Lets be honest, we could all use some extra money. By setting financial goals and participating in a money savings challenge, you can set yourself up for financial success. The beginning of a new year is a great time to start one of these challenges. You can make your money-savings challenge the ultimate goal for the year. Decide how much you want to save by the same time next year and get started!
Below are some fun money-saving challenges that you can participate in to reach your financial goals.
- $5 savings challenge This is a fun money challenge that stacks up cash quickly. Over 90-days or however long you would like, every time you get a $5 bill, you save it. If you don’t use cash, every extra $5 you have in your checking account, transfer it to your savings. To prevent you from spending that extra cash, get a piggy bank or container that makes putting the money in easy but taking it out hard.
- Find extra money challenge You might not think you have any extra money, but you can find the money you didn’t know you had with some tips and tricks. For instance, cashing in all that spare change in your wallet, car, purse, or lying around the house. You could also spend less than your grocery budget and put the extra money in your savings account. Another idea is to declutter your home and sell items you don’t use anymore for extra cash. Try to challenge yourself with ways to save that you ordinarily wouldn’t do.
- Weather Wednesday savings challenge This money challenge can bulk your bank account quickly as well. Every Wednesday, you find out the highest temperature in your state, and you save that amount in dollars. So, if it’s 45 degrees, you save $45 that week! The hotter it is, the more money you save.
- Penny savings challenge We’ve all heard the phrase “A penny saved is a penny earned.” This challenge can help bring that quote to life. The basic idea for the penny challenge is pretty easy. You save one penny your first day, two pennies the second day, three on the third and so on for 365 days. You will save a total of $667.95 in one year! Remember, every penny leads to a dollar.
For more useful tips, information and advice on financial empowerment, follow us on Facebook at: facebook.com/SignalFinancialFCU. We’re also on Twitter and Instagram at: @signalfcu-Written by James Fleet