Content provided courtesy of USAA | By Angela Caban
The new year brings the opportunity to wipe the slate clean and start again. These 5 money saving challenges can help you increase your financial security and make saving money easier and more fun for the whole family.
The Competitive Savings Challenge
If you find yourself to be a competitive person, this one will be easy for you. Start a competition with your spouse, family member or even a friend to see who can save the most within a period of time. Set goals each month and create a shareable chart where you can log your progress and everyone can see where you are. The more people you have involved, the better chances you have of staying motivated to save.
The No-Spend Savings Challenge
I find it easier to not spend money at times rather than taking a certain amount each payday and putting aside. Honestly, to stay on track you need to find what works for you, and let’s remember – some months it is hard to put extra money on the side. Limit your spending by picking a length of time and spend nothing that does not fall under needs. Each month for the next 12 months try taking 10 or even 15 days where you spend nothing extra. For instance: your bills, gas and groceries are all needs, but going to see that new movie on Friday night is a want.
The Weather Savings Challenge
As I was getting ready to write this blog post I wanted to include something new, different and honestly something I have never tried before. I stumbled upon this blogger who has come up with a totally awesome and off the wall savings challenge. The “Weather Wednesday” challenge is where you would check to see what the highest recorded temperature is in your state, and then you deposit that dollar amount into your savings account each week. I will surely be trying this one this coming new year. What a fun twist on savings!
The Don’t Overthink It Savings Challenge
Many of us just want things to be automated, without even thinking about it. I get it, life is busy and we need to stay on track with ways that help us best. Setting up automatic transfers from one account to your savings is a great way to save without even thinking about it or putting too much effort into it.
The Classic 52 Week Savings Challenge
My family and I have been doing the 52 week savings challenge for a few years now and have always loved it. If you have ever looked up savings challenges, you have most likely stumbled upon this one since it is one of the most popular ones. This challenge is great because it spreads out the amount you save per week for the entire year. You can print a chart to help keep you on track, or create a spreadsheet where you mark off each week with the deposit you have made.
Saving money can be difficult because let’s face it, life doesn’t stop and we are always tempted everywhere we go. It is a challenge in itself to change your saving and spending habits but remember it is never too late to start, even if you are starting off small, every dollar counts.