Have you ever tried tricking yourself into saving money? Okay, hear us out first. Saving money may seem out of reach for some, but trying a money challenge can help build excitement, add competition, and potentially increase your savings. Gamifying finances can simply make managing money a bit more fun!
Before starting any savings challenge, make sure to review your budget and trim any unnecessary expenses. Starting fresh will help make saving easier, plus put more cash in your pocket. Whether you’re saving for a vacation, a big purchase, or an emergency fund – these popular challenges can keep you motivated and consistent.
Keep the change challenge
If you’re looking for a beginner-friendly, more passive approach to saving, the $1 and $5 savings challenge may be for you. Both challenges involve putting aside a designated amount of money that’s leftover from cash transactions. While this approach is on the slower side, you’d be surprised by how much you can save over a year or more.
The 52-week challenge
This challenge is a bit more hands-on and hikes up your savings by $1 per week. In the first week you save $1, in the second week $2, and so on until the 52nd week (one year timeframe). You can also do the reverse and start saving $52 the first week of the year, and then downward after that. This challenge can save you up to $1,378 in a year, which is enough to cover an emergency or large expense.
The 100 envelope challenge
The 100 envelope challenge is a bit more difficult and requires you to number envelopes from one to 100, shuffle them, and then draw one randomly every day. The number on the envelope drawn is the amount of cash that must be saved. This approach is ideal for anyone with a bit more cash flow to cover the higher numbers. Once completed in full, you can save up to $5,050!
The weather Wednesday challenge
Looking for a little thrill in your life? This challenge may be the right one for you. Every Wednesday for a year, make a savings deposit based on the temperature in your city. If it’s 50 degrees, you’d save $50 that day. This is ideal for individuals with higher cash flow, especially as temperatures can soar in the summer.
No spend challenge
Test your discipline and commit to only spending on essentials for a certain period of time. This allows you to put more into your savings, as you’ll have fewer day-to-day expenses. This is a challenging one, so it may be more sustainable over a shorter timeframe – at least to start. However in the end, you’ll see how much you can save by not spending money on unnecessary purchases.
Interested in trying one of these challenges, but don’t have a savings account? We can help you get started!* Simply contact us or stop by your local First Financial branch to speak with a representative.
*A $5 deposit in a base savings account is required for credit union membership before opening any other account/loan. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. Click here to view full Rewards First program details. Some restrictions apply, contact the Credit Union for more information.
Article Source: NewJersey.News12.com