Is your New Year’s resolution going to be to save more money? Breaking bad habits and increasing your financial security is an admirable resolution – but it can be hard! Use these 7 money saving challenges to make it easier and more fun. Start 2018 off right with one of these money saving challenge ideas!
1. Competitive Savings Challenge
Are you the type of person who performs better when in competition with someone else? Recognize this personality attribute and take advantage of it! Start a savings challenge against a friend or family member.
Simply pick a period of time, whether that’s a week, a month, or even a year. Then see who can save the most by the end of the contest! Pick terms and prizes before the challenge starts. This competitive savings challenge gets more people involved and helps you stay motivated.
2. Savings Challenge You Don’t Even Have to Think About
Utilize the resources your financial institution has! AmeriChoice has a checking account called Save the Change Checking. Each time you make a purchase with your VISA Debit Card, the amount is rounded up to the nearest dollar amount and the difference is transferred into a special savings account.
You can shop and pay your bills just like you normally would and still save money! It eliminates the normal stress behind trying to save more money because it isn’t a drastic lifestyle change. If you need some extra help saving money, it’s a perfect savings challenge for you. Ask your bank or credit union if they offer this type of checking account.
3. No-Spend Savings Challenge
Rather than trying to add a specific amount of money to your savings during a challenge, instead try to limit your spending. Pick an amount of time, like 10 days, and try not to spend money on any discretionary items during that time. It’s about identifying the difference between needs and wants. You should still be paying your bills on-time and getting necessary gas and groceries, but don’t go out to see a movie or place an online shopping order. It’s likely you won’t even miss those discretionary purchases! Plus – that’s more money you can put in your savings at the end of the month.
4. Weather-Dependent Savings Challenge
This blogger came up with a really cool savings challenge. She calls it ‘Weather Wednesday.’ She looks to see what the highest recorded temperature is in her state every Wednesday. Then she challenges herself to deposit that dollar amount into her savings each week!
This obviously would be more challenging in the Summer months. But it’s still a fun twist on a basic challenge to keep it fresh and exciting!
5. Dine-In Savings Challenge
Did you know that the average cost per person when you dine-out at a restaurant is $36? (Source: Zagat) Compare that to this USDA study. It found that the average weekly cost to feed a male between 19-50 years of age ranges between $43.30 and $86 at home. That means one meal at a restaurant could feed a thrifty spender for almost a week!
Evaluate how much you eat-out in a week. If you realize that you may be spending more than you need to at restaurants, challenge yourself to eat at home instead. Make it more fun by coming up with themes to follow. Follow a recipe book from A-Z, or pick a different country’s style of food each time.
6. Dedicated Purpose Savings Challenge
Sometimes it’s easier to save when it’s for a specific goal. At AmeriChoice, we offer savings club accounts for vacations and the holidays. You can set up automatic transfers into these accounts on a monthly basis. Then, once a year, the amount you saved with be disbursed into your checking account to use! This savings challenge is a great way to prep for the large costs associated with these events. See if your financial institution offers a specialized savings account!
7. Classic 52 Week Savings Challenge
If you’ve ever searched for a savings challenge before, this is one of the most popular ideas on the internet. It’s for good reason! This challenge spreads out your savings over the course of an entire year, so it doesn’t feel as overwhelming. There are a variety of ways to complete the challenge. If you’re curious about which variation may work best for you, read our article, “Twists on the 52-Week Savings Challenge Finally Make Saving Easy.” We even include free worksheets you can use to keep track of your savings during the challenge.
It can be difficult to change your savings and spending habits. Use these tips to stay motivated.
What money saving challenges are you going to try in 2018? Let us know in the comments!
If you are, then you’ll want to take advantage of our FREE Personal Financial Analysis. Our experts will help you determine the best path to become debt-free and build up a sizable nest egg in your savings account. Get more information and sign up for a FREE consultation here!