Four Money Saving Challenges

  • September 17, 2015

Are you finding it difficult to save money? Maybe you have your eye on a purchase you would like to make or a goal in mind for what your saving’s account will look like. No matter what the reason is, saving money is a real and very common challenge for almost everyone. Are you ready to take on the money saving challenge?
Challenge #1 – Save all $5. When you get a $5 bill back in change or find one on the ground, make it a goal to put it away and not spend it. Put that bill in a jar. At the end of the year, count out that money. You’ll probably be surprised how much you were able to save up by simply not spending any $5 bills.
Challenge #2 – Limit your coffee purchases.  Is your morning routine to stop by the local coffee shop no matter how late you are running? Cut back on that habit by only allowing yourself to swing by the shop once or twice a week. Whether you start your week off on Mondays with a splurge or reward yourself on Friday for completing the challenge that week, watch how much you can save up by simply limiting your daily coffee purchase.
Challenge #3 – Create a change jar. In line with the $5 bill challenge is the change challenge. Make it a point to put all change in a jar for savings. While it doesn’t add up as quickly, your pockets won’t be jingling all day and soon you’ll have a good chunk of change (quite literally) that you can roll up and put directly into savings.
Challenge #4 – Save money on food. Often, after a long day at work, we can look into a fully stocked cupboard and claim to have “no food in the house.” We then run out and buy something to avoid the prep and cleanup from preparing a meal. Rather than wasting money on food, make it a point to create new dishes using items you already have. Many websites (such as Supercook) now let you input the ingredients you have on hand and then generates recipes you can cook. Simply avoiding buying food when you have already spent money on groceries will help you save. See if you can go an entire month with creating dishes from food you already have available.

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