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10 Money-Saving Challenges to Boost Your Savings

10 Money Saving Challenges to Boost Your Savings featured

Money-saving challenges are a fun and creative way to boost your savings. In fact, setting up challenges can make it easier to save more money over time. Every little bit adds up and these challenges will help you develop good financial habits in the long run. So, here are ten different money-saving challenges to try out.

The 30-Day Savings Challenge

money-saving challenges

The 30-Day Savings Challenge is one of the easiest ways to start saving. This challenge involves saving a set amount of money each day for an entire month. You can begin saving a small amount like one or two dollars a day and gradually increase it as the month progresses. For instance, at the end of week one, you can save five dollars per day. By the end of the month, you will be saving thirty dollars per day. At the end of the challenge, you will be surprised by how much money you have been able to save by making small daily changes. You may consider keeping up with the habit moving forward beyond the challenge.

The No-Spend Challenge

30-day savings challenge

The No-Spend Challenge is an effective way of taking stock of your spending habits. You can try it out for a couple of days or weeks or even a month. The idea behind this challenge is to spend no money outside of essentials like rent, bills, and groceries. It may seem difficult at first, especially if you are used to spending without a second thought. However, in reality, there are many ways to do without spending money. So, take a walk in the park, read books from a library, or cook at home using what is in the pantry. Utilizing the opportunity to review your spending habits is essential to make more informed and cautious decisions about where your money should go.

The Brown-Bag Challenge

no-spend challenge

The Brown-Bag Challenge is an excellent way for you to save both money and calories. Most often, the cost of buying lunch from work starts to add up over time. Instead, bringing your lunch from home can help you save at the end of a month or a year. You don’t have to make a complete one-eighty and start packing elaborate meals either. Make it simple every day by preparing enough leftovers to bring in for lunch, and you will be surprised at how much money you can save in the long run. You will also be eating healthier meals without the fast-food meals usually purchased during workdays.

The DIY Challenge

brown-bag challenge

Learning to do it yourself is a terrific way to save money in the long run. Home improvements can take up a substantial chunk of your budget if you are not careful. Several DIY projects are simple to get started with, like painting your room or fixing a plumbing problem. You can use online tutorials or get help from books and articles in the library. Your small efforts on the DIY Challenge can add up to substantial savings over time. In addition, you learn new skills that will enrich your personal and professional life in time.

The 52-Week Challenge

DIY challenge

The 52-Week Challenge is a long-term savings challenge that helps you grow your savings. The challenge is straightforward: put away a set amount of money every week for a year. The amount can start small, say $1 per week, and grow up to $52 at the final week. Though it may be difficult to get started, the habit gradually becomes more manageable when you make time to organize and plan. By the end of the year, you will have saved $1,378. This amount may not be a fortune, but it is enough to pay off a debt, go on a vacation, or start a rainy day fund.

The Spare Change Challenge

52-week challenge

Saving spare change is a simple and practical way to boost your savings. Most people tend to forget the money in their pocket and lose an opportunity to save. Instead of spending it on snacks or impulse purchases, put your spare change in a jar or a piggy bank. At the end of the month or year, you will have a tidy sum that can even add up to several dollars. If you are not keen on having coins lying around or cannot find the right container, you may choose to save your spare change online using mobile applications. Some applications develop your spare change into a diversified investment portfolio as well.

The Energy-Saving Challenge

spare change challenge

The Energy-Saving Challenge can help you save money on your utility bills. Even small adjustments in your energy usage can translate into significant savings over time. For instance, turning off the lights or appliances when you are not using them can reduce the amount of energy you use in a home or an office. Consider unplugging electronic devices at night to avoid phantom energy consumption. Finally, a smart thermostat goes a long way in regulating the temperature in your home, saving you money during high energy consumption periods.

The Subscription Challenge

energy-saving challenge

The Subscription Challenge aims to limit the number of subscriptions we subscribe to or cancel those we no longer use. Most people have various subscriptions ranging from magazines, streaming services, or gym memberships. Some of these subscriptions often remain unused, translating into unnecessary monthly expenses. Periodically reviewing and canceling unused or underutilized subscriptions can generate substantial amounts of savings.

The Grocery Challenge

One of the most significant expenses in day-to-day life is food, and The Grocery Challenge is an effective way to save on these expenses. Making a grocery list is a vital part of this challenge, as it helps you avoid purchasing items that exceed your budget. Shopping in bulk in typically cheaper per weight, but ensure that it is something you will use a lot. Also, look out for sales, coupons, and deals when shopping in supermarkets or farmer’s markets. These small steps will help you save money while eating the food you enjoy.

The Impulse-Buying Challenge

Impulse buying is a typical habit for most people, but it can have disastrous effects on your finances. The Impulse-Buying Challenge is an effective way to educate yourself to be more conscious of what you buy. Whenever you are considering buying something impulsively, consider taking a step back and asking yourself whether you need the item or not. Waiting for a few days before making the purchase might also help you gain a better perspective on whether the item is essential or something you can live without.

Author: Benjamin Lee

Author: Benjamin Lee

Benjamin Lee, our finance editor extraordinaire, is the financial guru we never knew we needed. With a sharp mind for analyzing markets and spotting investment opportunities, he's the go-to guy for all things money. But don't let his finance-focused persona fool you, Benjamin's interests extend beyond the world of finance. When he's not crunching numbers, you'll find him with his nose buried in a history book, or jet-setting across the globe in search of new cultures and cuisines. Benjamin is living proof that you don't have to be a boring suit-wearing banker to understand the intricacies of the financial world.

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