Saving money for a short-term goal or a long-term goal can be a challenging thing to do. There could be several reasons for saving money,
sometimes you need to save money for your retirement, for a trip, for an emergency fund, or for your children’s education. Reasons can be several but the main thing is how to save money for the future?
In this blog, you will come to know some of the13 Types of Money-Saving Challenges to try today, by following these techniques you’ll be able to save money easily.
Types Of Money Saving Challenges
There are a lot of challenges available by which you can easily get your desire fulfilled. The money-saving challenge can be a good decision to save money while staying motivated.
By following one or more mentioned strategies, you can make any of these techniques work for you. Whether you prefer shopping in cash or digitally.
Do you know what this challenge is about? That is one of the simplest and easiest money-saving challenge types.
In the 52-week rule, you need to save 1 dollar in the first week of the challenge, then 2 dollars for the next week, 3 dollars for the 3rd week, and the chain go on until you reach the 52nd week.
Through this challenge, you will be able to save 1378 dollars in your bank account or your saving piggy bag. This money-saving challenge is best for those people whose earnings are not enough to save easily, by following this technique they can be able to save money from their earnings slowly.
If you find the 52-week challenge a low challenge then you can do this challenge named the 26-week challenge. That gives you the same amount of savings just in 26-week. This challenge is for those who get paid biweekly.
In this challenge, you need to start with saving 3 dollars for the first week and then increments of 3 dollars each week. for example, starting with 3 dollars, then saving 6 dollars for the second week and so and so forth.
Whenever you receive your paycheck, transfer a decided amount to your savings account. Do this until you reach the 26th week and you will be able to save a total amount of 1053 dollars in the end.
Let The Dice Decide What Amount of Money You Need To Save
It would be quite both fun and a challenging thing for you. As a dice will decide what amount of money you will save for a day.
Imagine what if you daily get 6 numbers on the dice? But it will give you a good savings amount at the end of the year. 2000 dollars at the end of the year, isn’t a great amount what say?. It is a risky money-saving challenge but interesting too.
20 Dollars Saving Challenge
If you have good earnings, then you can consider this challenge. Where you need to save 20 dollars each week. If you find the 52-week challenge so easy then this would be the best money-saving challenge for you.
You can add an increment of 20 dollars each week. This will lead you to give you a high saving amount of money in the end.
The 33.3 Challenge
If you are so curious about saving money faster? Then this money-saving challenge will be the best option. This will be easy for you to achieve your saving target if you save 33.3 dollars per day.
This money-saving challenge is for those who have ample income and need to stop their bad spending habits.
No Spend Challenge
Well as a woman, it is hard to follow this challenge. Because this challenge tests your patience level, where you stop yourself from shopping or spending money on shopping. If you have a bad habit of spending money on useless things then this challenge will work best for you.
Start with a no-spend day challenge then make it to a no-spend challenge week, then a month. But if you can’t stop yourself from spending money for a whole month then check the FashionSaviour website. They will provide you with amazing savings deals.
If you want to follow this challenge then promise yourself that you will not spend money beyond routine bills. The longer you follow this no-spend challenge, the more you’ll be able to plan for success.
Charge Penalty Over Every Mistake You Make
This money-saving challenge has 2 benefits. First, it lets you save money, and secondly, it also motivates you to stop making mistakes repeatedly, or else you will be charged with a penalty.
Everybody makes mistakes, right? how if someone says you have to pay for every mistake you have made? Well, a good challenge though. In the end, maybe you will make a lot of savings from your mistakes or you either start making fewer mistakes in your life.
3 Months Savings Challenge
If you are too lazy to follow such a long saving money challenge that will last for a whole year. Then this money-saving challenge is best for people who want to save money in a shorter period. It can help you save more than 1000 dollars in just 90 days.
For this challenge, you need to save 84 dollars each week for 12 weeks straight away. This challenge will make it easier to save bigger for a shorter period. At the end of the 12th week, you will easily have an amount of 1008 dollars in your savings account.
Weather Wednesday Challenge
want to do productively with the weather condition of a place where you live. Then start doing the weather Wednesday saving money challenge. Lots of people recommend trying Wednesday as a money-saving challenge.
Are you a fan of hot weather? Or do you need to do something interesting in such hot weather to keep you cool, relaxed, and motivated?.
In this challenge, you will save a certain amount of money every Wednesday. How does saving on Wednesday link with the weather? Simply check the weather channel for the highest temperature and match the amount for your savings.
The hotter the weather temperature is, the maximum amount of money you will save on Wednesday. That’s how you can do this type of money-saving challenge.
30-Day Meal Planning Challenge
You need to start saving money by doing little by following this saving money challenge. You have bad eating habits and want to reduce them because it costs you high and is well bad for your health.
Then you can plan your meal for 30 days and follow the planned meal accordingly to lower your grocery bill and bad eating habits.
Treat your body by giving them a healthy diet, check to Redeem On Sports for discounts on shopping for healthy protein food to stay fit.
At the end of this money-saving challenge, you can see a difference in your grocery bill compared to last month’s bill. Because most of your money goes into your bad eating habits.
100 Envelope Money Challenge
In this challenge, you make 100 empty envelopes and write numbers 1 to 100 on them. Pick any envelope randomly and keep a certain amount mentioned on the paper.
For example, if you pick an envelope having 56 numbers written on them, then keep 56 dollars in that particular envelope and set it aside.
Now it’s up to your choice whether you want to pick daily or weekly (based on your income).
By following this type of money-saving challenge you have 5050 dollars at the end of completing the whole challenge. If you still have some envelopes left then you can continue them later or can add that envelope for the second challenge.
Keep Track of Your Expenses
This is a challenge where you come to know about the costliest expenses you are making. If you keep tracking and listing down all your monthly expenses on paper, you will soon know where you are spending your money the most.
This money-saving challenge is the best for those people who can’t control their expenses. Categorizing your expenses can help you in making a good budget according to your needs.
This type of money-saving challenge helps you to know from where you can trim back your expenses and can save a good amount of money.
Money throw-down challenges are best for saving money. When you have a partner or friend who’s in your plan for saving money, then it motivates you.
challenge your friend or any of your family members to be a part of this challenge and whoever lets you reach 1000 dollars first, will be the winner of the challenge.
There are no specific rules you need to follow; you can make your own rules in this money-saving challenge. And you can also set a reward according to your wish.
For example, you can plan for a dinner out, or maybe you can use your savings for going on a trip together.