If you find saving money a challenge, maybe the problem is that you’re not actually challenging yourself.
In other words, maybe you should take on a money-saving challenge – a sort of game to inspire you to save money.
Money-saving challenges have become popular online and are likely to become even more so if the economy continues to sputter. Seen everywhere from Pinterest to personal finance blogs, these challenges encourage spenders to become savers by economizing in creative ways. Remember the challenge in which you aim to save $1 a week so that by the end of the year you’ll have $52? Of course, that was probably a more impressive money-saving challenge back in, say, 1958.
Still, putting a buck away each week is about as simple a challenge as one can do – and plenty of people aren’t even doing that, if you believe the numerous surveys that have found most Americans don’t have $300, $400 or $1,000 saved for an emergency.
If you don’t save money, it may not be for a lack of money. It may be that you simply haven’t trained yourself to get into the habit of saving.
“The primary problem that keeps people from starting to save money is not that they don’t know where to find money to save. Rather, it’s their mindset around money. It is having thoughts like, ‘I’m never going to be able to save enough money or earn enough to make a difference,'” says Nev Harris, a financial coach in Pittsburgh.
For many people who struggle to save, Harris says, “Mentally, they don’t see the benefit of finding that money by changing their current spending, and so they don’t start saving for the future because in their mind they feel it won’t amount to anything significant.”
So if you’re looking to save, consider these money-saving challenges:
- The 52-week savings challenge.
- The “no spend” challenge.
- The pantry challenge.
- The “keep all the change” challenge.
- The holiday gift challenge.
- The “pay yourself when you make a money mistake” challenge.
- 365-day nickel-saving challenge.
- The “no eating out for a month” challenge.
- Weather Wednesday money challenge.
- The “save money at a different grocery store” challenge.
- The “trim 1% of your salary” challenge.
- The “kick a bad habit” money challenge.