Saving money isn’t always the most exciting thing, one of the best ways to stay motivated to save is savings challenges! I am a very competitive person and if I can make a game out of saving money, it makes me work that much harder.
Today I’m sharing 5 savings challenges that will keep you pushing for more resulting in great returns!
Before we jump in, WHERE you keep your savings is also very important. The best place to keep your savings is a high-yield savings account so that you can be earning interest on your money. CIT Bank offers record-breaking interest rates. Click here to open an account!
Check out this video for even more detail on these savings challenges!
The Wednesday Weather Challenge is a great way to randomize your savings. Each Wednesday transfer the temperature outside to your savings. Example: If it’s 53 degrees transfer $53.
With the Homebrew Coffee Challenge, color in a mug every time you brew your own coffee at home. At the end of the month transfer $5 per cup to your savings or debt payoff!
Tracking every penny that you spend can sound really daunting but trust me, once you get into the habit it is second nature and really doesn’t take that long.
Every 2-3 days log into your bank accounts to access your statements, spend 5-10 minutes, and record every single expense into your budget. Here is the budget template that I use and what helped me pay off all my debt, cash flow my wedding, and buy my first house. Here are some tips on setting up your first budget.
Food is the third-highest item in the average person’s budget, right below housing and transportation. Saving money on groceries is a really hard task for many but I’ve mastered the art of cutting out a little bit here and there to make a BIG difference in your budget. Check out my course on How To Save Money on Groceries here.
I bet if you really tried, you could skip going to the grocery store this week and find enough food to feed your family in your pantry, fridge, and freezer. When you are trying to cut your grocery budget for the month, challenge yourself to eat strictly from home.
Every week that you succeed color in a jar! After 4 jars are colored in, reward yourself! The reward could be a pizza night, a manicure, or simply a movie night at home!
Saving $1,000 in 30 days is not for the faint of heart but it’s an awesome challenge if you are!
The best part about this challenge is the savings don’t have to go in order. If you have a day where you made a lot in tips or got a bonus at work you can tackle one of the higher savings days, and if you had a low day you can save as little as $5.
If you want to become a master saver, check out the Savings Challenge Bundle here!