We all like saving money. And there are many ways we can do that, but sometimes it is more fun and therefore more sustainable to do it as a challenge. Here are some money challenges you can try out.
Are you the type of person who’s always up for a challenge? If the answer to that is “yes,” why not try a money challenge? Test yourself and see just how much you can save this year.
Why Do a Money Challenge?
Other than testing your financial willpower and discipline, why would you try a money challenge? One good reason is to give your savings a quick boost so that you’re ready for emergency expenses whenever you encounter them. When your car stalls or your furnace breaks down, you’ll know that you can pay for the professional repairs right away.
Without those savings on hand, any emergency expense can throw you into a panic. You can’t ignore the problem, but you can’t pay for it either. In that case, you can apply for an emergency loan online to manage the expense.
Be sure to apply for a loan available in your state. So, if you live in Tulsa or Norman, you should apply for online loans in Oklahoma like these. You wouldn’t want to look at options that aren’t available in Oklahoma at all!
If you already have an emergency fund on hand, and you know that you can easily handle an urgent expense, that’s great! You can use these money challenges to help you reach other big goals, like paying off your credit cards or saving up for a summer vacation.
What Money Challenges Should You Try?
1. The 52 Week Challenge
If you commit to the 52 Week Money Challenge this year, you should have over $1300 in savings by the time it’s over. How does it work? You start the first week by putting away $1. Then $2 the next week. And you continue the process until you reach $52.
2. The 100 Envelope Challenge
For the 100 envelope challenge, all you’ll need is a stack of envelopes and a pen. Write the dollar amounts from $1 to $100 on the back of those envelopes and place them into a box. Every week you will choose two envelopes out of this box, put the written amount inside and stash it away. If you complete it from start to finish, you’ll have over $5000 saved up!
3. The No-Spend Challenge
The no-spend challenge is pretty simple to follow. You can pay for all of your monthly essentials, like your rent/mortgage, bills and groceries—anything that you absolutely can’t live without. And then, you try your best to skip everything else. No morning coffees at the drive-thru. No snacks at the vending machine on your break. No weekend shopping with your friends.
There’s no set limit to the no-spend challenge. You can follow it for a week, two weeks or even a whole month. It all depends on how long you’re willing to abstain from extra spending.
4. The Bingo Card Challenge
Want to add more excitement to your money-saving challenge? Turn it into a game!
The Bingo Card challenge involves making a 5-by-5 chart, similar to a Bingo card. Fill these squares with amounts that you’re hoping to save (for example, amounts between $1-25). Every week, you should cross out a square and set aside the amount inside of it. Keep going until you reach Bingo! Then, you can play all over again.
Have you found a challenge that piques your interest? Then, it’s time to do it and start saving!