Are you ready for a money-saving challenge?
Everybody loves to have more money and do all the things they want to do, such as traveling around the world, shopping for exquisite brands, trying the most incredible foods available in restaurants, paying for their children’s or grandchildren’s college, and so many other things.
But besides helping us purchase all the things we want, money is the basis of almost everything in life. You need to pay for housing, mortgages, groceries, utilities, clothing, and subscriptions, and that only covers your basic costs of living. Not to mention other important things in life, such as education, personal development, and entertainment. How can you have enough financial resources to do all the things you want to? You can try this money-saving challenge we’ve put together, and you’ll see some incredible financial gains.
Are you ready to have more and enjoy life to the fullest? Then here’s the money-saving challenge you didn’t know you needed! Let’s begin!
1. 10% rule
Let’s start this money-saving challenge with something fun and rewarding. Whether you’re working, you live off your social security check, or you have a side hustle, the rule of thumb is to set aside 10% of your income and put it towards your savings account.
If you do this every month, you’ll manage to save a ton of money in a year, which is amazing. 10% each month might not seem like much, so it’s doable and buildable, and you can be happy that you enjoy your life and still manage to put some dollars aside.
2. No-spend day
I don’t know about you, but there are days when money seems to just fly out of my pocket. Whether it’s paying bills, going grocery shopping, or paying for lunch, I have several days where I spend more than I would want to. One money-saving challenge you could try (me included) is trying to set a no-spend day.
For this to work, you need to choose a day when you don’t need to pay for housing or utilities, so that there’s no mixed information. This way, you can limit all those unnecessary purchases, such as getting coffee or food out. If this works for you and your schedule, you can then upgrade to a no-spend day every month or even every week. It will have major results in the long run, trust me.
3. Take a look in your pantry
Before you head out to go to the grocery store, open your pantry and do a little inspection. You probably already have some things, like pasta, rice, or a can of cubed tomatoes. This money-saving challenge is all about using what you already have so you can manage to spend less.
Besides that, simply looking in your pantry to see what you already have will help you use the things you have and get creative in the kitchen, stop food-wasting, and enjoy something delicious and homemade.
Keep reading to discover other money-saving challenge tips we have for you!
4. Generic or store-brand items
Many people make the mistake of thinking that generic or store-brand items are made of ingredients that are of lower quality, but that’s not true. If you don’t believe this, you can take your favorite brand-name products and compare the ingredient list with the store-brand items.
If they’re the same or at least similar, you might want to stick to the more budget-friendly alternative. It’s just as delicious, and you stop paying for the brand’s name, not extra quality.
5. No eating out for 30 days
I know, I know, we all want to treat ourselves to a delicious meal out in the company of our loved ones, and while it’s convenient, you’ll pay a lot for it. If you order takeout, the ingredients, preparation, packaging, and delivery will incur additional costs.
Nobody says that eating out should be forbidden, but if you want to save some dollars, you need to try this money-saving challenge: say goodbye to dining out for 30 days. That also includes your coffee in the morning. Make your cup of java at home, cook your meals, and you’ll notice you’ll have more money in your pocket. Not to mention, this is also a healthier alternative, so you’ll soon enough see those unnecessary pounds go.
6. Kick out a bad habit
This is going to be a hard one, but it is necessary for your budget as well as for your health. If you have a bad habit, whether it’s smoking, drinking, or getting coffee from your favorite coffee shop every morning, stop it. At least for a month.
Not only can these habits be harmful to your health, but they’re also eating out on your money, which isn’t good, especially if you plan to save and become the best version of yourself. Press pause on this habit and put the money you’d spend on it towards your savings account or your piggy bank. 30 days are just enough to make a drastic difference, so see how you feel afterward, and maybe you’ll keep up the good work.
This is definitely a money-saving challenge to remember!
7. The 52-week savings challenge
If you’re serious about your goal, we have another money-saving challenge for you. This one starts small, but as the weeks go by, it gets more and more complicated. Don’t worry; that means your wallet is getting fuller.
It doesn’t matter if you start your challenge in February, March, or June. You can still achieve great results. Start by setting aside $1 to begin this yearlong savings plan. As the weeks go by, raise the amount you saved in the week by $1. This will result in savings of $2 the second week, $3 the third, and so on for the entire year. You will have saved $52 by week 52. If you follow the 52-week money challenge, you will save $1,378 annually.
8. $365 in 365 days
Here’s another money-saving challenge you could try to have the greatest financial year ever. If you want to have amazing results at the end of the year, you could try to save $1 every day. You can put your cash or change in a piggy bank, such as this one from Amazon, which needs to be broken to open, and you can enjoy $365 at the end of the year.
You can then treat yourself to something nice and pretty, do some repairs around the home, or go on a holiday with the money you’ve managed to save. You can also save even more each day if your budget allows you. Just make sure you put something aside each day.
All of these mini money-saving challenges will help you be more mindful about your resources, so you can save and enjoy your life to the fullest at the same time.
Do you have any other tips for a money-saving challenge? We want everyone to have a great financial year, so make sure you leave them in the comments below! Do you plan on trying any of these tips? Let’s hope they’ll have a great impact on everyone!
If you enjoyed reading this article and you’d like to check out something else from Frugal Americans, here’s a good post for you: Can You Make Your Favorite Kitchen Knives Last Longer? 8 Tips to Try!
