3 Money Saving Challenges You Need To Start TODAY!
Money saving challenges are a great way to reset your budget and get yourself back on track. It will help you stop spending money you don’t have and help you save money. It is important to do a budget reset from time to time, especially when you have not been sticking to the budget. A money saving challenge will have you saving money money in a short amount of time!
In order to have long-term success with saving money, you need to have a budget. For help with your budget, check out How to Make a Budget and Stick to It!
Check out these money saving challenges:
A no-spend challenge is a great way to STOP SPENDING MONEY! This challenge can be different spans of time. It could be 1-2 weeks, a month, 6 months, and a few people have done a YEAR! A year is probably a bit extreme for most people but a month or less is very doable.
A no-spend challenge is where you do not spending any money. You still have to pay your regular bills but nothing extra. There is NO eating out, entertainment, or spending money.
Here are 30 Clever Tips for a No Spend Challenge. These tips will help you serve a no-spend challenge. The biggest thing about getting through a no-spend challenge is preparing for it.
Buy what you need ahead of time so you aren’t tempted my running to the store. Get cash for any expected expenses that are planned during the challenge.
Most people do a pantry challenge when doing the no-spend challenge but you can do the pantry challenge by itself. During a pantry challenge, you use up everything you can in your pantry and freezer.
You will want to do a meal plan for the time of the challenge. Two weeks or a month depending on what you have stocked up is a good length for this challenge.
Put together your meal plan and buy any ingredients you may need during the challenge. You may need to go to the store during the challenge for some fresh produce BUT the goal is to not do that. So, buy produce that stays well and you can freeze before the challenge. You can also freeze milk, so buy what milk you will need before hand.
If you are doing 2 weeks, you should be able to avoid the stores all together. If you are doing a month, you will probably need to go to the store. If you have to go to the store, try to limit the trips and only get what is on your list. Only take enough cash to buy what you need and nothing more.
A savings challenge is when you are saving for a specific goal. This could be anything, even just a certain dollar amount. This is good to do for your emergency fund, Christmas, vehicle replacement, home repairs, and things like that, so you don’t add to your debt.
For example, if you want to save $1000 in 2 months, you need to save $125 a week. The challenge is to save this money as quickly as possible. You can save this money in numerous different different ways.
You can sell things, like all those kids clothes and toys no one uses anymore. Have a yard sale or sell things online. I made over $100 this past week selling things through Facebook groups!
You can also cut expenses to save money. Now is the time to stop paying for services you don’t use or need. I have even created a cutting expenses cheat sheet to help you remember things to cut out of your budget.
Here is a Weekly Savings Plan for Christmas!
These money saving challenges will help you stick to your budget and save money! Sometimes it is needed when you have been spending too much money. It will help reset your mindset and. your budget.
Hi, I am Ashley and I am here to teach you how to budget, save money, and pay off debt with simple and easy to implement tips. I was able to pay off $45,000 in 17 months including $25,000 in student loans in just 10 months. I am now a Ramsey Solutions Master Financial Coach and help people like you manage their budgets so they can live the life they want. I also have a degree in psychology and help you get to the root of your money problems. I have also written two ebooks to help save you money and how to budget for beginners.