Savings challenges can help you ‘rack up’ hundreds of dollars toward your goals if you stay on track.
SAVING MONEY can be challenging, but there are several savings challenges that can help many people increase their savings.
Building up one’s savings can be a difficult task, with many people finding it difficult to stick to their pledge to save money on a regular basis. Financial challenges may be a viable solution for staying on track with one’s savings objectives.
In light of this, Zainab Kwaw-Swanzy, a Money Management Specialist at Barclays, has compiled a list of five challenges that Britons can take on to help them save more money.
“In this challenge, you are only allowed to spend money on ‘essentials’ for a specified period of time. Bills, meals, and costs deemed absolutely required, such as gas money or train tickets, are examples.
“This challenge will take you back to your roots and teach you to appreciate the little things in life.
“Whether it’s saving money on restaurant meals by rediscovering your love for home cooking, or having a family movie night at home instead of going to the movies.
“You determine how long you want to commit to this challenge, whether it’s a week, a month, or every three months!”
“With so many new restaurants and cafes sprouting up, many of us may be tempted to buy lunch out every day.
“However, the cost of doing so quickly adds up, which is where meal planning comes in.
“Set a 30-day challenge for yourself to pack your lunch five times a week.
“Not only is this a terrific way to save money, but it may also help you stick to a balanced, healthy diet without going broke.
“If this seems like too much of a chore, team up with a roommate or coworker and take turns making lunch for each other.”
“This challenge entails examining your specific needs and lifestyle, as well as identifying areas where you may save money.
“For example, you might find yourself saving £3 every time you go out for a cappuccino in town, or £1.50 every time you grab for a chocolate bar.
“Saving a small amount of money at regular periods will help you build up your savings over time, especially if it corresponds with your daily routine.”
“Set yourself a savings goal and design a grid of numbers that add up if you’re looking for something different and enjoy playing games.”Brinkwire Summary News”.