Four saving challenges to get you that lump sum

THERE’S nothing like ending a year wishing you had saved more and didn’t have to dig into your salary to pay for things that are needed, whether it’s a holiday, braai vleis and booze, school stationery and uniforms or just to have a little stash for a rainy day – which seems to come around more now than ever before. Yes, speaking from experience here.

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I made up my mind this year that 2024 would be a year for saving – no matter what the amount, I just want to get into the discipline of saving. I spent hours on TikTok looking for the right challenge that was realistic for me and my budget, and while scrolling, I came across a few good ones which I decided to share with you in this post.

Even though we still have about 210 days left of ‘Januworry’, I am optimistic that this year, I will turn over a new ‘note’ (only R200s, I hope) and have a December stash to look forward to this year. Saving, I have come to realise, is all about discipline – whether you save electronically or hide cash under your mattress, you have to programme your mind to act like the money isn’t there. Forget the YOLO mentality and focus on the end goal.

 1. The 100-week saving challenge

Establish an amount you would like to save and label envelopes 1 to 100 with different amounts. Each week, draw an envelope and place the specified amount of cash written on it inside the envelope. This is doable because you can skip a week here and there as there are only 100 weeks to get through.

2. Twelve-month challenge

Start with R100 in January and as the months progress, add R100 to the amount you save. For example, January R100, February R200, March R300 and so forth. It does get steep towards the end, but you gain a R7 800 lump sum at the end of the year.

 3. No-spend challenge

If an all-or-nothing approach suits your mindset, a no-spend challenge could be your key to substantial savings. With a no-spend challenge, you pick a timeframe – let’s say, a month or three months – to limit your spending. You can either slash expenses to just your essential daily bills or choose a spending category to cut, like takeout meals or clothing. At the end of the month, you can move the money you saved into your savings account.

 2. Liberty Life Stash app

Stash is an investment that helps you invest in your future, tax-free, by saving small amounts of money every day via an app. Choose to stash from R10 per day via EFT. When you reach your savings goal, apply to have the money drawn and deposited into your bank account.

Happy saving!

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