When it comes to saving money, we can all get a little lazy. But, don’t worry! There is a solution for that. Challenging yourself by setting up five money-saving challenges and tracking your financial goals that actually work not only helps you exercise discipline – which is beneficial in every area of your life – but also gain financial success and freedom by saving a substantial amount of money. So what is the money-saving challenge?
Check the definition here below.
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What are money-saving challenges?
Money-saving challenges can work wonders for you as they put a fun spin on the dull and difficult task of saving money. Your saved money can then come in handy in emergencies or for a much-needed vacation for you or even to start trading and investing.
Try these 5 easy money-saving challenges to save some big money.
1) The 30-Day Money-Tracking and Money-Saving Challenge
As a result of this 30-day money-saving challenge, you will be $500 richer. The 30-day challenge is perfect for people who want to save for a specific goal fast or for those of you who do not have a lot of patience because it allows you to save as much as you can in as little time as possible.
All you have to do is put money aside daily. One of the key tips in creating wealth is that you need to pay yourself first. It can be $5 some days or $20 on others. Whatever money you can save on that particular day, keep that amount aside to match a total of $500 in 30 days.
This challenge is also a great way to track your spending. It helps you spend less on non-essential activities like eating out, going to the movies, getting coffee etc. Instead, you spend money only on essentials like your rent, bills, and groceries.
2) The 16 Weeks Money-Saving Challenge
If, for instance, the 30-day challenge does not cut it for you, try the 16-week challenge. This challenge is not too short like the 30-day challenge and gives you more time to track and save your money.
In these 16 weeks, you are going to challenge yourself to save $500.
3) 26-Week Bi-Weekly Money-Saving Plan
Instead of a weekly challenge where you keep money aside every 7 days, a bi-weekly savings plan will challenge you to save money bi-weekly. This is a good idea especially for those ladies that deposit their money into their savings account on the same schedule as their paycheck.
In this way, you increase the money every two weeks by $50 bi-weekly 26 times (total 52 weeks) and you are going to challenge yourself to save more than $650.
Further reading: the best money lessons from my mom
4) The 40-Week Money-Saving Challenge For Smaller Budgets
Don’t let a small budget discourage you!
This challenge is for those of you who have a smaller budget but still want savings out of it. This challenge is a little long but with patience and perseverance, your savings will be big.
This is what this money-saving challenge would look:
Similarly, you can add $5 or $10 to the previous week’s amount and keep on adding the monthly savings for a total of 40 weeks. Challenge yourself to save $425
4) The 40-Week Money-Saving Challenge For Bigger Budgets
If you are someone who has a bigger budget and wants a long-term money-saving challenge, this is for you. You can track your money and save a whopping $5,000 in a period of 40 weeks by setting aside a weekly amount of $125.
This is how the challenge goes:
In this way, by saving $125 every week for 40 weeks, you will add up a sizable chunk of money to your savings account. However when you invest your savings, though, and do so wisely, you can grow your wealth significantly over time. So, instead of dedicating money to “saving” with every paycheck, dedicate it to “investing”.
So, if you’re looking to grow your money without any debt and like the idea to start investing or trading your money in order to reach your financial goals and grow your wealth perhaps this article might be something for you.
Further reading: Rich vs Wealthy – Who has more money
4) #5-Month Money-Tracking Challenge
Committing to tracking your spending and saving money for 5 months is going to benefit you immensely financially. This 5-month money-tracking challenge will help put aside $2,280 in your savings account.
Starting from $80 in the first month, increase it $10 monthly from the original amount for the first 3 months. In the fourth month, try to save a little more by increasing $50 more than the third month. You can then keep that amount steady for the fifth month as well, eventually helping you save $2,280.
5) 10-Month Money-Saving Challenge
If you are someone who wants to go all-in with your savings, this 10 month money-saving and money-tracking challenge will be right up your alley. This money-saving challenge can help you save a large sum of $1,400 in less than a year. If you do this 10-month challenge over and over again every year, your savings can increase exponentially. Consider doing this challenge if you are a determined lady with a bigger budget looking to save some big bucks!
Conclusion:
Before thinking about making big money, it is good to consider saving big money first. A big part of your financial success can come from incorporating regular money-tracking and money-saving challenges into your life. These challenges will not only help you monitor your spending but also, will help you make better decisions with your money and create new healthy wealth habits.
A good way to make your money-saving challenge more effective is to do it with a friend. That way, you both will be held accountable by each other which will make the process a lot easier. Ready to start your journey in learning new money habits? You can join the free online saving challenge tracker to keep you accountable.
Further reading: #8 money blocks women can overcome today
If you enjoyed this article on 5 Easy Money-Saving Challenges That Actually Work or have any questions for me, please feel free to leave them in the comment section below!
Recommended Resources: If you’re interested in learning more about online trading, check out my book “Trading for Success; 8 secrets why women are better forex traders” and take a deep dive into my blog.
And if you’re concerned about improving your finances, I have developed the best money tools based on my expertise and extensive experiences such as educational books on personal finance and trading basics, and a range of digital and audio products. All of these are to help you achieve towards getting you your desired outcome most efficiently and enjoyably, enhancing the learning process.
