Tip #14: Try A Savings Challenge!
Sometimes, you just need some silly contest or challenge to get you motivated. Savings Challenges are a great way to boost your savings. That’s why it’s How I Save Money Tip #14.
Many popular financial advisers say to set up automatic transfers to retirement accounts as a way to train your brain to live on less and save more. I totally agree with that. In fact, I have 5 different Automatic Transfers set up on our checking account each time we get paid. Its a great strategy to save more, because the money isn’t available in your account to spend. You end up training yourself to live off less and not spend money on things you don’t need.
What Is A Savings Challenge?
A Savings Challenge is similar, in that you have a goal, like saving $5 each week, and you DON’T TOUCH IT. Here on Stacy’s Savings, I have a Weekly Savings Challenge that is set up to save $1,378 or more in one year, just by having small savings goals each week. If you follow along with the weekly blog posts and save your goal amount each week, you’ll end up with $1,378 at the end of the year. What a great way to save money for the holidays!
My savings challenge isn’t the only way to do a savings challenge. I used to do one where I saved all broken bills. When I used to use cash, and I had change left over, I would put all of that in a baggie, and then deposit it when it got to $50. That was a pretty good way to save.
My husband has a 5 gallon water jug in our closet full of coins. Anytime we have loose change, it goes in the bucket. My son calls it his “Disney Bucket”. I’m not sure how much we have in there, but its pretty heavy.
I’ve read other accounts of people who save every $5 bill that they come across. So every time they touch a $5 bill, it goes in an envelope, and then gets deposited into a bank account.
Savings Challenges are a great way to train yourself to live on less and save the extra. That’s why Trying a Savings Challenge is my 14th tip for How I Save Money.
Check out all of my easy, actionable money-saving tips in my post 15 Easy Ways to Save Money!
What is your favorite way to trick your brain into saving money? Tell me in the comments!