Money Saving Challenges of 2022
Some people find money saving easy without the help of other sources or ideas. Whereas other people might need that extra push or support to guide them down the money saving path. There are many guides available from different sources, from personal financial guides to more interactive activities like saving challenges. These challenges offer a different approach to budgeting and improving your financial management, keeping you clear of needing to borrow anything with further financial risks like payday loans. After all, basic saving techniques don’t suit everybody’s learning capabilities, making the process of saving more of a chore than a simple habit. For the methods to work and to benefit your personal finances, it is important to ensure you are enjoying the methods and the challenges you’re partaking in. So, even though it may take longer than expected, dedicating the time to financial growth is essential.
There are thousands of money challenges circulating on the internet. The hardest part is finding one that suits your personal skills whilst having a fun twist. So, here are a few examples you may want to try.
The One Penny Challenge
The 1p challenge is a daily financial mission where the consumer will save a 1p for each day of the year. For example, day one = 1p, day 2 = 2p up until the 365th day of the year. At the end of the year, you will have a grand total of £667.95. Although you’re able to save a noticeable amount in the end, this challenge starts at the very bottom of the spectrum at only 1p, making it accessible to everybody to utilise, especially if you’re struggling financially but still trying to save a substantial amount without breaking the bank.
No Spend Challenge
The ‘No Spend Challenge’ is set to ensure you don’t spend anything more than you need to do so. This way, you’re able to quickly build up some sort of emergency fund or even just general savings. This challenge is a way for you to restart and reset your spending habits, therefore allowing you to develop your personal financial management skills. During the challenge period, you are only allowed to spend money on the necessities, for example, any debts and bills instead of going out or buying things you want. Typically, people would usually take part for perhaps a week, or even push themselves to a month if they wanted to receive the maximum benefits and challenge themselves effectively.
The Banned List
The banned list is relatively self-explanatory. We all have downfalls and guilty purchases which we know we shouldn’t make. So, this is the perfect opportunity to abolish these transactions for good. Taking the time to identify what you can improve on and add to your personal list will keep your finances as up-to-date as possible. Once you’ve identified your spending downfalls, this is where the challenge begins. The aim of the process is to set yourself personal goals regarding abolishing purchases on which you spend too much money. Following this, you won’t be able to make any purchases regarding the habit. If you do, you must pay (around £5) into a separate account to prevent making an unnecessary purchase.
The goal is to get to the point of not wanting to pay the £5 into another account. This way, you’ll lose the bad habit but still be able to save money; through the lack of unnecessary purchases.
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