5 proven money-saving challenges for small budgets
Want to put some money aside for a rainy day but lack motivation? Maybe you feel like what you have to spare won’t make much difference?
We get it: talking about savings can sometimes feel pointless – but it doesn’t have to be that way.
We’re here to tell you that it can actually be fun, and that you can get started with as little as $1 … that is, if you’re up for a challenge.
Challenges are the perfect place to start when trying to boost your savings, and the ones listed here won’t leave you feeling like you’re missing out.
Here are five money-saving challenges to help you get started.
1. Money bingo
A quick search on Pinterest revealed lots of money bingo charts. The idea is that you pick one number each week and that’s how much money you save. At the end of the year, you could have an extra $1000, which is just as good, if not better, than actually winning bingo.
2. 52-week challenge
While this is usually started at the beginning of the year, we say there’s no time like the present. In week one, you save $1. In week two, $2 – and so on. At the end of the year (or 52 weeks), you will have an extra $1378.
3. Coke bottle challenge
This one doesn’t require much explanation. Grab an empty coke bottle (or any bottle) and every time you get a $2 coin – pop it in. It’s thought that a 600ml soft drink bottle can hold around $880 worth of $2 coins. The bigger the bottle, the more money you will save.
4. $5 note challenge
A game of chance. Every time you receive a $5 note, you have to stash it away – no excuses. If someone happens to give you two $5 notes with your change, then they both have to be put away. Your future self will thank you.
5. Roundups
Many banks now offer round ups as a service. According to ING, this is how it works:
“With an everyday roundup, every eligible card purchase you make is rounded up to the nearest $1 or $5 and the extra amount is shifted from your Orange every day to your savings account or to pay down your eligible home loan.”
If your bank doesn’t offer roundups, there are apps available to do it for you – like the new Sipora.
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