5 Easy Money Saving Challenges

5 Easy Money Saving Challenges

It’s a slow time of year for me money wise, so to give me a list boost of motivation, I have come up with five easy money saving challenges to save some extra cash. And I do love a challenge. You could opt to try out one of these challenges or a combination of challenges or really go hell for leather and do all five. 🙂 No matter what you choose, you will end up with some extra cash which is always a good thing. I write about the usefulness about micro-savings goals here.

The reason I love these challenges is:

  1. These challenges are simple to implement
  2. They don’t require any forward planning
  3. Anyone can do them at any time and
  4. They are pain-free so you’ll barely notice the money in your monthly budget.

Challenge #1

There are roughly 17 weeks between now and the end of the year (scary to think about – where did 2019 go!) You could challenge yourself to save a fixed amount of money every week between now and year-end. If you do, your results will look a little something like this:

  • 17 weeks x €5 per week = €85 saved
  • 17 weeks x €10 per week = €170 saved
  • 17 weeks x €15 per week = €255 saved
  • 17 weeks x €20 per week = €340 saved

Challenge #2

Whenever you buy something in a shop or online such as food, petrol, medicine or clothes, round up your purchase to the nearest Euro and save the difference. So for example, if I buy something for €5.25, I will put €0.75 towards my savings. This can be difficult to manage manually, but some bank accounts (for example Revolut) allow you to set it up so that they do it automatically for your after every purchase and move this money to a separate savings account. It’s fun to watch these savings climb!

Challenge #3

At the end of every day empty all of your spare change (I mean all your spare change, yes even the €1 and €2 coins! :))  into a jar or piggy bank or anywhere really. Let it accumulate between now and the end of the year and you will be amazed how it really adds up.

Challenge #4

This one has saved me a surprising amount of money in the past. Every €5 note that passes through your hands between now and the end of the year – save it. That’s right, don’t spend it or break the note to save the change. Save the €5 note. This amount is large enough that it adds up quickly but small enough that you won’t feel the pain in your budget. This one can lead to great results – quick.

Challenge #5

Save 1 cent today, tomorrow save that amount plus 1 more cent, repeat every day between now and the end of the year. There are 120 days left in the year, save 1c today and increase by +1cent every day for the rest of the year. By end of year you have €72.60 saved. You could make this slightly more challenging and improve the results by setting the starting point at €1 (and have €191.40 saved by year-end) or even €2 (and have €311.40 saved by year-end).

What easy money saving challenges are you going to under-take between now and the end of 2019? What will you do with this extra money saved?

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