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 money 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 money saving challenge ideas!
One of the best ways to become a better saver is to turn it into a fun competition with someone else. Find a friend who is also interested in saving some money and recruit them to join your money saving challenge. Just decide on a start date, an end date, and any rules you want to follow. Your rules could include whether or not you can contribute money gifts from someone else, limits on monthly contributions, etc., so that the competition is as fair as possible. At the end of the agreed date, the person who saved the most wins!
Another money saving challenge 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 money saving 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.