Make Saving Money EASY With These 3 Saving Challenges

Saving money can be a challenge for most, so why not turn a dreaded task in to a game? Money challenges are super popular, and for good reason. A money challenge can use creativity, focus and comradery to create a more stable financial future, all while having fun and trying something new. Challenges range from super simple to extreme- and a touch concerning. Stay reasonable, have a good time, and check out these popular and interesting money challenge ideas:

Challenge #1: 52 Week Challenge

You will find that most challenges sound exactly like what they are, and this one is no exception. For 52 weeks (an entire year) you will save a predetermined amount of money. And the equation is simple. Starting on your first week, you will deposit one dollar. That’s it. Just a buck. Week #2, two dollars. Week #3, three dollars. You get the idea. By Week 52, you will deposit $52 in to that account, creating a grand total of $1378 over the course of a year. Pretty good for a simple but attainable challenge to get you thinking about your money and staying present in your choices.

Challenge #2: $5 Challenge

Again, the premise of this one is simple. Anytime you come across a $5 bill (that belongs to you of course), you will stick it in an envelope, jar, coffee can, etc. You don’t spend $5 bills, only save them. Stash them away and watch them grow. Some people wait 6 months, others a year, but most are amazed at how much they are able to put aside. This challenge works best if you use cash at least some of the time and not just credit. Using cash has its benefits too: less debt, no interest fees, and according to research, paying in cash helps you spend less. You can change it up and do this with $1 bills, even $10’s or $20’s. Whatever floats your boat.

Challenge #3: No spend challenge

Last, but certainly not least, is the “No Spend Challenge.” If you spend any time on the internet, chances are you have seen this challenge touted somewhere. There are tons of ways to customize it to work for you, and the rules are really up to each individual. First you need to understand why you are doing it. This challenge is the most active of the ones listed here and takes the most work, but it also has the biggest reward. Because it is truly challenging, you need to really decide ahead of time why you are doing it and what about it is important. Is it to teach yourself better spending habits? To get out of debt? To save money for a specific expense? To dabble in minimalism and see if the lifestyle is for you? Then you will want to decide on a length of time. You can start simple and do a day, or go extreme and go for a full year as some people do. To feel the effect but not go crazy, a week may be a great place to start. The basic rules go like this: You can only spend money on basic necessities- food, shelter, utilities, gas, insurance, and debt payments that are already existing. Nothing else. No going out to eat, paid entertainment, clothes, toys, home decor- nothing “extra.” Most people find that during these challenges, they spend way less (obviously), save more, and learn to get resourceful and creative. You can learn to repurpose items you already have, repair things that break, barter for what you need. You can also take this time as an opportunity to get some cleaning or organizing projects done around the house, exercise or read instead of getting tempted to spend elsewhere. By doing these no spend challenges periodically, you can create better spending habits and feel more contentment with what you have, leading to increased financial savings and stability.

Remember to have fun and keep focused on your goals. If you know anyone who wants to do this with you, even better! Work in pairs, groups, or alone- whatever works for you and gets you closer to financial freedom, one day at a time!