There are so many plans and ideas to help you save money to pay off debt or build a savings account. I’ve put together easy money saving challenges so you can see which is best for you and your lifestyle this new year.
52 Week Challenge
This is one of the more popular money saving challenges out there, and for good reason. The way it works is to put aside a specified dollar amount for each week out of the year. For example, the first week of the year, you’d set aside $1, for week 2 set aside $2, week 3 set aside $3 and eventually for the last week of 2016 you’d set aside $52 for a grand total of $1,378. There has been criticism aimed at this challenge, because you’re paying the most money in December ($202) where most everyone is hurting for money because of Christmas.
Don’t fret; there are some great alternatives to this challenge. You could opt to do this in reverse by paying $52 on week 1, $51 on week 2 and so on. Another version you could take is to take the 52 week challenge at random where every week YOU choose what you want to pay and simply check it off of the checklist. So week 1 of the new year you might decide to pay $20 and week 2 you could pay $35; you would then check these two numbers off as the year went on. This method is to give you flexibility while keeping to the challenge.
Print a free checklist so you can stick to the 52 Week Challenge!
$5 Savings Plan
The $5 savings plan works by putting each $5 bill which comes into your possession into a separate account from your checking account or simply put it into a jar/piggy bank. At the end of the year, see what you saved during 2016 and put the money toward debt, to start an emergency savings, fund a vacation, or whatever you decide! This method only really works well with those who use cash on a regular basis instead of debit and credit cards for every purchase.
Cash Envelope System
The cash envelope system goes hand in hand with the budget you set every month (if you don’t have a budget, it’s a great method to set one up).For example, if you’ve budgeted $300 for groceries for the month of February, you simply put $300 cash into an envelope labeled “groceries” and that is all you have to spend on groceries during February. Once the money is gone, it’s gone. This really helps with people who struggle to stay within their budget, because you can visually see what you have to spend on things such as groceries, rent, gas, bills, entertainment, etc. This is a great system to start if you have a hard time sticking to your budget, because it is as simple as it gets.
No Spend Challenge
If you’re not sure where all your money gets spent each month, take the no spend challenge. This method really shows you can do without all the extra “stuff” you think you need each month. The way it works, is to pick a time frame (for beginners start with 30 days) and during the designated time, you can only spend money on things you NEED, not want. “Need” qualifies bills, rent, groceries, gas, etc. “Want” qualifies date nights at the movies, eating at a restaurant, going out with friends and so on. By taking a month to see what you save by not doing things you “want” to do, it really puts it into perspective what you could save every month if you cut certain things out of your life.
You see? Partaking in an easy money saving challenge isn’t hard at all, it just takes a little discipline and patience to save enough money to pay off some debt, build a savings account or whatever you need it for. Have any other easy money saving challenges? Let us know and we might mention it in an upcoming newsletter!
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