I n this world where inflation often tends to be at its peak, you need to learn how to save to deal with your finances adequately. However, when looking for realistic saving challenges, we often come across methods that are not very reasonable and can be highly challenging to implement in our everyday life. Fortunately, we understand this dilemma and have decided to come forth with realistic saving challenges that are practical and won't leave you hanging.
Read on ahead to learn how to save in an efficient yet doable manner.
Are you scared of the concept of saving an amount every day? We get it; we've been there. The easiest way to deal with this threat of losing money to savings every day is by starting small. While this savings challenge will last an extended amount of time, 365 days a year to be exact, we promise you the amount saved up in your piggy bank or savings account at the end of the year will make you proud.
So, how to go about it? Allocate an amount that you think you can part ways with daily without any further financial strain. This can be as small as 50 cents and as big as 50 dollars. Once you are done saving each amount daily, you can be sure of ending up with around $183 on 50 cents and $18,250 on 50 dollars.
The next challenge on our list might end up guilt-tripping you about your expenses, but it will help you reign in your costs in the long run. The easiest way to go about this method is by maintaining an excel sheet or a diary. You can also use budgeting apps for this task. You will have to note down on all your expenses in this sheet, be it groceries, clothing, food, or nights out. This is the best way to highlight all your expenses and check if you are overspending.
Once you are more aware of your expenses, it will give you a clear grasp of the areas you need to work upon. However, make sure that you don't limit the activity and just observe. Keep an eye on your expenses and move accordingly. This is the best way to begin the entire saving process if you are unsure how to start.
All of us can relate to the fact that there is one snack or beverage that happens to be our soft spot. This same product is the one thing that we shamelessly spend money on daily. It can be a morning croissant for some people while it can be a coffee cup or a scoop of ice cream for others. The idea behind the coffee or snack break challenge is to slow down your purchases of these products. Instead of spending on your coffee seven days a week, get yourself a cup of coffee for three days.
What's more, on the days you don't make a purchase, you take that amount and send it directly to your piggy bank or savings account. One way to deal with your everyday cravings is by switching up your diet. Make your coffee or eat an apple instead of a croissant early to give your stomach and wallet a break.
The weather-based saving challenge is the most fun one out of the rest. Understanding this challenge is no issue. All you need is a savings account or a piggy bank, and an application on your phone or laptop where you can check the weather every week. Every week on Wednesdays, you need to go online and check the weather for that day. Whatever digit you see on the weather app is what you should save in your account.
The temperature on that specific Wednesday will be the amount in your wallet for saving purposes. For instance, if the temperature is 95 degrees, you need to put 95 dollars in your wallet. This will save you from the scare of saving every day while helping you save a drastic amount in a month.
Who said saving has to be annoying and challenging? Gone are the days when you would have to go through huge hurdles just to end up with funds that could help you out on a rainy day. Try these realistic saving challenges, and we can ensure you that you will never find yourself in a financially sticky situation.
