We all know saving money is something we should do but often we view it as a chore to get around to “someday.”
So, to get motivated, why not start a savings challenge?
Here are some of our favorites:
The No-Spend Challenge
The no-spend challenge is exactly what it sounds like. You freeze your spending, except for bills and necessities, for a self-designated amount of time. You save all the money you would have spent.
We recommend doing this for just a couple of weeks to start. Take a break, maybe buy a little treat to reward yourself for making it through, then go back to it.
It’s hard! But as you see the impact it has on your savings, that will be the fuel to keep you going.
The Five-Dollar Challenge
There are a lot of takes on the five-dollar challenge, but our preferred structure is to save $5 a week for an entire year. By the end of the year you’ll have $260. Kick it up to a $10 challenge and you’ll have $520.
No Entertainment Challenge
The no entertainment challenge consists of not spending any money for one month on entertainment. No Netflix, no eating out for fun, no going to the movie theatre. All the money you would have spent, put it in your savings account.
There you have it. Three of our favorite savings challenges but there are many others. Whatever works for you, our challenge to you is: PICK ONE and make saving more fun.
