In life, we have many things to achieve which require a huge amount of money in future. It is not possible to achieve them without putting our resources together through saving. Managing our personal incomes, it can be more difficult especially if we are not motivated to save. When we were young, saving was a pretty issue as was not such important. However, at our early 20s is a time we should be committed to saving every coin we get as we have big future expenditure and retirement is way coming. Most of us fear to invest our money due to the following reasons:
– Most investment is highly risky
Some investment plans are risky and investor are more likely to lose their money. It is difficult to know which project is secure to invest in.
– Some investment requires huge capital investment
It is not possible to invest small amount of money so that we need to save first
– Lack of time to manage investment
When we are employed some jobs require total dedication for all our time hence finding it difficult to invest especially in projects that need our input for them to success.
From the above reasons, it can be seen that saving is a must in our life. In this article, we will discuss various simple ways of money-saving challenges that will help us to save money and achieve our future goals and objectives. They include:
1.The 52 weeks challenge.
This is the simplest challenge to is common to many people.one is required to save at least 1 dollar every week and increase the amount by 1 dollar for every week for the consecutive 52 weeks. This is to say the first week you will save 1 dollar, the second week 2 dollars so no up to a 52nd week in which we will save 52 dollars. In case you can complete this challenge without jumping any week you will able to save about 1400 dollars.
Some individual prefers a reverse the 52 weeks challenge where they start with 52 dollars in the first week,51 in the second week so on up to 52nd where they save 1 dollar. There are many alternatives to this challenge it depends on your earnings. For example, you can decide to double your saving in case you have a lot of money you save 2 dollars in the first week and 4 dollars on the second week and so on.
2.Change jar change.
This challenge is the oldest of all it the challenge in which our grandparents used to save their little income. It most popular and simple to apply. Under this saving challenge, all you need to do is to put your change into a jar when you reach home at the end of the day. Sparing change does not seem to be effective in saving more money however as it is a daily saving you can be able to gather a lot of money with time. There is no specific period that is required for this change jar challenge. It is advisable to give it time for your saving to grow.
3.No spending Challenge.
This challenge aims at cutting down unnecessary expenditure. It tests s our willpower. Under this no spend challenge one is required to record every day the prices and products you feel like buying and you can restrain yourself from buying them. Every time you feel like buying something that you are not planned for or not in your budget just record it with its price down. Then at the end of every month add up all up and my friend you see how much amount of money you saved as result of self – restraint. this can be helpful to those people who like to swipe their credit cards recklessly.
4.Half your spending challenge.
This method applies the rule of half saving. One is required to record down total expenses that are not in fixed necessities for a week or two weeks. You should money you spend for taking your family out for dinner, groceries cost and so on. After having an estimated amount of how much you spend in 1 week, try to cut down your expenditure by half. If you find out that you are spending 300 dollars for a single dinner try to look cheaper one that you will spend 150 dollars This saving plan is painful in the beginning but with time you will get used to it. During this process, you become more concern in wasting your money and you will able to save a good amount of money at the end of the day. Try one saving is a sacrifice! Nothing good without a sacrifice! In addition to this here are some of the tips for saving money.
How to save money
We would all love to start saving more money. Whether we put that money away into our retirement fund, our emergency fund, or if it’s just the money we save on groceries, we always want to save more.
When we save more money, we are spending less and can plan for the future and the unexpected so much better. Although, if you find it difficult to start saving even more money, you’re not alone. There are probably just as many people that live paycheck to paycheck as people that save their money each week or month.
If you’re really looking for a great time and opportunity to save more of your money, consider a few of these tips below. Stop spending more than you make, pay off your debt and start saving for the things that really matter!
1. First of all, you want to figure out how much you make each month.
Then, subtract that number from the number of bills you have to pay monthly. How much is left over?
2.Now you know how much you can spend/save.
I would split that amount in half or save at least 10% of each paycheck. So, if you make $4,000 each month, you should be saving $400 every month after bills. Then, that remaining should be spent on leisure and such.
3.Now that you know much you can spend on what you want each month, split that into 4 being 4 different weeks.
So if you had $300 to spend on leisure, you would get $75 a week to spend. This can be on Starbucks, on clothes, food at the mall, etc.
4.Now that you have a disciplined and clear amount that you can spend each month you should feel guilty if you go over.
Although, if you put that money into the ATM and just withdrawal $75 weekly you would be much safer.
Other tips should be using coupons on everything you buy. If you can not find coupons, what you’re buying should at least be on sale. Using grocery coupons, coupons at hardware stores, at the clothing store and even on your meals at a restaurant should be something you do on a regular basis. Saving just $10 on each grocery shopping trip is already $40 a month!
Also, try and find cost-free activities to have fun. Whether you go and play basketball with the guys, watch a movie at home, or you skip going to the bar tonight you can save more money. Find other things to do that are fun, yet cost-free. Going to the park, playing your favorite sport, video games, going on the computer, reading a book, etc are all great ways to have fun for free!
Start saving your goal amount each and every month with these tips above. We feel so much better when we can save, reach our goals and we don’t have a huge credit card payment due at the end of the month.
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