Money-saving is an art and is necessary to make you lead a comfortable life. Many people try to save money and build up emergency funds to secure their future, while others believe in spending on the moment and uncertain living lives.
Spending all of your money is always the easy way. Spending and saving at the same time is the right way to pave the way for a stable financial future.
What are your money goals? What are your plans to fulfil your money goals? If these questions are not in your thought process, you need to reconsider your monetary decisions and your spending pattern as well. A most important question to ask yourself is, what will you prefer?
A secured future with a comfortable present or a comfortable present with an uncertain future?
The basic money goals
Different people have different types of saving reasons. For example, some people may live to save for buying their dream house, while some may save to lead a leisure life during their retirement phase. Regardless of the reasons, it is essential to save money.
You have to keep challenging yourself in terms of money to save a substantial amount in your account. In case of no savings, you may be left with the option of borrowing.
You can get the best personal loans for bad credit and fulfil your basic needs.
Money Savings Challenges
- No spend challenge
Give yourself a no-spend challenge and stick to it. You can keep a no-spend day every week and follow it with utmost sincerity. You do not have to cut down on your absolute necessities on that day, but you can avoid luxury spending.
You have to challenge yourself for everything that you do not need at the moment. This challenge also helps you to appreciate simple things in life and limit your wants and desires, which eventually help you in your retirement phase.
You can exceed the challenge as per your will. From one day in a week, you can go on for two days or three days in a week. Once you are used to it, it will be easier for you to cut down on your spending in the long run and focus on your savings.
- The spare change challenge
You can easily follow this challenge as it may seem exciting and fun to you. You may be left with some change in your pocket whenever you go to the supermarket or a medical store.
You can keep up that change in a box and watch it grow. It will be fun to watch your money grow. Do not think of emptying that box before a year.
Upon collecting a substantial amount, you can take out the money and put it into your savings account. If this challenge doesn’t thrill you, you can get £1 every morning in that box to collect a substantial amount for you instead of change.
- Put your savings in an automated setup
If you often forget to save money or savings are not included in your monthly routine, this is the perfect challenge for you. You can get a savings account with your bank and set up an automatic transfer to your savings account.
If you are automating the process, ensure to keep a comfortable amount that you can keep aside from your monthly expenses without affecting your monthly spending budget.
Automating your savings should not put you under stress. In fact, in the end, it should give your happiness and contentment.
- The 52 week challenge
Like the 365 days challenge, this challenge goes the same way but with a twist. 52 weeks in a year, and you start saving with week 1.
Save £1 in week one, £2 in week 2 and similarly £52 in week 52. This challenge motivates you to increase your amount every week. You can use the saved amount either by purring it in your savings account or by using it up to plan a vacation for your family.
Alternatively, you can avail emergency money loans bad credit. These are a good source to fund your needs quickly.
Money-saving is an essential factor that helps you stay away from stress and tension. With financial independence, you can think of helping others as well. Prioritize your finances to leave a positive financial legacy for your future generations.