Fun and Easy Savings Challenges
By: Katie Nehl, Communications Manager
Fun and Easy Savings Challenges
Let’s be honest, it’s often more fun to spend than it is to save. But it doesn’t have to be!
Savings is a critical part that can lead to a positive and healthy financial situation. You can even make saving money more fun. Savings challenges can help you and your family set actionable goals and keep you accountable while working toward them.
Here are a few simple savings challenges to help you set aside more money this year:
52 Weeks of Savings Challenge
This challenge is an easy way to save over $1,000 in a year. The basic idea is that you save $1 the first week of the year, $2 the second week, $3 the third week and continue this pattern each week. By the time you reach the end of the year and add your final $52, you’ll have $1,378!
There are plenty of variations to this challenge that you can use to customize it to your needs. For example, if you want your weekly savings amount to get easier as the weeks go on, you can save $52 the first week, $51 the second week, $50 the third week and so on. This lets you save the same amount, but makes the savings seem easier, week by week.
If you want to save even more, you can double the amount you save each week. Start with saving $2 for the first week, $4 on the second week, $6 on the third week, etc. By doubling your savings, you’ll have $2,756 at the end of the year!
Save and Splurge Challenge
We all like to splurge every now and then; that’s our human nature. However, to help balance out the money you spend on nonessential items, you can turn it into a challenge.
There are several ways you can set up this savings challenge. Perhaps you might want to save a set amount every time you make a splurge purchase for a specific time period. For example, you can put $20 in savings with every splurge purchase for six months.
You also could save more by matching every splurge dollar you spend for a set amount of time. This not only helps you save, but it also gets you thinking about how you spend.
Get Double Rewards on Necessary Purchases
While you’re only buying the essentials and trying to save, you can still earn cash back, with FCCU’s Kasasa! By doing these simply tasks each monthly qualification cycle, you can earn easy money - use your debit card 12 times for those necessary purchases, log into your online banking and being signed up for e-statements. That money you earn can then be set aside in your savings each month!
No Spend Challenge
This challenge is exactly what it sounds like! All you do is not spend any money for a specific period of time. During a no spend challenge, you only pay for gas, necessary groceries and bills during the spend-free period. While this may seem virtually impossible, it’s not. You could go extreme and do an entire month without spending, or perhaps you may simply choose to do spend-free weekends or one day a week to not spend money.
This can be a fun challenge to do with your family and your children. There are countless things you can do to have fun, without spending money, like family game night or a day at a park.
Change Jar Challenge
There’s something very satisfying about watching your money grow before your eyes. This simple challenge just requires a jar, some ground rules and a little creativity.
A typical version is to simply take all of the change you have leftover at the end of the day and toss it into a jar a night. Another option would be to “charge” your family for certain things, like every time your kids leave their toys on the floor or your spouse doesn’t put away his or her laundry, they have to put money in the jar.
Kids especially love to see the jar get fuller and fuller. To further educate your kids about savings, deposit the funds from the jar into a Pee Wee Penguin Youth Savings Account at the end of the month. You can show your kids how savings accounts help you save even more thanks to credit unions!
Finally, if you haven’t already, making a budget is a great way to save money and view your spending habits. Forming a budget for all the things in life we spend money on, from clothes, to gas, to wedding gifts for our friends, diapers, etc is a challenge in itself! Try using FCCU’s unique Money Management software to help you budget better and save even more.