While many people start new resolutions at the beginning of a year there is really no better time to change your spending habits than right now. Here we lay out some of the easiest money challenges to start you saving the right way.
Track every single expense for 30 days
One way to become more conscious about your spending is to take note of every dollar you spend for the next 30 days. This may surprise you when you find out you are spending $100 a month on milkshakes. While milkshakes may not be your weakness, you will likely find that you are spending money on things you really don’t need or care about.
The necessity challenge
Take it one step further by only spending on what is absolutely essential for thirty days. No trips to the cinema, no dessert, no new shoes. Everything must be for pure necessity. Your friends may wonder why you have gone into hibernation but this will be a good way to rebalance your spending and start again.
The 52 weeks challenge
This challenge has become very popular because it is pretty easy. Put money in a jar. Start off week one by putting $1 in a jar. Week two, put $2 in a jar. Continue to increase a dollar every week for a full year. In your last week, you will put $52 in the jar. Then you will open the jar, empty the contents on your bed and proceed to roll around in $1,378.
These simple challenges are just ways to trick your behavior into saving. Anything will work as long as there is some everyday function that forces you to put money away. Maybe every time someone says good morning you put $1 in a savings account. Have some fun with it and start saving.
