We have come up with a few money saving challenge tricks for 2023. But not the usual common tips you get every time, but these are a few interesting tricks to play like games.
When it comes to saving money, even small changes can add up quickly. The small savings you do can collectively make a big impact.
These practical money saving tips can help you reach your target of savings easily and change the way your savings account looks. At first, saving and budgeting can seem stressful but having a fixed goal can actually be a source of calm.
So, if you are wondering how to save money fast, here are a few tricks on how to boost your bank balance quickly.
Why a money saving challenge is a great idea
An effective way to motivate you to save your money is through money saving challenges. These challenges make saving money fun and also makes your goal easier to attain. When you don’t have any savings, the money saving challenge will be an excellent way to build your emergency fund.
To save for your dream vacation, put a down payment on a new home, or get a beautiful designer handbag you’ve been longing for, you can use a monthly savings challenge.
What are the money saving challenge tips and tricks?
This approach is something where each month you take a step up and add five dollars. So you will get $20 a week in January 2023 and $25 in February 2023.
After a year you will have almost twenty-five hundred dollars. It’s not that you need to do this all alone, but you can add a few members including your family members or close friends to make it into a little friendly contest so that it will be interesting to do.
But I do eat as a challenge and whoever saves the most over a certain number of months and reward with free gifts.
365 money-saving challenge
In this challenge, choose a small amount to save on a daily basis and add 50 cents to do that each month. In January a buck a day and in February 150. By the end of the year, this will get you over 1000.
You can do this by day value can stash a dollar on Monday, $2 on Tuesday, $3 on Wednesday, $4 on Thursday, and $5 on Friday. And then you can take a week off and then when Monday comes started up again. This is almost 800 bucks a year which would be totally enough for the blowout new year party.
If you do not like counting your money on a daily basis, you can put 15 bucks in a piggy bank every Sunday night and make it a part of your routine.
No spend challenge
It is a way to refresh your spending habits and turn that into a saving game. It is by cutting all non-necessary spending for a set period, you can get back on track after overspending, save money toward a goal, pay off debt, or simply give your bank account a boost.
If you think the No spend challenge is going to be hard, remember that it can be done easily. On the first hand, buy groceries in the first month and pay your bills in advance. Make sure to create a meal plan because food costs can vary greatly. Find easy recipes you can cook at home, and make sure that you have everything in your fridge.
Then give yourself a couple of dollars a week for any unexpected expenses in case you need to do it.
Like buying your colleague a coffee, buying new clothes, getting a New haircut, and more. If you are living on the edge level of savings, then try going half-seas with yourself. The goal is to put half your income aside for a couple of months or for an entire year.
Then plan for entertainment by looking for no-cost ways to treat yourself. Check out what you have, see what’s free to stream, bake your favorite treats at home, throw on a yoga video or go for a hike. Free pleasures will make you less likely to spend more.
Empty your pockets
This money-saving challenge can seem like a non-working method in the money-saving tips. But this would work great if you follow it correctly.
Take a big Jar and create it nicely. This will make you feel awesome when you manage to fill it.
When you come home and before you do anything remember to empty your pockets into a jar. Make sure that you do not have any receipts, coins, or any big bills you forgot to put back in your wallet.
When it gets filled, go to that machine at the grocery store that counts your coin. Some will give you cash, While others will give you a gift card.
100 envelop money challenge
This is a money-saving challenge that works best. The 100 envelope money challenge is a fun way to save money. This is also called the 100-day money challenge.
You will start with 100 envelopes and every number 1 through 100 on one of the envelopes. You will have to pull one of the envelopes at random each day. Based on the envelope number, you will insert that amount of cash and set it aside.
For example, if you select envelope number 21, you’ll put $21 into the envelope. Each day, take a new envelope, and by the end of 100 days, you will have $5,050 saved.
Therefore, saving $5,000 quickly would be a fantastic way, although it may not be easy to save that much money in just 100 days. This $5,000 savings challenge is an ideal option for anyone who wants to aggressively build up savings quickly.
