If you find yourself facing an expensive car repair, a move, or any other unexpected expense (um, pandemic anyone?), you’ll need to be able to save money fast to cover those expenses. But after the bills are paid, often it doesn’t feel like there’s much left to enjoy. That’s why we compiled a few 30-day savings challenge ideas to help you get started.
Don’t Purchase Anything Unnecessary – For the next 30 days, don’t buy anything that’s not something you need for basic living. Buy the basic food you need, buy store brand household items as needed, and cover your bills. Beyond that, make no extra expenditures for hobbies or interests or anything else. Lock it down. What will you discover? You won’t know until you try this challenge and see what unfolds in your life when you commit to not spending any unnecessary money for 30 days. At the very least, you’ll save some significant money during the challenge, and there’s a good chance you’ll discover or rediscover something wonderful that fills a place in your life after the challenge is long over with.
No Dining Out Challenge – For 30 days, skip the restaurants. Only eat food you can make yourself. It may not feel like you go out very often, but I’m sure you’d be amazed at your savings account by the end of the month. If you spend $10 every workday on lunches and coffee in the morning, that’s easily $220 per month. This doesn’t even include weekend meals, dinners, date nights, or family restaurant outings.
Save $500 in 30 Days – This may feel like a big number, but it’s supposed to be a challenge. If you save $125 each week by trimming your grocery budget, skipping your morning coffee, or cancelling unnecessary subscriptions it can help the process. Think about the peace of mind that an extra $500 would bring you.
What Will You Get Out It? There are three big benefits to doing a 30-day money challenge:
- You’ll save money! Each of the challenges will show you an area of your spending to focus on so that you can reduce how much you spend. It’s a great way to kick start your savings!
- You’ll reexamine your spending habits. So much of the way we spend money is automatic. We don’t think twice about lunches out, our basic monthly bills, or a new pair of pants. Each challenge will make you pause and really think about how you’re spending your money, which might cause you to make some changes that stick around long after the 30 days are over.
- You’ll gain a positive mindset around saving money. It’s easy to think of trying to save money as a no fun, restrictive, terrible thing. A 30-day money challenge turns saving money into a game and makes it fun!
Whether you’re new to saving or an experienced saver, enjoy a wide-range of benefits with a savings account from 1st Financial.
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