Want to save money but don’t know how to get started? No worries! I have a perfect solution for you. There is no better way to start saving money than taking a simple money-saving challenge, where you save $500 in a month. Join the challenge and get $500 richer next month.
What is a money-saving challenge?
It is a money challenge where you set a financial goal and spend the next 30 days to reach that goal.
In this challenge, your goal is to save $500 by the end of the month. You contribute a small amount of money each day and follow the saving plan consistently for a month to save $500.
Things to do before starting the money saving challenge
1. Decide the month
Although this is a 30-day money challenge, I highly recommend you start the challenge from a new month.
It is essential to have the right mindset and the intention of saving money from the very beginning. This will help you stay consistent and committed to your goal.
2. Have a plan
“A goal without a plan is just a wish” – Antoine de Saint-Exupéry.
To reach any goal, you need a plan. Saving money is no different.
Decide how much money you are going to save each day and how you plan to do so.
Not good at planning? Do not worry!
To make things simpler, I have made a savings plan for you. Grab your free 30-day money saving challenge printable from below.
How to save money
1. Save the money separately
The best way to save money on a low income is by creating money-saving jars or envelopes.
If you are not a cash person, have separate savings account for all your savings.
Never save your money in the same account, which you use, to do your shopping. Your month worth of savings could vanish with just one impulse buy.
Your expenses and savings should never be mixed.
2.Track your spending
Check your monthly account statement and analyze your spending pattern.
Look out for areas where there is room for improvement and savings. If you can’t find anything, look again.
There are always totally avoidable expenses. Maybe it is the outings with your fancy friends or the automated subscription deductions. In short, track every single penny that gets debited from your account.
3. Stay committed
Saving money is not easy and definitely not everyone’s cup of tea. But this doesn’t mean that it can’t be learned.
If you are not good at saving or this is your first-time saving money, it could get a little hard, nonetheless stay committed to your goal.
Do not lose hope, even if you fail. Try again next month.
4. Save first, spend later
Save your money first and then spend whatever you are left with. It is always a better idea to save your money on the very same day you receive your salary.
With this challenge, I recommend you contribute your daily savings every morning to the money savings jar or envelope.
Do not wait for the day to end to save the money.
I understand it gets tough to save money as the month approaches its end.
Therefore, I made the savings plan where you save the maximum during the first half of the month. This way, saving money won’t be a problem even on a low income.
Tips to save $500 in 30 days
1. Say NO to online shopping
Online shopping is so easy, right? You know, what’s easier? – overspending.
For a month, uninstall all the shopping apps from your mobile and log out of all the shopping sites that you have bookmarked on your laptop.
It is time to say goodbye to overspending and welcome some money into your account.
The drawback of online shopping is that it doesn’t give you time to think.
There is always something or the other going on, on these platforms. Sometimes there is a sale, while other times there are soon to be expired coupons that need to be redeemed.
This is a never-ending trap.
Take a break from consumerism and enjoy a few extra dollars.
2. Limit dining out and take-outs
Eating in a restaurant is easy, and undoubtedly the food tastes delicious. But let’s accept this- It is expensive!
In a restaurant, you not only pay for the food but also their services.
The food that looks affordable and reasonable costs you almost double or sometimes even more than its actual value.
Try to eat home-cooked meals as much as you can and save money.
3.Have no spend days
Have a few “no spend days” in the month.
Do what you are comfortable with. Some people like to have no spend weekends, whereas others like to have no spend weekdays.
In this challenge, you save the maximum amount of money during the first week of the month. So, try and have at least 3 to 4 days in the first week as “no spend days”. This will help you achieve 47% of your target in the very first seven days of the month.
A few days with zero spendings will not only boost your monthly savings but also your confidence as a successful saver.
4. Cut unnecessary recharges and subscriptions
For this, blame the automated deductions or your “one day I will use it attitude”. Either way, your financial goals are suffering.
Go through your bank statements for the last couple of months and see how much money gets automatically deducted from your account for services you hardly use.
If you are not a fan of analyzing your bank statements now and then, be ready to be surprised.
- Do you actually need that gym subscription?
- Do you need more than on streaming service? Or for that matter, do you even need one, when you have cable?
- If you need a subscription to an online streaming service, do you actually need cable?
- You work from home and have Wi-Fi at home? Do you need mobile data?
- Are you able to exhaust the limit of your current mobile plan?
- Saving money is not about how much you are left with; it is about how well you spend your money.
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