4 New Year Money Saving Challenges You Can Do
January 26, 2021
What are the New Year money-saving challenges you can do?
- 365-day Challenge
- Envelope Challenge
- 12-month Challenge
- No-Spend Challenge
Saving money can be difficult for some people. Even though there may be some money left after paying the bills, most would spend it on lunch outs or purchasing products from e-commerce websites. With so many temptations out there, your wallet could be empty when you need cash for emergencies. To help you stick to a routine, here are some new year money-saving challenges. Read on.
365 Day Challenge
The 365-day challenge can be difficult, depending on your financial goals. Each day you have a fixed amount of money you can save. Put it in a hard-to-open piggy bank and continue the habit for the rest of the year.
If you decide to stick to 10 pesos, by the end of the year you will earn 3,650 pesos. For a bigger amount, you can set aside 50 pesos and have 18,250 pesos before the New Year. This challenge is easy because you can pay a small amount of money each day, but difficult if you set your goal too high.
This challenge will help you budget all your expenses. First, you’ll need to get some paper envelopes and label each with your monthly expenditures such as grocery, electricity, internet, water, etc. When you get your money, you can put the amount you need in each.
Now that you have prioritized all your “needs” you can set aside a minimal amount of cash for one “want” —such as your favorite dessert or lunch out money for a date. This way, you can limit the outflow of money and save the remaining in your bank account.
This challenge aims to help you save money within your means. It can be adjusted according to your income and the result will depend on how much you earn. It also helps to have a goal before starting this activity.
From January—or the first month you decide to do this—get 1% of your monthly income and put it in a container. The amount you put will increase to 2% the next month until you reach December when you will set aside 12%. You can also set a fixed base sum for each month if you prefer. This challenge is realistic because the amount will depend on the existing money you have.
If you’re still having a hard time committing to challenges, you can try a short-term one to help you get used to saving money. This no-spend challenge can be done in a week, but to experience its effects, you should try it for a month!
All you have to do is set a timeframe and make it a point not to spend anything other than necessities—such as bills and grocery. Track your expenses in a notebook, and by the end of the month, you will realize how much money you can save by being frugal. After this, you can try other long-term challenges.
If you have trouble setting aside cash for future use, these New Year money-saving challenges can help you. Just remember to start small, and don’t force yourself to save money you don’t have. You can customize each of these according to your income so you have funds you can use for more important things—rather than wasting it on expensive coffee or clothing you wouldn’t wear again.
If you achieve any of these challenges within the year, you can use the money to open a small business and make your savings grow! For more advice on financial and entrepreneurial topics, you can message Benito Keh. As an experienced businessman in the country, he can help you reach your goals.