Whether you want to stash more money aside to get all your loved one’s baller gifts next holiday season, or you simply just want to beef up your emergency fund, a little bit of saving can go a long way. If you can’t trust yourself not to blow your entire paycheck on Amazon prime, here are a few money-saving challenges to try this year to keep you on track.
- The ‘No Spend’ Month. Think of it like a “Dry January” but for your savings account. Figure out how much you have to spend in one month on essentials like fuel, utilities, mortgage, or rent, and then simply say ‘no’ to all additional spending. This means no coffee runs, no takeout, and no treats. Obviously, you’ve got to eat, but for the “No Spend” month, you’ve got to work off a budgeted grocery list.
- The ‘Banned List.’ This challenge is basically a self-imposed tax for when you mess up on your New Year’s resolution. Anytime you spend money on a habit you were trying to give up -aka your “banned list”- you must add $5 or $10 to your savings account. The sting of seeing that extra spending cash go bye-bye might be what you need to kick that nasty habit for good.
- Cupboard Clear Out. Welcome to your home version of “Chopped.” Pull all the food you’ve got sitting in your cupboards and challenge yourself to make as many meals as you can with what you already have. With this challenge, you’re allowed to buy some fresh produce to complete dishes but anything else that could clutter up your kitchen shelves is banned.
Check out more ways to save this yearHERE.