Money savings challenges give guidance to people to reach benchmarks. Plan how much can be saved or how much a person wants to save by creating a detailed plan. Each benchmark can help a person to stay focused on their goal.
Time Line
There are multiple ways to create challenges, breaking it down into time lines from each day, week, month, or even year.
An example would be to decide how much money you want to save over the next year. $10,000 is a good number, now decide when you want to put money aside, daily, weekly or monthly.
$10,000 / 365 = $27.40 daily
$10,000 / 52 = $192.31 weekly
$10,000 / 12 = $833.34 monthly
All which reach the overall goal.
Pick any amount and decide the time line to find out how much money you would need to put away.
Envelople savings Method
Putting all $1, $5, or $10, ect…. into an envelople each time you have them in your wallet and set them aside. Cash is not used as much, but this is a creative way to put money aside.
Version of the same idea, would be to round each dollar to the nearest ten or dollar when using credit or debit cards. Through time money will add up, even though it does not seem like alot.
Trending Challenge
Using a list of saving a certain amount of money with no timeline, just reaching an overall goal. Creating a list with random significant numbers or increment growing or same amount to reach a goal.
An example would be putting $50 dollars away 30 times. The $50 dollars may not be significant for everybody, but when the sheet is complete that is $1,500.
Savings challenges is a creative way to put money aside, it can feel like an accomplishment. Not everybody likes saving, but it does help save ones future for now and goals. Looking for places to spend less or saving Ideas to cut back on overall bills.
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