Saving money is not easy for everyone. This is why this is the perfect challenge. Thirty days is an ideal time frame to challenge yourself to save as much money as you can.
Here are a few 30 day savings challenges you may want to consider in addition to the 30 day savings rule.
Save spare change
If you want to increase your savings, consider saving as often as you spend money. Every time you make a purchase, set aside a small amount of money to save. Saving your spare change may not sound like much, but it can certainly add up over time. The best part is that you can make this savings challenge automatic with Chime’s round up feature.
Chime members, for example, are able to round up transactions to the nearest dollar and transfer that money to savings – without even thinking about it.
No dining out challenge
How much do you spend on dining out each day? Do you take your lunch to work, go to happy hour a few times per week, or dine out with family every Friday?
All these purchases add up and you’d be surprised to see how much you spend on restaurants in just 30 days. If you spend seven dollar per day on average on work lunches and coffee in the morning, that’s easily $140 per month. This doesn’t include weekend meals, takeout runs, and dinners with friends or family.
So, commit to eating at home for 30 days straight and see how much you can save. Plan your meals carefully, get creative with snacks, and prep everything weekly.
Project how much you’ll save and set up an automatic savings transfer for that money. Chime members can even save a percentage of their paycheck each time they get paid.
Save $500 in 30 days
Saving $500 in 30 days can be the perfect jumpstart to a cash cushion that will protect you financially and enable you to do more with your money in the future. The key to success is breaking down that $500 goal and setting a weekly or daily savings amount.
For instance, you can save just $17 or $18 per day or $125 per week to meet your $500 savings goal.
You can also look at your budget and see if there are any expenses you can temporarily cut to free up more money to save. Another idea: Check out short-term gigs or side hustles to help you come up with the money. Maybe you can walk dogs, sell some items from your home, drive for Uber, or work a part-time job.
