If you want to take your financial situation seriously, and you want to gear up your savings, these 3 saving challenges are for you.
To get the most out of them it would be a great idea to invite your partner, mom, or friend to join the challenge as well.
No matter your age, it’s never too late to improve one’s financial situation, and now you have the opportunity to do exactly that.
1. 8-weeks to $1,000 saving challenge
What about a saving challenge that you can complete in only two months? This is exactly what you can accomplish by trying this one created by The Soccer Mom Blog – She shares many more details on it, but here you have the basics:
You’ll have to set aside the amounts listed to the left each week, and simultaneously you must skip a restaurant visit/meal as well as 2 coffees a week.
After two months this adds up to a total saving of approximately $1,000.
Want a printable for this challenge, get your free download today
2. 365-day nickel-saving challenge
This challenge is less overwhelming, and in the end you end, up saving $3,300 – how about that?
The way to approach this challenge is to do the following;
- Day 1: $0.05
- Day 2: $0.10
- Day 3: $0.15
Basically, you add $0.05 each day for 365 days, and on the last day, you’ll deposit $18.25 into your savings account resulting in a whopping $3,300 extra savings.
This challenge is definitely doable, and it will help you improve your financial situation tremendously.
3. Round-up Saving Challenge
Every time you purchase something, then round up the amount to the nearest whole number and save the difference.
For instance, you might buy groceries for $68.20, a shirt for $11.82, and a coffee for $4.35 one day. The total savings of this would be:
($69-68.2)+($12-11.82)+($5-4.35) = $1.63
And if you want to be extreme you can round up to the nearest tier to increase savings by a lot more.
Remember, it’s important to keep track of your purchases, rounding up every time, and depositing the difference to make this one work.
You could write every purchase down, and then deposit the total amount each week, or you could do it day by day.
Saving money can be hard and sometimes overwhelming. However with these different saving challenges you are set up for success. Whether you want a challenge or a quick challenge the three listed above got your back.