5 Money-Saving Challenges You Can Use to Boost Your Savings Account
Ever find yourself thinking, “Saving money sounds boring, it’s spending that is the fun part”? If so, it’s time to take a different approach to saving. By the time we reach retirement at 65, we are supposed to have 10% of our earnings stashed away – at a minimum. Nowadays, many are reaching 50%. So, let’s make things more exciting, and think of saving as fun, instead of a chore. Here are 5 money-saving challenges you can use to boost your savings account.
1. The 52-Week Challenge
To take part in a 52-Week challenge, you’ll start by saving just $1 during the first week, then $2 during the second, then $3 etc. It’s as simple as saving $1 more than the week before. By the end of the year, you will have $1,375 saved up.
This kind of saving scheme is easy in the beginning, as everyone has at least $1 that they can spare. As the challenge goes on, you can try to find a new way to bring in that “extra” dollar. You can get creative and start selling things, or pick up a small side-gig. If you enjoy this kind of saving, turn it into a 104-Week challenge, and you will have saved $5,460!
2. Spare Change Challenge
This challenge won’t save you an exact amount every year. Instead, every time you buy something round up the amount to the nearest dollar and save the difference. For example, if you spend $1.35 at the store, save $0.65.
With all this spare change you are collecting, put it into a jar and watch your coins grow. Then, after 6 months or a year, change the money into notes and place it into a high yield savings account or retirement account.
Like this idea? There is now a way do it without the effort. The mobile app, Acorns, will save your spare change and invest and grow it for you.
