We all know that saving money is our business should Do it, but we often think of it as a chore that we will do someday.
It’s time to change our perspective and consider saving money as an interesting challenge.
Let us push ourselves to strengthen our Emergency fund And pile up our cash reserves. Let us fight for better financial futures-one dollar at a time.
5 monetary challenges to increase savings
Need to make a game plan on the go? Here are five money-saving challenges that can help you increase your bank account in 2022.
1. Pantry Challenge
This money-saving challenge frees your wallet from normal grocery shopping habits. Instead of going to the store for a week, use your ingredients in the pantry, refrigerator and freezer to be creative.
When Penny Hoarder writer Tiffany Connors tried Pantry Challenge, Her family relied on wilted vegetables, frozen-burning soy burgers and other forgotten groceries to sort randomly. But they lived for a week and saved about $150 in the process.
2. Pocket Money Challenge
This Challenge without money Exactly what it sounds like. You can freeze your expenses (except for bills and necessities) for a time you specify, thereby saving all the money you might spend.
The classic method is to reduce all unnecessary expenditures within a month, but you can perform the challenge without expenditure in different ways. You can implement a certain number of cost-free days in a month. You can target a specific shopping weakness—for example, no new clothes for the next 90 days. Or you can choose to freeze spending on special occasions and spend time with your loved ones instead of exchanging gifts.
3. Five Dollar Challenge
This Five Dollar Challenge It involves collecting every $5 bill you get as change. If you pay in cash and the cashier hands you a bill with Lincoln’s head, the currency will go directly to your savings bank.
If you can only save two $5 bills a week, you will save $520 by the end of the year. If there are more five-dollar bills throughout the week, so much the better.
If you prefer to use a debit or credit card for shopping instead of cash, you can also change this challenge by transferring $5 to your savings account.
4. The Penny Challenge
This money-saving challenge starts with saving only one penny (yes, only one penny), and then increasing the savings contribution of one penny every day. On the second day, you will add 0.02 USD to your savings. On the 200th day, you will invest $2 (that is, 200 pence) into the pot.
If you continue Penny challenge For the entire year, you will receive a total of US$667.95. You can make this challenge easier to manage by grouping your daily savings deposits by month and transferring that amount from your checking account to your savings account instead of scrambling to find change every day.
5. 52 Week Money Challenge
The 52-week money challenge helps you make $1,378 in a year through weekly donations. Traditionally, you will save $1 in the first week, $2 in the second week, $3 in the third week, and so on for 52 weeks.
This challenge was simple at first, but it has become more and more difficult over time. If you don’t want to save more than $200 when you have a lot of holiday expenses in December, then you can be creative in how to execute this money-saving challenge.
Try one of our 52 weeks of money challenge skills, It’s like choosing your weekly savings amount by random draw instead of ascending numbers.
No matter what you choose to do, putting savings first will greatly benefit your financial future.
Nicole Dow is the senior writer of The Penny Hoarder.