Money Savings Challenges to Try in 2023
Money-saving challenges are a great way to help people save a little extra cash. They can be used to help people save for a specific goal or just help people save money in general. It’s proven that people who know how much money they are spending are more likely to save.
These money-saving challenges are adaptable. If you want to save more or set a higher goal, you can. There are no rules since they act as guides for you to reach your goals. Choose the challenge that works for you and your spending habits.
Some of the most popular money savings challenges include:
- Round Up Challenge
- 10 Dollars a Week Challenge
- No Spend Challenge
The first challenge we have for you is relatively simple. You will round up and put the change into your savings account each time you pay, whether with a card or cash. To avoid making deposits multiple times, you can keep a running total and update it whenever you make a purchase. You can deposit the sum into your savings at the end of the challenge or at various times throughout the challenge.
The Round Up challenge is a great way to watch your money grow from what seems like small savings.
10-Dollars a Week Challenge
Another popular challenge is the 10-dollar-a-week challenge. The goal of this challenge is just like it sounds– you try to save $10 per week.
During the challenge, you choose something that costs about $10 to cut out each week. For example, they might mean cutting out your weekly fast food stop, or something unnecessary from the grocery store. Then, you put the money you saved into your savings account at the end of the week. When you do this over time, it adds up. By the end of the year, you’ll have saved $520. You can save even more if you desire since this challenge is adaptable.
No Spend Challenge
The No Spend Challenge is one of our personal favorites. During it, you are challenged to refrain from spending any money for the period of time you set for yourself.
For example, if you set your time frame for one week, you can’t spend money that week. You are forced to use what you have, eat at home, and cut costs in any way possible. You can make the challenge your own, and personalize it in whatever way you see fit by making it longer or shorter. You can start by having one no-spend day each week.
It’s never too early to start planning your financial goals for the year. Set a measurable goal, and challenge yourself to reach that goal and more.
These are a few money-saving challenges you can try in 2023, and there are many more out there. Pick one that works for you and your budget, and get started on your journey to financial freedom.
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