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Trying to save money but couldn't? It happens with all of us but no worries, there's the solution for every problem. Check out these 7 Effective Money Challenges.
Daily money saving challenges are fun. But our mindset is conditioned to believe that saving our money can only happen when you deprive yourself of things you enjoy or limit yourself to the rules of a strict budget to accumulate wealth.
That’s because we are conditioned to believe that saving our money can only happen when you deprive yourself of things you enjoy or limit yourself to the rules of a strict budget to accumulate wealth.
And, as it turns out, this exercise is only fruitful when you stash your money in investment buckets like mutual funds, SIP or LIC policies.
But in the era of instant gratification, along with long-term commitments, we millennials tend to look out for speed saving tricks that can help us buy the new iPhone 13 we’ve been eyeing since its launch.
So, if you’re looking for hacks that don’t involve parting ways with your entire savings then take up these seven-money-challenges to make a big difference in your savings:
1. Three months of no unnecessary spending:
A golden advice from every parent and a shopaholic's worst nightmare - don't waste your money! If you can complete this 3 month money-saving challenge, you'll be rewarded with real savings.
Don't add anything further to your cart just because you're having a bad day. Of course you cannot miss out on your fixed expenses like paying rent, spending on fuel, settling your bills, and purchasing groceries.
But, eating out, ordering on Swiggy, going to Starbucks in the morning and impulse shopping are a no-no during this challenge.
The 3-month challenge, when done diligently can put a damper on your non-essential expenses and help you reap the rewards by the end of 3 months.
Don’t believe us? Then use a budget tracker and keep track of your expenses and the amount of money you’ve saved in 90 days while avoiding frivolous spends!
2. Two-for-one weekend getaways:
If you have had a hard and exhausting week, then going out for a drink with friends or a weekend vacay with a partner might sound legit and scream self-care.
All of these sound good, but they can create a dent in your savings in the process.
Smarter alternative to cut down on some extra spends is to create plans that do not rip your wallet.
Exploring your city, going for a long walks with your partner or binge watching that show you’ve been meaning to for weeks are some activities you can indulge over the weekend that don't involve frantically using your credit card on every purchase.
3. To save money on power, unplug items that use a lot of it:
By detecting the phantom loads in your home, you may save money and reduce your carbon footprint at the same time.
Electronic equipment including phone chargers, laptop cords, and coffee machines are regarded as vampire power drainers since they take a lot of power.
When not in use, electronics and appliances should be unplugged to conserve energy and money.
Your electricity bill can be reduced by up to 20% if you use smart power cables and the energy-saving functions of your gadgets, such as the sleep mode on your desktop computer.
This might not sound like a real game-saver but surely reduces your annual electricity bills. Now, isn’t that saving your money from an otherwise inevitable expense?
4. Track your daily expenses:
Keep a running tally of your daily outgoings. You may keep track of your everyday spending with any budgeting tool or software that suits your needs.
You'll be able to see where you can save money this way.
Knowing where your money goes can make it difficult to save. Anxiety over money can increase by not keeping track of your daily expenditures.
One of the smart ways you can park this anxiety is by becoming smart with your daily savings scheme.
Apps like Jar rounds up your daily spending and invest it into 100% digital gold. Now that’s more like spending and saving at the same time!
5. Wait 30 days before making a purchase:
Nykaa sale has 50% off on all beauty products. PS5 is finally in stock on Amazon.
Does the thought of any of this make your hand twitch and grab the smartphone? Then here’s one way you can avoid such impulse buys in future.
Follow the no-shop-rule for 30 days! The 30-day rule can prevent you from making impulsive purchases and save more cash as you improve at discerning your wants versus necessities.
All you gotta do is stay away from expenses like shopping, Zomato treats, fancy dinners.
There are two benefits from this one – you limit your spending on stuff you don't actually need and you can finally follow a budget you created.
6. Drop the fight:
Except for this, there's no other cancellation culture that's worth praising. Examine the almost limitless number of entertainment and music subscriptions vying on your budget.
Opt out of the unwanted for the time being, especially subscriptions you paid for six months ago to watch the series from a channel that was trending on the internet!
Take a closer look at your monthly subscriptions that eat into your paycheck, and weed out the ones that no longer serve any purpose for you.
Doing this exercise can help you spend only a couple of hundred every month on the services that are worth your hard-earned money.
7. Eat in your own house:
This one is such a goodie and frankly, a recommendation from all our parents when we complain of our huge expenses and lack of savings!
Eating at home more regularly by cooking is probably one of the simplest daily saving schemes that can save money.
If you’re a foodie who loves to splurge on food every time you get a chance, then this one’s for you!
Initially limiting yourself to only home-cooked meals might be difficult if you’re used to eating from outside, but it certainly is achievable once you cultivate a habit for it.
This way, not only are you saving those thousands of bucks per month on dinner outings and late night cravings, but also eating healthy and treating your body with goodness that it deserves!
With these tips, you’ll be able to smartly save on your money and make sure you make better long-term changes.
To ensure that you’re saving smartly, use a daily savings app that can help you keep track of your spends, and with time it’ll help you make better financial decisions when you are out and about.