What’s your New Years resolution? 2020 is almost here, and one of the things I desire to do is save money. Something that has been a challenge for me in the past is consistently transferring money to my savings account after payday. Eventually I would find myself spending most of my paycheck on needs and wants, but I was always told to put some money away for a rainy day!!! Let’s be real! I’m a young adult who has living expenses, and sometimes it can be very hard to budget my finances, which gives me no motivation to save money. I came across these money challenges on the web one day, and I thought to myself that this could be a great way to consistently save money. Putting just a little money away every week could help me improve my savings!
The 52-week challenge is set up where you could have $1,378 by the end of the year, and all you have to do is deposit the dollar amount equivalent to the week! The $5 dollar challenge is also interesting, and I think it would work well for people who prefer using cash instead of credit card! For every $5 that comes into your possession, you add it to your savings!
Many people have stated that these money challenges have improved their saving habits, and that it can also be a fun way to stash away money for the future. Although there are many savings challenges out there, this one may be a good start for young adults who want to develop their saving habits! According to a study it takes 30 days to form a habit, and by that time we’ll have $10-$15 saved up for the year!