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YOU’LL NEED A WEDGE TO HANG THAT DOOR
Watch 6:32

YOU’LL NEED A WEDGE TO HANG THAT DOOR

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Everything you need to know about money in your 40s

Everything you need to know about money in your 40s

Everything you need to know about money in your 30s

Everything you need to know about money in your 30s

Everything you need to know about money in your 20s

Everything you need to know about money in your 20s

The beginner’s guide to investing in 8 simple steps

The beginner’s guide to investing in 8 simple steps

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5 finance words you need to know

5 finance words you need to know

5 easy ways you can be better with money

5 easy ways you can be better with money

How to reduce your expenses without sacrificing your lifestyle

How to reduce your expenses without sacrificing your lifestyle

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4 signs you’re suffering from financial anxiety

4 signs you’re suffering from financial anxiety

Everything you need to know about money in your 50s

Everything you need to know about money in your 50s

Home loan application advice for first-time buyers

Home loan application advice for first-time buyers

5 easy finance tips for people over 50

5 easy finance tips for people over 50

Superannuation advice for every stage of life

Superannuation advice for every stage of life

Finance tips for young people

Finance tips for young people

Five financial questions to ask your significant other

Five financial questions to ask your significant other

  1. Home
  2. Finance

5 money-saving challenges you should try this year

Pick your length: one week, one month, one year or longer. - by Laura Barry
  • 23 Jan 2019
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!

purse filled with cash
Getty

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.

rolls of australian money
Getty

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.

You might also like:

The best money-saving tips of 2018

How to do a 'buy nothing new' month

10 finance apps for smart money management

  • Finance
  • Better Life
Laura Barry
Laura Barry
Laura Barry is a writer, bookworm and interior design enthusiast with a love for reporting on all things homes, travel and lifestyle. When not tapping away at her keyboard, Laura can be found making endless cups of tea or perusing the shelves of Sydney’s many bookstores.

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YOU’LL NEED A WEDGE TO HANG THAT DOOR
Watch 6:32

YOU’LL NEED A WEDGE TO HANG THAT DOOR

{headline}

{headline}

Everything you need to know about money in your 40s

Everything you need to know about money in your 40s

Everything you need to know about money in your 30s

Everything you need to know about money in your 30s

Everything you need to know about money in your 20s

Everything you need to know about money in your 20s

The beginner’s guide to investing in 8 simple steps

The beginner’s guide to investing in 8 simple steps

{headline}

{headline}

5 finance words you need to know

5 finance words you need to know

5 easy ways you can be better with money

5 easy ways you can be better with money

How to reduce your expenses without sacrificing your lifestyle

How to reduce your expenses without sacrificing your lifestyle

{headline}

{headline}

4 signs you’re suffering from financial anxiety

4 signs you’re suffering from financial anxiety

Everything you need to know about money in your 50s

Everything you need to know about money in your 50s

Home loan application advice for first-time buyers

Home loan application advice for first-time buyers

5 easy finance tips for people over 50

5 easy finance tips for people over 50

Superannuation advice for every stage of life

Superannuation advice for every stage of life

Finance tips for young people

Finance tips for young people

Five financial questions to ask your significant other

Five financial questions to ask your significant other

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