Savings is tough for people who have lived a lifestyle beyond their means. It means cutting amenities and luxurious items from the budget that seems like an impossible task. Though, you can achieve the impossible by motivating yourself with challenges to save money.
Millions of people around the globe use challenge to complete a tough assignment. Your mind is a competitive machine that is willing to put some extra effort for the satisfaction of a win. Thus, it is wise to create new challenges to take the psychological help to achieve the ultimate goal.
How Challenges to Save Money Are Helpful?
As mentioned above, challenges will provide psychological assistance to help you achieve the goals. Your brain will shift its focus on a single goal to feel satisfaction with completing the challenge. Also, it is easier to push your efforts to the extreme if you are close to achieving the goal.
Creating small milestones and challenges will help people with goal tracking. The whole process is placed on the priority list to find efficient solutions for saving money. Therefore, the challenges will provide a psychological and practical solution to your saving goals.
- No Spend Challenge
A no-spend challenge is simple and easy to follow with reasonable savings. To follow this, you need to select a day of a week to eliminate every expense from it. No Spend Monday is an example where you should shut the wallet for the whole day every week.
It is effective as there will be no unnecessary spending to break your budget for at least a day. You are trying to cover the gap between the goal timeline and your current savings with the no spend challenge. Though, it is okay to spend money on essentials or unavoidable expenses.
Though, it is easy to eliminate the regular expenses such as breakfast and coffee. You can prepare the meal for the whole day at home. Similarly, there are alternatives for almost every expense that may seem essential at first.
- 26 Weeks Savings Challenge
You can save a significant sum within the next 6 months with a small contribution to the savings account. The 26 weeks challenge use the same strategy to help people achieve their savings goal. Start with a small amount, such as £4 for the first week, and increase it after every two weeks.
It will get more challenging at the end of the 26-week cycle. Though, your saving game will also increase with the help of these goals. Make sure you are tracking the weeks to avoid any confusion over the long period.
- Savings Challenge for an Amount
You can set a target to save money such as £1,000 to initiate the efforts. It requires daily savings to avoid unnecessary stress on your finances. Moreover, divide the journey into weeks to make it even simpler.
You will start with putting aside £1 on Monday towards the saving account. As the week progresses, increase the amount based on your savings goals and reset the numbers every week. Also, you can take the fund to achieve the goal in an instant with personal loans in Ireland for bad credit and use the strategy to repay it.
- £5 Challenge
The £5 challenge is incredibly difficult for people as it requires some serious savings during the later part of the year. You will save £260 in the final week alone with the help of this challenge. Therefore, you should try it if you have some major financial goals on the checklist.
The challenge starts with saving £5 in the first week. You need to increase the weekly savings by £5 each week as a challenge. It may seem intimidating in the end, but the result will help you save enough money for a house deposit.
- 52 Weeks Challenge
Like the 26 weeks challenge, the 52 weeks challenge requires people to save money in small increments. You can start with an amount of your choice based on your savings goal. Also, the increment should be selected to ensure the savings outcome is enough to achieve the financial goal.
Again, the challenge will get hard in the final few weeks with some extreme measures to achieve the goal. Though, the year-long period may cause demotivation for the people who want to save money for a goal such as gadgets. They can use the unemployed loans in Ireland to make the purchase first and use the strategy for repayment.
You may not put the same level of efforts if the goal is achieved with a loan. The reverse 52-week challenge is recommended where the highest amount is saved in the first week. Thus, it will get easier to save money as the year progresses.
- Spare Change Challenge
Cash is not the preferred mode of payment for many people. They don’t want the bulky wallets in the pocket with the risk of losing them. Still, you can use the cash to fill your piggy bank and achieve the financial goal.
Just put the extra cash in your piggy bank and enter the amount in the cash register. Tracking is important if you are saving money for a specific amount. Though, the opposite will surprise you with the savings when the piggy bank is full.
To sum up, it is easier to achieve your financial goals with a strategy to save the required money. The challenges will help you find the motivation to keep going until the goal is achieved. Also, you will have a strategy in place to avoid creating a mess of the situation.