MONEY

7 Fun Challenges that Will Help Boost Your Savings

I don’t think I’ve ever met anyone who says that saving is easy. Especially when there are so many temptations (just read this as ‘life in general’), but it’s all about making that little bit of extra effort and once you get started it should become easier. Saving isn’t a sprint – it’s a marathon.

Track both your saving and spending. Are there ways that you can put that little bit aside? Whether it’s small change from your purse or wallet it doesn’t matter…saving something is still saving!

So…do you need somewhere to start? Try out these great money saving ideas and challenges to add to your savings balance. Even if you can just put aside a little every month, you will be getting into some good savings habits!

Grocery savings

Check the bottom of your weekly grocery receipt and it will usually tell you how much you have saved for your entire shop. So, for any items which are on special or for deals like ‘buy one get one free’, your receipt will tell you how much you have saved in total.

Every week, put that amount aside, whether it’s in an envelope or in a separate savings account, it doesn’t matter as long as it’s kept separate from the rest of your weekly budget.

It might not seem like much at the time but remember; every little saved is a bit of extra cash you probably wouldn’t have had otherwise.

Set aside your spare change

Make it a habit to spend cash for smaller items, don’t just stick it on a credit/debit card if you can avoid it.

Once a week, empty out the coin section of your purse/wallet into a jar. Even if it’s only a few dollars a week, the cash is sure to add up! At the end of the year, see how much you have and you might just surprise yourself.

Also, you won’t be weighed down by all of those coins!

Match your spending

If you do buy something, match that same amount and put it into a savings account. Bought a coffee for $5? Put another $5 into a savings account. This way you’re spending AND saving. On the other hand, you may be put off by the idea of spending $10 on a cup of coffee and save it all….win win!

Money savings chart

This is kind of like a Bingo game for savers. You pick an amount each week that you can comfortably save. The amounts range from $0 to $60 and in total add up to $1000. Having an extra $1000 by the end of the 52 weeks will be a big help towards your Christmas expenses. It looks like fun! (As far as savings charts go) Check out the idea from Medium Sized Family.

On the other hand, if this looks too easy for you (go you!), then just add a zero to each amount on the grid. By the end of the 52 weeks, you’ll have $10,000 in savings.

Fill a coke bottle challenge

Save each and every $2 you come across. Pop them into an empty 600ml soft drink bottle and watch them build up!

In total, one of these drink bottles should hold $1000 worth of $2 coins. Go ahead try it and let me know if it works!

$5 Challenge

Never spend a $5 note again. Save all your $5 notes and keep them in a dedicated envelope or shoebox. After 6 months or a full year, see how much you’ve saved. You may just surprise yourself.

Rounding up 

This one isn’t really a fun challenge but it is a really good way to build up some savings.

Every time you spend money, round up the amount to the nearest whole number and save it. Say you spend $4.30 on a cup of coffee, round it up to $5 and you’ll be saving $0.70.

There are some great apps which will do this for you automatically so you don’t have to even worry about it.

Hopefully some of these tips will help you to save a little bit extra.

Why not try and set a reminder to do one or more each week so that you don’t forget, you may soon find that it becomes a habit.

Just remember, saving money is all about changing your habits for the better. None of these challenges will make you rich overnight but they are all great ways to boost your savings. If you miss a week or find that you don’t have much to spare, don’t be down about it, just give it another go.

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