Annual Money Challenges
How about making a money resolution you can stick with throughout the year and change up whenever you see fit. Saving challenges can be an enjoyable way to save money and meet your financial goals, and everyone has their way.
Whatever your financial goals, staying consistent is usually the biggest obstacle to meeting your goals. We've listed some challenges below to try, and you can also enlist some friends to do the money challenges with you to keep motivated.
The concepts of the challenges are simple to grasp...
1. 52 Week Money Challenge
The challenge’s concept is simple to grasp. You start by saving $1 the first week of the challenge and slowly add one dollar each week to your savings amount. You’ll be saving $1 in week one, $2 in week two and $52 by week 52. This challenge can also be done in reverse starting week 1 saving $52 and reducing it by $1 a week.
Best for People who would like an extra $1378 at the end of the year:)
2. Tweeners Money Saving Challenge
A challenge for young people for developing good habits on how to save regularly. The concept of saving every week especially in the younger years of life may be overwhelming at first, but after a while, you see the results and continuing is a bit easier. For this challenge, you just adjust the savings amount of income or allowance and increase it monthly.
Best for Young people with a job and/or allowance.
3. Charitable Money Saving Challenge
This is a challenge that is devoted to doing great things and arguably may give you the best feeling out of all the challenges here. Giving is notably the best reward one can feel in this life, so choose a favorite charitable cause, group, event or organization you would like to help and contribute funds too.
Best for everyone. Everybody should try to give back in some way!
4. The Roundup Money Saving Challenge
Apps that popularized this very challenge such as Acorns, where you can round up and invest spare change have made this challenge well known. Rounding up consists of whenever you spend on a purchase you round up and save the change left over. With apps such as acorns that extra is invested and accrues over time. Now no matter what you spend you round up, so another example is buying something for 7$ you round to $10 and save the extra cash. It's your choice on whether you utilize apps to invest that change or just keep it in a piggy bank. Whenever you decide to cash it in I'm sure you'll be surprised.
Best for People who are often spending.
5. New Week Money Saving Challenge
In this challenge, the goal is about redirecting bad spending habits into good ones instead. Look at where you can save money every week, and apply the savings toward each week’s savings goals whatever you deem it to be. For instance, let's say you decide not to buy that coffee to save $5 for the week. You can apply this challenge to anything you do in daily life that may cost to pocket a bit of extra cash for yourself.
Best for those who want to change or decrease spending habits.
6. Garden Sale Money Saving Challenge
A challenge for those who have a collection of things they no longer use. Clean out that basement or garage an add to your wallet. Any items in your home you no longer use, sell them to fund your savings. Then if you have a savings goal of let's say $100 for something next month find and sell items around the house you can sell to raise those funds.
Best For people who have a lot of clutter and collections that are now useless.