Whether you need a little bit of help to become a better saver, or you’re already great at it, a money saving challenge can help kick start your saving goals into overdrive. If you want to save for college, a vacation, or a new home, a money saving challenge can really help. Check out the following ideas!
Money Saving Challenge Ideas
Another idea is to set up a checking account or debit card that saves for you, without you having to think about it. For example, there are some institutions that will automatically round up the amount of your purchases to the next whole dollar, and put the difference in your savings. Over time, this amount can really add up to a lot of money. There are apps that do this, too. It’s a painless way to save!
Sometimes it’s fun to play a game against yourself. Decide on an amount of time for this money saving challenge–a day, a week, or 10 days–and commit to yourself that you won’t spend any discretionary funds. Discretionary funds include things like going out to eat, shopping for clothes online, or seeing the latest flick. Challenge yourself and see how long you can make it! You can also challenge a friend or family member to see who can go the longest.
No matter which type of challenge you decide to try, start small. Even small amounts add up! And be sure to put your savings somewhere out of reach to make it easier on yourself to keep it growing.