Savings Challenges To Keep You Motivated

When your motivation toward any goal is flagging, a great way to spark it again is with a challenge. It is just a matter of turning your goal into a game. Savings challenges are fun ways.

For example, a reading challenge might involve reading one book from each decade of the 20th century. When you finish your challenge, you can give yourself a reward.

Saving In Small Increments

One type of challenge involves putting away small increments of money. The great thing about this one is that you can adjust it based on your own financial situation.

One version is to either save a certain amount of money, such as $1 or $5, each week for 52 weeks or to start by saving a dollar the first week, two in the second, three in the third and so on.

Cut A Percentage Of Your Income

Choose a percentage of your income, such as 1% or 5%, and challenge yourself to cut your spending by that amount.

There might also be some options that are easy to overlook. You might be able to cut back on your debt repayment, for example. Rolling a credit card balance to a lower-interest card.

A “No Spending Challenge”

Like saving, these come in many different forms. One is to give yourself a time period, such as a week, in which you won’t spend anything at all.

You could modify this to do it longer if you allow yourself only to spend on certain things, such as gas for your car or any regular bills.

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