Among the different ways to trick yourself into saving, money-saving challenges are some of the most engaging. Here are a few to consider.
Among the different ways to trick yourself into saving, money-saving challenges are some of the most engaging.
If saving for tomorrow seems out of reach, the right money challenge can generate excitement, push competitive buttons and potentially increase savings. Ezekiel Waisel, a certified financial planner at SHP Financial, a financial planning firm , tried the $5 challenge in 2016 and saved about $300 in a year for a round-trip flight."I don't use a lot of cash, so the fact that I even saved that much was pretty surprising to me," he says.
The 100 envelope challengeThis potentially lucrative and difficult money-saving challenge requires numbering 100 envelopes from one to 100, shuffling them and drawing one randomly every day. The number on the envelope drawn determines the amount of cash that must be saved. Drawing high numbers consecutively can prove difficult, so this challenge is ideal for those with more cash flow. If completed, it saves up to $5,050, but don't hold money in envelopes too long.
Customize your own challengeModify a popular challenge to fit your needs by shortening or extending deadlines or the cadence of saving. For instance, you could stretch the 100 envelope challenge over 100 weeks instead of days, if that's more achievable. Brown also creates her own challenges. In one such challenge, she seeks discounts at the grocery store to stash savings for future goals. She says she saved a total of $3,560.58 in 2021 by juggling multiple challenges each month.
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