenges.
This one can be as small or as big as you want. Maybe you save all the coin change from purchases you make. Maybe you save all the five or ten dollar bills you get back in change.
Weather Savings Challenge
What’s the temperature outside where you live? Put that amount into a savings account. Repeat every week or month, depending on your goal.
Have you heard of “shopping your pantry” before? Try a week where you skip the grocery store and instead make meals with some of the items kicking around in your pantry and freezer.
52 Week Challenge
This is where you start saving $1 the first week, $2 the next and so on for the rest of the year. You can also flip this around so you start at $52 a week and work your way down. By the end, you’ll have saved $1,378.
Expense Tracking Challenge
Set a goal to write down every single purchase you make that month. There’s a good chance this level of awareness leads to lower spending, but even if it doesn’t you’ll have an idea of where your money goes. Put your purchases list someplace visible so that you’re regularly reminded of it.
1% Income Challenge
Take what you make in a year on average. Then take 1% of that — this would be $400 if you make $40,000. See if you can find places in your recurring bills where you can trim that 1%, like streaming services you don’t use or services you’re paying more than you need to.
The Vice Challenge
What’s your absolute favorite little expense — the one that brings you joy every day or every week? A special coffee before grocery shopping, perhaps? We’re not talking about that one, you can keep it. You probably have an expensive habit that’s further down on the list of things that make you smile, though. That’s the one to target first for a challenge like this.
Sometimes, it’s easier to just completely cut yourself off from the option to spend money. Try it for a month (obviously you still pay your bills) and see how it goes.
Saving for something specific? Try making some envelopes that have the exact reason you’re putting aside money written on them.
You don’t have to get rid of your phone to participate in this one. Just make sure that your phone doesn’t remember your credit card information for you!