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‘Challenge yourself’ to save money this year

Find yourself in a pickle every December when the rest of the world is living their best life? Here are five money-saving challenges that could make you a small fortune by the end of the year.

AS Simply Red once said, ‘Money’s too tight to mention‘, and boy oh boy that couldn’t be more true, especially with the cost of living which seems to be on a constant escalation.

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While many have more month left at the end of their money, some may have a few spare coins and notes to save. If you find yourself being the latter, here are five savings challenges for you to try.

1. Stash or fill challenge
Place any amount of money into a 5L water bottle and wrap a plastic bag around it so you can’t see the contents. Ideally, you want to only insert silvers and notes in here. At the end of the year, cut open the plastic bottle to reveal your treasure! You can also download the Stash app or physically fill cash into envelopes every week until you reach your goal.

2. Join a monthly lottery
Here you need 12 people for each month of the year. Set an amount (and some rules) and draw up a roster as to who gets to collect the lump sum each month.

3. The 1% challenge
Work out what one percent of your salary is and save this every month. Place it into a fixed bank account so that if you’re tempted to make a withdrawal, you will be penalised.

4. Cancellation challenge
Cancel streaming platforms you don’t use and look for free apps to download. Then save that money as if you were still paying for these services each month.

5. No spend challenge
Set a certain amount of time every month where you restrict yourself from spending any money unless it’s absolutely necessary,  such as bills, groceries, medical emergency, etc.

Most of these challenges require discipline but hey, so do most things in life.

Sources:
ybs.co.uk
TikTok

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