4 Saving Challenges for Every Budget

As inflation keeps rising to its highest levels in more than 40 years in just a few months, saving money has become a top priority in people's minds. In addition to this, saving money will involve breaking some bad habits, and we all know how hard it is to change your practices. That’s why we will bring you 4 savings challenges designed for every budget. Save big and have fun!

Have you ever been in a class with a teacher that just read off the slides during a lecture? Have you had trouble doing their assignments? I bet the answer is yes, and the problem might not be you but their teaching strategy. Doesn't it relate to budgeting? Budgeting can be challenging if you just do it out of discipline or follow the rules the old-fashioned way.

Gamifying savings with money-saving challenges is the way to go, and we are going to show you 4 savings challenges that will work for every budget.

4 Savings Challenges for Every Budget

Savings Challenges For Every Budget

Challenge No.1 - The Classic No-Spend Challenge

The classic No-Spend Challenge is one of the most commonly known challenges in the financial space, and that's why it deserves the first spot. But why is it so famous? Well, it is one of the most simple and easy challenges to follow through.

Before diving deep into the challenge, let's first define it

Simply put, the no-spend challenge is when you don't allow room for discretionary expenses. When you go on a budget, you can choose to spend on things that are not essential, even if it's only in a minimal way; on the other hand, this challenge will restrict you from purchasing anything that is considered not absolutely necessary.

Why Do This Money Saving Challenge

It all depends on you. Have your friends told you that you're shopping too much? Or maybe that you are eating too much fast food, or you are obsessed with your skin care. Perhaps you should try fasting or doing a shopping ban, right? and guess how you will do that? Yes, with this money-saving challenge!

How Can You Get Started

At this point, you must know how to do the challenge; just go a whole month or year or any time range that you feel comfortable with without expending any extra money.

Challenge No.2 - Cancellation Challenge

The world has gone subscription crazy. It's hard not to find a digital company that offers its services on a subscription basis, and most of them provide eye-catching discounts for annual memberships.

This business is so profitable. Besides, it's just so easy and fast to get started and at the end of the day you won’t have to worry about it, everything is going automatically... Well, it is imperceptibly draining a lot of money out of your bank account.

How To Do This Money Saving Challenge

Just sit down and relax, next thing you need to do is to take out your phone or a notebook and write down as many subscription services as you can think of, and that money that you would spend on them put them directly in your savings account.

Challenge No.3 - 8-Week Vacation Savings Plan

We all know we need to save money if we want to go on a vacation in the future, but what if you are running out of money? Well, you will be able to do it in just two months or eight weeks.

With this method, you will not only save money but also cut down on expenses making it a more dynamic challenge.

For this challenge, it’s convenient for you to know how to budget, as you will analyze what expenses to cut back on and how to maximize your savings. For this, we’ve prepared for you the Big Budgets Course, an easy-to-follow guide that will get you the necessary solutions to build a tailor-made budgeting system.

The first thing you need to do is start saving. It would be very helpful for you to open a separate bank account as you don't want to mix things up!

If you find it challenging to save, we encourage you to broaden your income streams. If you want to go in-depth about what’s a better option, if to start saving aggressively or focus more on increasing your income, this blog post we made recently will shine some light on the matter.

Secondly, start cutting back on expenses. Try to find things you unconsciously spend money on that are not that important and draining your bank account.

Challenge No.4 - Spare Change

The spare change challenge is another very well know saving money challenge and a very beneficial one to practice. You wouldn’t believe how much money you can save by just collecting loose change.

At the end of the day, it's in a better place than in your car or your trouser side pockets.

You can start this challenge by putting loose change in your piggy bank, or if you don't have one, you can just use a jar, and when that piggy bank is full, or the jar fills up, deposit the savings in your bank account.

Stay Motivated (Don't Quit!)

You will sometimes feel like quitting, but you should remember these are challenges, and you to push yourself to the limit. Have you heard the proverb no pain, no gain? This does not only apply to physical activities; breaking bad habits requires time, effort, and mental stability.

Remember, you should start with small challenges for a short period, then move to heftier goals.

Do you know another good money-saving challenge? Leave a comment below If you find this post helpful or know of one cool money-saving challenge you want us to include!