Saving money is challenging, but it’s a skill that anyone can develop with some practice. If you’re looking for ways to boost your savings, try implementing some of these money-saving challenges.
First, try the $5 challenge. Every time you get a $5 bill in change, put it in a jar instead of spending it. Do this for a month and see how much you accumulate. It may not seem like a lot, but those $5 bills add up over time. At the end of the month, deposit the money in your savings account.
Another easy challenge is the rounding up challenge. Every time you make a purchase, round up to the nearest $5 or $10 and put the difference in your savings jar. For example, if you spend $3.75 on coffee, put $1.25 in the jar. Do this for all your purchases, and watch your savings grow.
If you’re up for more of a challenge, try cutting out one expense from your budget each week. It could be something small like not buying coffee one day or skipping the movies one weekend. Remove that expense from your budget and put the money you would have spent into your savings account. Doing this for just one month can save you hundreds.
One effective challenge is the cash-only challenge. For one week, pay for everything using only cash instead of credit or debit cards. When you have to hand over actual cash for each transaction, you tend to spend more mindfully. Any money left over at the end of the week goes straight into your savings.
An easy long-term challenge is automatically transferring money to your savings account each month. Start by transferring $25 or $50 a month, and increase the amount by $10 or $25 each month. The gradual increases mean you likely won’t miss the money, but over the course of a year you can save hundreds or even thousands of dollars.
Saving money often means making small changes and sacrifices, but these challenges show that saving doesn’t have to be painful. Try starting with one challenge this month and build up from there. The more you practice saving, the easier it will get. Your future self will thank you for the financial security you’ve built.