Money Saving Challenges You Should Try

2023 is a new year, giving you the fresh start you need to finally become financially stress-free. Now is the time you should begin facing the difficulties directly in order to resolve the issues as soon as possible. This way, you will be minimising your chances of carrying further debt throughout the year. One way to do this is to start adopting competitive financial challenges and turning the chores you dread into entertaining challenges in order to reach your financial goals and objectives. Completing a money saving challenge will not only benefit your budgeting skills, but it will also help increase your awareness regarding your spending patterns. As a result, you can highlight those unnecessary purchases that you don’t require, helping you increase your savings even more. We know that narrowing down your options can be hard, so here are some of our favourite money saving challenges you could try…

No-Spend Challenge

When you choose to embark on a no-spend challenge, you agree to only spend money on necessities. These could include aspects like food, rent or mortgage payments, essential bills, and transport. This way, you’re giving your financial skills, your spending, and your budgeting habits a fresh start in order to fix any issues you may be currently experiencing. The no-spend challenge needs to be tailored to your goals. There is no timeline for the challenge, your own dates and durations can be created by reviewing what your goals are and what you are wanting to achieve. For example, you might find that the bulk of your unnecessary spending falls on the weekends. So, cutting out spending on one weekend could be a great starting point in order to ease you into a bigger challenge in the future.

$1 Bill Saving Challenge

The $1 bill challenge is exactly how it sounds, it simply involves putting every $1 bill you receive into a savings jar. With the world going cashless, this might be a little bit harder for those who frequently use card payments. However, for those who are still using cash, this is a great option. This challenge is one of the more cost-effective, simpler approaches that doesn’t hurt your current finances too much. For those who are living paycheque to paycheque, every dollar is essential. So, this gives you the opportunity to spend and save at the same time. At the end of the year, when the challenge is complete, you could end up with much more saved than you realise.

Money Mistake Jar

We all make financial mistakes and overspend on things we don’t need, it’s normal. However, you could turn these mistakes into a challenge, meaning that you’re also building your savings. By creating a money mistake jar, you could save much more than you think, especially if you find yourself making many impulsive purchases. Not only this, but it could also influence you to cut down on your spending habits as you’re technically punishing yourself each time you overspend, buy something unnecessary, or just generally behave poorly with your money. The amount you choose to put in the mistake jar will be personally suited to your finances. For example, those with a higher disposable income should keep their mistake fees higher to save money. For more fun money saving tips, click here.

Starting a money saving challenge will help you create an emergency fund. This way, you will not have to opt for a payday loan if you find yourself in any financial difficulties. However, if you have nowhere else to turn and no other sources of help, here at LoanPigUSA we can help. Click here for more information.