5 money-saving challenges you should try this year
Many Australian singles, couples and families are well and truly feeling the pinch of the rising cost of living on their hip pockets. Saving money can be a challenge at the best of times, but there are a few quick, easy and painless ways you can save substantial amounts of money away for a rainy day. All you need to do is choose how long you want the challenge to be.
The one-week 5:2 Money Diet
The money diet is simple: go 5 days without spending any money and only spend money 2 days a week. Do this on a week by week basis and see if you can make it a permamnent thing.
The one-month 30-day savings challenge
Save almost $500 in 30 days with this nifty little challenge. Similar to the 52-week challenge, for the 30-day challenge every day for a month you deposit a dollar amount equal to the day of the month into your savings. For example, on February 1 you would deposit $1, on February 16 you would deposit $16, on February 28 you would deposit $28. At the end of a 30-day month you will have $465!
The one-year 52-week savings challenge
For this money-saving test the idea is to save the same amount of money as the week it is. For example, week 1 you would save $1, week 5 you would save $5, week 30 you would save $30. At the end of your money-saving challenge you will have $1378. An easy and painless way to save almost $1500.
The zero-dollar day challenge
This challenge is for those who are very eager to take control of their finances and understand where their money is going. Start an excel spreadsheet and log all of your daily purchases. If you go a day without spending a dollar – then you’ve achieved a zero-dollar day! The challenge is to fit as many zero-dollar days into every month as possible.
The year-round 365-day money challenge
This challenge works by saving the dollar amount for each day of the week, 365 days a year. For example, on Sunday you would save $1, on Monday you would save $2, on Wednesday you would save $4, on Saturday you save $7. Then the process repeats again the following week. If you stick to the process that’s $28 a week, or around $1456 a year.
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