With inflation on the rise, it's more important than ever to learn how to save money and manage your finances. However, when researching saving methods, we often come across ones that are completely unreasonable and would be very difficult to implement in our everyday lives. That's why we've decided to provide a list of realistic saving challenges that are practical and achievable.
Continue reading to learn how you can start saving efficiently today.
The idea of setting money aside daily can be daunting, but trust us - it's worth it. To ease into the savings habit, we recommend starting small. This challenge will last a whole year, but at the end of 365 days, you'll have saved up quite a sum that you can be proud of.
If you're wondering how to save money quickly, here's what you can do: allocate a daily amount that you think won't put any additional financial pressure on you. This could be anything from 50 cents to $50. Once you've been saving this amount each day, at the end of 50 days, respectively, you will have saved $183 and $18250.
The next challenge on our list might make you feel guilty about your expenses, but it will help save you money in the long run. The easiest way to do this is by keeping an excel sheet or diary where you document all of your spending, from groceries and clothes to nights out. This is the best way to see all of your expenses at a glance and figure out if you're overspending.
If you want to save money, it is crucial that you are aware of your spending habits. Once you have identified where your money is going, you can make changes to cut back in certain areas. However, don't become obsessive about observing every penny spent. Instead, keep a general eye on your expenses and adjust as needed. This will help get the saving process started if you are unsure of where to begin.
Many of us are all too familiar with that one particular snack or drink we can't help but indulge in daily. Whether it's a morning pastry or an afternoon cup of coffee, it's often the small things we spend money on unconsciously. The goal of this challenge is to break your spending habits by slowly cutting down your visits to get coffee or snacks. Instead of getting coffee every day, have it three times a week. After a month, reassess and cut back even more if you feel comfortable doing so!
Instead of spending money on unnecessary things, put that money away into savings. A method to control daily cravings is by changing up your eating habits; for example, have coffee or an apple for breakfast instead of a sugary pastry.
The weather-based saving challenge is unlike any other. It's easy to get started. All you need is a savings account or piggy bank and an application on your phone or laptop where you can check the weather every week. Every Wednesday, simply go online and check the Weather app for that day's temperature. Then, save whatever digit you see in your account.
On Wednesdays, save in your wallet an amount of money relative to the temperature that day. So, if it's 95 degrees outside, put $95 away - this technique will both prevent you from needing to save every day and help you bank a large sum each month.
No one ever said that saving has to be a pain. There's no longer any need to put yourself through tough challenges with the only outcome being enough funds to help you in case of an emergency. These easy and attainable saving goals will never leave you feeling like you're struggling financially.
