We all have to admit that the previous year was just horrible and it probably made you reflect on yourself and realized that there are things you wish you could have done then. As we welcome this new year, you might have read different New Year’s Resolutions now and we are pretty sure that “save money” is one of the most common resolutions out there.
So if you have not yet to come up with your own resolution for this year and would want this as your New Year’s Resolution, or maybe you just really like to save money, then we have prepared this short list of different money challenges you try out!
#1 52-Week Challenge
This challenge goes on for the whole year. And with this, you set aside an amount of money every week for 52 weeks for one year. You can start by deciding on your starting money and an increment which you will have to add to the amount you saved from the previous week. For example, you wish to start with $5 with a weekly increment of 5. So for the first week, you save $5 and for the next week, you set aside $10, and so-on for 52 weeks.
#2 Invisible Money Challenge
We believe that this challenge is a classic one and is effective as it will eventually teach you the discipline to only budget yourself with the money that you will have left. With this, you will have to choose a specific coin and/or bill that you will choose to make invisible once you get a hold of it. For example, you choose a dime and/or a $5 bill. Every time you receive those, put them away and consider them invisible and untouchable.
#3 Draw-Lots Challenge
This is a very exciting way to save money as the mechanics add a certain feeling of suspense on what amount you will have to put away for your savings. You will first decide on how many days you wish to do this challenge from 100 to 365. Then, prepare the same number of pieces of paper and label them with the amount you will have to put away. Put them in a container and mix them and get ready to draw-lots!
#4 Monthly “No Spend” Challenge
This challenge will need a lot of self-discipline to accomplish as you will have to steer away from spending on that certain thing you might not be able to live without. For this, you will need to list down 12 mundane things you spend on the most- maybe things like Starbucks, ice cream, fast-food, soft drinks, etc. Then, choose 1 from that list on which you will commit to not spend on that month. And every time you want to buy those things, you put away the money you were going to use.
#5 Weather Challenge
You can actually personalize this challenge to fit your income or allowance or even how often you get money. What you will have to do is list down the highest and lowest temperature of the day and set aside the amount that matches the temperature of your chosen mechanics. For example, you choose to go weekly and decide on setting aside the average of the highest and the lowest temperature of that week. And you do this for the whole year.
So, have you chosen any money challenge for the year?