Feeling inspired seeing the money-saving challenges? But saving seems like a far cry for you. Every time you feel pumped up to start the saving venture, a sudden plan spoils everything.
You cannot save in this manner. You have to be focussed and serious while building a saving habit. Taking part in challenges is a fun way of inculcating this habit.
You will feel encouraged seeing others beating the same goal set by you. But you don’t want to participate in these challenges still worrying about pending payments.
Get loans with no guarantor needed to clear off all the debts and start afresh. You will have a free mind. But don’t forget about repayments.
These are not lighter aspects. Maybe, you have to kick start this journey with a small budget. Don’t worry!
The starting step is vital. You can start small to achieve something big. Likewise, begin with a small budget.
Once savings turns into your second habit, the sky is your limit. This blog is here to support you in understanding how you can start by taking part in the challenges. Flip through it carefully.
Treat it like a resolution. Please don’t leave it midway.
You cannot build wealth with a few days of saving. However, focus on building the habit. You can take the help of these challenges to save money from different sources.
Try to practice these challenges with your near and dear ones. You will get motivation from within the household. This approach is more successful when you try these challenges within your family or friend's circle.
Find out about different types of challenges.
It is a famous challenge. You might have attended concerning it a couple of times before. It is just like what the name recommends.
You have to reach via a no-send phase. You will fix the duration as per convenience. It is effective if played among groups.
Bar yourself from shelling out extra money for expenses that don’t matter to you much. Continue with your non-negotiable expenses. Just restrict the unimportant expenses.
It will help to limit your spending habits. You have to track your spending and income at the same time. It will help you spot the difference and to work on it.
Initially, try it for a small duration. Don't put too much pressure on yourself, or else you will lack the motivation to continue it further.
Set a target and start with a smaller digit. Keep increasing the number of digits week by week. This way, you can cut back expenses on a weekly basis without even realizing you are doing it.
Holiday helper fund
This challenge is meant to cover holiday expenses which are usually very big. It means saving ahead of the holiday. For example, you have to start a holiday helper fund for Christmas once the year begins.
Specify a particular amount that you will stash every week. You will finally drop that amount in the savings account.
You can use the accumulated funds to purchase gifts during the holiday season. You can even use the money to plan a vacation or family trip. This intends to cover significant expenses.
Bill saving challenge
It may sound a little weird to you. But, put in the savings account the amount you save on a bill. It is the rule of the challenge.
So, if you can save 1 pound while shopping for groceries, stash it right away in your savings account. It resembles the envelop method quite a lot. It is rather the digital version of the envelope method.
Weather savings challenge
It is like a random challenge. You may rest assured to have fun while taking part in this challenge. You have to save some amount of money every week.
The day temperature determines the amount. So, you have to stash less money if you live in colder areas. It is a unique idea.
You don't have to follow the weekly method. You can save at one time. Calculate the average high temperature of each week of the month. Finally, multiply it by 4 to get the amount you have to save for that particular month.
31 days challenge for a beginner
Although it is a challenge, it helps make your financial life more organized. Treat it as a process of building various financial habits that will stay with your forever.
Give yourself a new challenge every day. Either you should stop yourself from spending on unnecessary things or save money in various ways. You will become a new version of yourself by the end of the day.
3-month saving challenge
You can understand from its name that this challenge will last for 3 months. If you don’t want to stick to the yearly saving plan, this challenge is just for you.
You just have to focus on 3 months. Set a saving limit for you. After that, calculate how much you should save each week or each month to accomplish the goal.
You will get a clear idea once you break the entire challenge.
The bottom line
If you are interested in participating in these money savings challenges, you have to understand the rule carefully. You cannot control things at your convenience. You have to put effort if you are serious about saving challenges.
You will learn different tactics to save money from daily, weekly and monthly budgets. It will help you concentrate on the delicate aspect that matters a lot in your financial life.