A lot of people face the challenge of saving money daily and these calls for turning a dread task in to a game. There are lots of money challenges you can adopt and they are there for good reasons. A money challenge can use creativity, focus and comradely to create a more stable financial future, all while having fun and trying something new. Challenges range from super simple to extreme- and a touch concerning. Carefully and attentively check out these popular and interesting money challenges listed below.
Challenge #1: 52 Week Challenge
Most challenge sounds like the name given to them and this challenge is not an exception. This challenge means you will be saving a predetermined amount of money for 52 weeks which is equivalent to a year. Doing this is quite simple and it goes thus; all you have to start with is one dollar for the first week. Week 2, two dollars. Week 3 would be three dollars and so on. You will deposit $52 by week 52 in your account and this would create a total of $1378 over the course of one year. This is one of the simple ways to help you keep thinking about your money and staying in your choices.
Challenge #2: $5 Challenge
The premise of starting this saving challenge is quite simple. It simply means sticking any $5 you come across that happens to be yours in an envelope, jar, and coffee can and so on. It simply means you are not permitted to spend $5 bills, only save them. Stash them away and watch them grow. Some people wait 6 months, others a year, but most are amazed at how much they are able to put aside. This challenge works best if you use cash at least some of the time and not just credit. There are benefits of using cash which include less debt, no interest fees and according to research it has been proven that when you pay in cash, it helps you spend less. You do not have to be stereotypic about the $5 bills, you can switch to $1, $10 and even $20 depending on which flows with you well.
Challenge #3: No Spend Challenge
You must have seen this challenge touted on the internet if you spend enough time on the internet. This challenge is really individual based as you can customize the rules personally so it can work for you. The first thing is to have a perfect understanding of the reason for doing it. This is the most active challenge and it is the challenge that takes the most work; however, it is also has the biggest reward attached to it. The fact that it is challenging needs you to decide ahead of time why you are doing it and the importance of you doing it. Is it to teach you better spending habits? To get out of debt? To save money for a specific expense? To dabble in minimalism and see if the lifestyle is for you? Then you will want to decide on a length of time. You can start simple and do a day, or go extreme and go for a full year as some people do. To feel the effect but not go crazy, a week may be a great place to start. The basic rules go like this: You can only spend money on basic necessities- food, shelter, utilities, gas, insurance, and debt payments that already exist. Nothing else. No going out to eat, paid entertainment, clothes, toys, home decor- nothing “extra.” During these challenges, it would be obviously noted that you would sp
Remember to have fun and keep focused on your goals. If you know anyone who wants to do this with you, even better! Work in pairs, groups, or alone- whatever works for you and gets you closer to financial freedom, one day at a time.