I saved more than $5000 with these money challenges.
Have you tried saving money but failed in achieving the process?
If so, there is one trick you can follow to do it successfully. Saving money without a goal will not work, but you can achieve it when you take it as a challenge or do it with motivation.
I have tried many challenges to save money. Some worked while some didn’t.
Money saving challenges involve spending a certain amount of money you earn regularly to reach a specific savings goal. They can take various forms and durations, catering to different preferences and financial situations.
I am here to share with you a few challenges that really worked for me. Although some may seem hard to do, doing it as a challenge with your friends or family can definitely make it fun and achievable.
The money saving challenge tips and tricks?
‘Keep All the Change’ Challenge
‘Keeping all the change’ can be seen commonly among people but this actually formalizes it. You keep a jar and whenever you receive a change or find loose coins in the house, you put them into the jar.
Do this for a year and you will see an extra amount at the end. Take it all to a coin-counting and collection machine or your bank.
You can do this in a modern way using apps where whenever you make a purchase, these apps will round up the total, take that money and invest the spare change into a diversified investment portfolio.
Coffee break challenge
Coffee breaks are fun but do you know that a cappuccino will make the cash go away?
An average coffee cost is $2.75 which adds up to $700-$1,000 per year. I am a coffee lover and I was not ready to give up my coffee. So fear not, fellow coffee enthusiast — I’m here to let you in on a little secret.
Brace yourself, because I’m about to unveil a clever way to keep your caffeine fix intact, without breaking the bank. Yes, you heard me right — no coffee sacrifices are required!
Make a money jar next to your coffee pot. Challenge yourself to make your own coffee and each time you make your own, add that $2.75 or the cost of your coffee in the jar as a reward and see how much you end up with.
100 envelop money challenge
The 100 envelope money challenge is a fun way to save money and it works well. You can also call this the 100-day money challenge.
That will be a hundred envelopes numbered from 1 to 100. Each day you will pull one of the envelopes randomly and based on the number written you will insert the amount of cash and set it aside.
For example, if you pull an envelope number 30, you will have to put $30 into the envelope. I did this challenge for 100 days and by the end, I was able to save $5,050. This $5,000 savings challenge is an ideal option for anyone who wants to aggressively build up savings quickly.
Empty your pockets
After a hard day, I come home, empty my pockets, and keep them on any table I see. If you are one like me, let’s do a small change.
Take a big jar. When you come home and before doing anything, empty your pockets and put those stuff in the jar. It can be coins, receipts, big bills, and money. When it gets filled, go to that machine at the grocery store that counts your coin. Some will give you cash, While others will give you a gift card.
This money-saving challenge can seem like a non-working method in the money-saving tips. But this would work great if you follow it correctly.
Pay a fine
Tired of snoozing through alarms or losing track of time in the social media abyss? It’s time to turn things around, one dollar at a time.
Through this, you are going to save money while getting into good habits. It is simply by self-imposed fine.
Each time you slip into those pesky bad habits, like oversleeping or ignoring your responsibilities, you owe yourself a dollar. But here’s the fun twist: drop that dollar into a jar.
Watch as your habits slowly lose their grip, and those dollars pile up into a tangible reminder of your journey toward positive change.
It’s a fresh take on self-discipline that might just be the game-changer you’ve been waiting for!
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