Plan your meal
Open a cookbook or call your family on how to make the secret pasta sauce at home. This could be healthier and cheaper, but also helps you plan your meals in advance. When you already know your menu for the week it will be easier to stick to your shopping list as well as will prevent you from spending money on impulse buys.
When you make a plan, you can use the food that’s already in the freezer, Pantry cupboard, and fridge. This would make you have fewer items on the shopping list and less food to be purchased or wasted. You can plan for how to use leftovers and make sure you have a way to use up all the produce and other perishables that can easily end up in the trash.
In a survey, it is found that over one-third of Americans in a relationship face that they are hiding a secret stash of money. The poll of 2,000 attached Americans reveals that 37% have a secret coffer or extra funds
If you get money to change, do not count it and make any sort of strict plans. Let it grow for at least 6 months or a year. Then you can put it all in the bank how can go on an epic grocery shopping on January 1st. This money-saving challenge might not make you super rich, but if you are a person who pays with a credit card most of the time, by the end of the year you will still have the changes as a nice little surprise.
If you prefer, you can check your buying habits. Take a notebook or one of the budget planners. But if you are a person who just loses things somewhere, then you can find tons of useful apps to track your buying habits.
Split it up into categories bills rent entertainment sports and food. In that way, you can see where the money is going and the category where you are saving willpower is the weakest.
Pay a fine
Give yourself a fine when you make a mistake or when you are into a bad habit. Every time you oversleep, spend all day scrolling social media, forget to take out the trash, or forget to feed your cat, pay a fine like a dollar, and put it in a jar.
Your bad habits might finally start being off.
Coffee break challenge
It’s obvious that you take coffee breaks, but a cappuccino in a day will make the cash go away. So far this coffee break money-saving challenge, it’s time to say goodbye to coffee restaurants.
An average coffee cost is $2.75 which adds up to $700-$1,000 per year. But with this challenge, you can set up a piggy bank or make a money jar next to your coffee pot. Challenge yourself to make your own coffee. Each time you do it, add that $2.75 or the cost of your coffee to your piggy bank or money jar.
This will be collected as extra funds and you can buy a fancy coffee maker as a reward and put the rest in your savings.
52-week savings challenge
This 52-week money-saving challenge is very easy to keep up with. Every week of the year, it gives you a saving challenge.
You can start off week one by saving $1, week two by saving $2, week three by saving $3, and so by week fifty-two, you will save $52.
By the end of the year, you’ll have $1,378 saved. Even though it might not be a huge amount of money, it would surely be a good start for those who are looking to introduce new savings habits into their lives.
To save more, you can just raise your starting amount or increase your contributions by more each week. If you do start in January, you can also start in reverse so that you’re not putting away as much money during the winter holidays.
For instance, during week one you’d put in $52 instead of $1, and by week 52 you’d put in just $1. This will also be a great way to save a lot of money.
‘Keep All the Change’ Challenge
Keeping all the change is usually done by a lot of people but this challenge actually formalizes it. Whenever you receive change from a purchase or find loose coins in the house, take them and put it in the jar.
If you do this for a year, you can have the extra amount and see how much you have at the end. Take it all to a coin-counting and collection machine or your bank. You can do this in a more modern way and download apps
Any time you make a purchase, these apps will round up the total, take that money and invest the spare change into a diversified investment portfolio.
Holiday gift challenge
Holiday gift is a money-saving challenge that has been around for decades. There are credit unions that offer holiday interest-bearing savings accounts for which you contribute $5 or $10 or another amount each week.
When the year end comes, you will have the money for the holidays. This money-saving challenge is simple and smart and if you think about how much you spent on the holidays, just look at the bank account and credit card statements and tally it.
In the same, you need to think of spending the coming December. Take however many weeks are left and figure out how much you need to put away every week to reach your target amount for holiday gifts.
There are much more money-saving challenges that work as money saving tips and tricks. These are effective because we love to do games and will be involved interestingly in these types of activities.
So that you will end up with extra funds at the end of the year. Just look at your lifestyle and choose the money saving challenge that suits you and what you think would work for you. So that you can be able to save more money and work accordingly.
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