Starting off small, a couple years ago I saved $1 a day. At the time, I wasn’t making much money and I felt like a couple hundred dollars in my savings could benefit me. Saving only $1 a day made it easy to save because it sounds so insignificant. Sometimes I’d put in four quarters and call it a day. I felt like this was right for me at the time. I put it somewhere I couldn’t see or have access to everyday. This way it was out of sight and out of mind. This could be a savings account, a piggy bank, an envelope, or literally anything you can think of that’ll do the job. By the end, I saved $365, and it was very useful.
Another savings challenge could be $10 or $20 from each paycheck. Depending on if you get paid weekly or bi-weekly, it can increase or decrease. An example of this could be $20 a week, getting paid weekly. This would add up to a little over $1,000 ($1,040 to be exact).
One that can be more impactful could be the 52 weeks challenge. Each week you would deposit $1 more dollar than the last week. For example, week one would be $1, week 2 could be $2, week 3 would be $3, week 4 would be $4, etc. until you reach week 52. This would equal $1,378.
Lastly, I saved my change from every time I spent money. If I bought items at Target that equaled $31, and I paid with $40, I would save the $9 that’s remaining. That’s if you pay with cash, but if you’re paying with a debit card, you can just do the math each time, and move it to a savings account. The amount of money you save depends on how much you spend.
Saving money is hard, so making it into a challenge feels more fun and rewarding.
What are some savings challenges you’ve tried?