Making something a challenge can be pretty motivating. Here are 5 savings challenges that you can start now.
Savings Challenge #1: Limit spending on frivolous items.
In this challenge you save money instead of buying something that might be considered frivolous. This could be something like coffee and energy drinks or getting drinks and food out. Every time that you would normally spend money on these things put that money in your savings account instead. This can look differently based on what you think that you can sustain for a period of time.
Savings Challenge #2: Weekly or bi-weekly money-saving challenge
Make it a challenge to save a certain amount of money each week or every two weeks. This can look different based on what you are comfortable with or how often you get paid. No matter how you do it, it will end up being a significant amount by the end of the challenge.
Savings Challenge #3: 1% Retirement challenge
If you want to increase your retirement and have a employer sponsored 401(k) you can start by increasing your contribution by 1%. This may not seem like a lot but if the long run it will definitely pay off.
Savings Challenge #4: Challenge a friend
A little friendly competition between friends never hurt anyone, especially if it involves saving money! Challenge a friend or loved one to see who can save a certain amount of money the fastest or who can save the most in a certain amount of time. For instance, you could try to see who could save $1,000 fastest or who can save the most in 6 months. Either way this challenge sounds like a win for all.
Savings Challenge #5: The cash only challenge
If you ever find it hard to spend only what you have budgeted in a shopping trip, this might be for you. The idea is that you are more likely to stay on budget for let’s say a grocery shopping trip, if you only have the cash budgeted for the trip.
Get Started and GO
Whether you use these 5 savings challenges ideas or something of your own creation, start something now. It is never too late (even with it already being February tomorrow) to start saving anywhere and in any way you can. You can also check out some more money saving challenges here.
If you are ready to start saving even more make sure to check out money market, certificate of deposit, IRA and other high-yield savings accounts.
Check out our savings account options here.