6 savings challenges: Lazy saving tips that every family should start right now


There’s a seven-letter word weighing heavy on most families right now—savings. And with good reason. According to a Bankrate study, 56% of Americans wouldn’t be able to pay for an emergency expense of $1,000 or more from their savings account. People tend to think of saving as a daunting and headache-inducing process, but it can be fun and rewarding with the right system in place that works for your family

As a CPA, CA and author of From Piggy Banks to Stocks: The Ultimate Guide for Young Investors, I’ve had my fair share of experience learning how to save money. Below are feasible and interactive ways to save and grow your family’s wealth together while also learning valuable financial skills.

Save the extras 

It’s all about the little things when it comes to saving. For instance, put the money you saved when you get a discount at a store directly into your savings account or save the money you would have otherwise spent (i.e. borrowed sports gear for youth sports vs. buying new). And if you are lucky to land a raise at work, move your pay raise into savings as you are already used to living on your old income. 

The 365-day nickel challenge 

This challenge can result in saving $3,339.75 in one year and it only involves nickels! The challenge goes as so, on Day 1, you transfer 5 cents into your savings account. Day 2, transfer 5 cents plus another 5 cents or nickel to your savings account. Day 3, transfer 10 cents plus another 5 cents or nickel to your savings account. Repeat the process until the last day of the year and you’ll be looking at a nice extra chunk of change. 

Weekly savings challenge 

This challenge is similar to the nickel challenge, but with dollars. Starting on Monday, save $1. Then on Tuesday, save $2. This process continues until you get to Sunday and save $7. You will save $1,456 in one year with this easy method.

100 envelope challenge 

Start by grabbing 100 envelopes, which you can find at most dollar stores, and write a number from 1-100 on each one. Then, shuffle the envelopes and put them into a bag/container. For the next 100 days, daily draw an envelope from the bag. The number written on the selected envelope will instruct you how much money to put into that envelope. For example, if you draw the number 20, you place $20 into that envelope. By the end of the 100 days, you will save $5,050.

45-day challenge 

This challenge will have you counting backwards! On Day 1, transfer $45 into your savings account. Day 2, transfer $44 and day 3 transfer $43, repeat the process until you hit 45 days. By the end of the challenge, you can save $1,035 in one year. 

52-week money challenge 

Begin the challenge by saving $1 in week 1. Week 2, save $2 and so on. In week 52, the last week of the year, save $52. This will result in saving $1,378 by the end of the year! 

Saving money does not have to be boring. Use these challenges, as they make sense for your family, as a fun way to teach kids about savings and how to keep more money in the bank.





Source link

About The Author

Scroll to Top