A Money Saving Challenge Can Make Saving Fun!
Money Saving Challenge 2019! Saving money is one of the most dreadful, depressing, and agonizing deeds of all personal finance journeys. Why should you save when you can live your life buying whatever the hell you want?
The reason why is because the world is expensive and unless you have endless cash coming in, you need to properly budget and save your money.
If there’s one way to make saving money a lot less painful then it would be to spice it up and make it a little challenging by taking on one of these money saving challenge! Try these and if successfully completed, you will find yourself with a good amount of cash that can be used to pay off debt, invest, or to save as an emergency fund!
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1. 52-Week Challenge
This money saving challenge is perhaps one of the most popular among all. The concept is that you deposit $1 for the first week and you increase the deposit by $1 for each week. You will be saving $52 in the last week of this money saving challenge.
The 52-week money saving challenge is very simple, yet very effective because it starts off so small and it gradually gains momentum, therefore allowing you to slowly get into the habit of saving.
If you are able to complete this challenge then you will be able to save a sum of $1378 at the end of the 52 weeks.
Try these other 52 Week Variations!
- Too challenging? Decrease it to $0.50 per week.
- Too easy? Increase it to $2 per week.
2. The $5 Money Saving Challenge
This challenge is super easy and really straight forward! Did you find a $5 bill in your jeans? Take that $5 bill and put it in a piggy bank, jar, or envelope.
Take those $5 bills out at the end of the year and count how much you’ve collected!
3. The Envelope Challenge
Depending on how brave and determined you are when it comes to saving money, pick a range of numbers (1 to 10, 1 to 25, etc). Now you need to mark each envelope to its corresponding numbers. If your range is 1 to 10 then you would mark each envelope from 1 to 10.
Throughout the year, fill each envelope with its corresponding number (fill #1 with $1, fill #10 with $10). By the end of the year, you should have filled all of the envelopes.
Keep in mind that the wider the scope of numbers equals the more money you will have to save.
4. Round Up Savings Challenge
This money saving challenge is a lot easier when you use apps that round up your purchases. A popular app that rounds up your purchases is Acorns.
The difference of the actual amount and the rounded amount is deposited into your account. Making this challenge very easy to achieve because the transactions are small and automatic.
For example: If you were to buy a cup of coffee for $1.60, Acorns (or any other round up apps) will round it up to the nearest dollar. In this case, the $1.60 will be rounded up to $2 and the $0.40 round-up would be deposited into your account.
5. No Spend Challenge
This is the final boss of the money saving challenge because this one requires you to spend nothing on anything outside of your bare essentials for a whole month. That means you can still eat and sleep, but you can’t buy anything that is unnecessary.
and no, you can’t use the excuse of “I need coffee to survive” or “I need these shoes!!”. Don’t cheat! The only thing that you will be cheating is yourself!
This challenge is best suited for a month, unless you want to go extreme and commit to a year!
BONUS CHALLENGE: Money Saving Challenge with a friend!
There’s nothing wrong with a little competition! Challenge a friend and see who can save up the most. Set a target and a time frame to decide who will be the winner.
My friend and I once challenged each other to save up $50,000 by the end of the year. We are both pretty frugal people, so he was a worthy opponent!
Money Saving Challenge CONCLUSION
These are the 5 money saving challenges that you can try in 2019. It’s never too late to start saving and it’s always a good idea to have a stash of cash in case of any emergencies.
The 5 money saving challenges are
- 52-week Money Challenge
- $5 Saving Challenge
- Envelope Money Challenge
- Dollar Roundup Challenge
- No Spend Challenge
- BONUS: Challenge a friend
Let me know down in the comment section below on what your favorite money saving challenge is!