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Money Saving Challenges

Whether it’s for a new car, retirement, or a vacation, saving money is a good habit that can help you reach your financial goals. However, consistently saving money doesn’t happen overnight. It takes a lot of discipline to actively set aside money for future use, but it will ultimately lead to a stable financial future.

We know how difficult it can be to get on the money-saving train, so here are some creative challenges to help you get started. Good luck!

30-Day Rule

The rule is, whenever you want to splurge on a non-essential item, you write that item on a list and let it sit there for 30 days.

When you’re in a store or online shopping and feel the need to buy something you don’t necessarily need – a new video game, cute purse, clothes – do not buy it in the moment. Find a piece of paper, white board or chalk board, or use a notes app on your phone  and create a running list of items that you want to purchase, along with the current date.

Then, let those items sit on the list for at least 30 days. This part is crucial, as it allows you time to save up for the item and do some research on which brand might be best for you.  

At the end of 30 days, if you still want the item, you are able to purchase it guilt-free. This small habit encourages you to stop and think, instead of spontaneously spending money, which can deplete your bank account quickly.  

No-Shopping Challenge

A no-shopping challenge is when you choose a week or a few days and limit your non-essential spending. While there is nothing wrong with online or in-store purchases (especially if you are supporting local businesses), it can be tempting to lose control and splurge on items  that you do not necessarily need, creating a habit that is difficult  to break. This challenge is intended to slow down your spending habits and allow you to save a little more money.

Free-Streaming Challenge

With everyone spending more time at home and searching for things to occupy their time, it can be tempting to subscribe to streaming platforms for entertainment. Instead of adding more streaming services or upgrading your cable package, challenge yourself to find free streaming services. Everyone loves free, right? From IMBD to Crackle, there are numerous platforms that offer streaming for free.

Additionally, most libraries offer streaming platforms for residents, where you can easily borrow movies, TV shows, music and much more! Check your local library’s website to find out more!

Learn More

Whether you are actively saving money or just getting started, you should pick a challenge that makes sense for you and your family. These challenges are meant to help kick-start your saving habits so that you can have more money in your bank account.

Are you interested in learning more about how to save money? Contact us today!

Authors

Stephanie Meier, VP of Marketing 
Lorianne Robertson, Senior Marketing Specialist
Sarah Lee, Marketing Specialist