With the New Year literally right around the corner, I always see people making goals to save more money. It’s great to finally, or continuously put your finances in plain sight, and start and finish the year off strong. I always like to commit to some sort of money challenge, or make an actual commitment to myself to stay consistent when I’m talking about savings, but let’s be honest, calling it a challenge makes it that much more fun!
This year I figured I would share a few of the many many options there are out there to try out to reach your 2019 savings goals.
1. $5 Challenge
I see people rave about this challenge all the time. It doesn’t personally work for me because I’m not someone who carries around cash too often, but if you are, this could definitely work for you. You essentially save every 5 dollar bill you receive, whether it be from cash purchases, or cash back, and tuck it away for safe keeping until the year is over. Once the year comes to an end, you get to break the bank (and no, I don’t mean crazy spending) and see just how much you managed to save over time.
2. Change Jar
This is one of those oldie but goodies, and perfect for someone who carries cash. You simple transfer all of your loose change from the bottom of your purse, car cup holders, and pants pockets and actually give it a designated spot to be saved until the year is over. Money that we all know you just keep sitting around. See, savings doesn’t have to be complicated at all.
3. 52 week savings challenge
One of the more well known savings challenges would have to be the 52 week savings challenge. It’s an incremental savings challenge, so you start week one by saving $1, continue on to week 2 by saving $2, week 3 you will save another $3, all the way through week 52 when you’ll be saving $52 and finishing out with $1378 in savings.
Be sure to check out my 52 Week Money Challenge hacks for a few modified options here!
4. 365 Penny Challenge
For someone with a tighter budget, all of these larger numbers in savings might be a little bit intimidating. The biggest savings challenge of all is being able to stay consistent. So, the 365 penny challenge might just be right for you. Like the 52 week savings challenge, the penny challenge is also incremental. Every day, (365 days to be exact) you’ll add to your total savings by saving enough pennies to correspond to what day you’re on. Day 1 you’ll save 1 penny, Day 2 you’ll save 2 pennies. By day 365 you should be putting $3.65 into savings, and at the end of the year you will have a grand total of 667.95 in savings.
Savings Hack: If keeping up with daily savings is too hard to remember, just add up the weekly totals and save it that way.
5. Round Up Challenge
I LOVE the round up challenge. If you’ve seen my previous post about How to Save a $1000 Emergency Fund, you’ll know that I utilized the Qapital app and it made it extremely easy for me to set this rule up to make my transfers for me. This is great for someone like me who doesn’t carry cash often, but also wants an easy savings option. All you’re doing is essentially rounding up to the nearest $2 and tucking the change away as savings.
If you try it out today with my referral code you’ll be able to receive $5 FREE towards your first savings goal. Check it out here.