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5 money challenges to take up this month

Easy money challenges
5 money challenges to take up this month

Ready for a money challenge? Here are five that may find a little difficult but at the end of it, you’ll have started a journey that will see you achieve greater financial freedom. Try one of the following challenges to see how much you can save. If you really want to test yourself, try them all!

Using second hand stores as much as possible

You may avoid second hand stores dues to the inconvenience of sifting through a lot of junk. However, by visiting second hand stores frequently you may find items that you need for a fraction of the price! Challenge yourself to visit your local second hand store every month or two, these stores are constantly receiving new stock and you may find some valuable items such as second and electronics, home décor, clothes or items for your children. By the time the new year ends, you’ll find that you’ve saved a substantial amount, you’ll want to make this new challenge a habit!

Try the 52 week savings plan

The 52 week savings plan helps you to save a substantial amount of money over a period of one year. It’s an easy and simple plan that requires you to start in January, probably at the end of the week up to the last week of December of the same year. You start with one dollar on week 1 and then add one more dollar each subsequent week.

If you keep up the trend, by the end of December, you’ll have $1,400 in your account. You’ll notice that the amount gets larger as the year progresses. This means that you have to be committed to the course. If you finish the race, there’ll be a handsome amount waiting for you, and paying for gifts will be easier than any other year.

Avoid fast food

Fast food is known to be a great consumer of our cash. Every time we need a quick meal, this is the first place we land. If you make a choice to cut back on the amount you eat out, you’ll have saved a substantial amount to put into savings. At the end of the year, you’ll realise that you have not only saved a good amount of money but you’ll also be healthier.

Shop once per week

You may be a frequent shopper, where you are in the malls, stores  and supermarket every day of the week. You may end up buying things that you don’t even need. This may be what’s taking up most of your money. You can stop this through proper planning. Listing all that you need for the week and making purchases once. Do this for one year and assess the difference.

Cancel expensive subscriptions

You may have subscribed to services, some of which you never use, cancel them for at least one year. Assess the amount of money that you’ve saved versus what you have missed for not having the services. If you find you have missed nothing, then leave them cut off.

Take these money challenges and you’ll see a great difference in the way you manage your finances.

 

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Disclaimer: The above information is general in nature and not intended to be advice. You should consider seeking professional advice before following any suggestions in this blog/website.