Lets face it saving money can be a challenge at times, especially when you are saving up for a big ticket item like myself. I want to remodel my kitchen. My stove is on its last leg, my dishwasher has sung its last song and lets not talk about my cupboards. So my husband and I have decided it is time. We are allergic to debt so financing is not an option for us. As a result, I am always looking for new ways to save money without it feeling like it is a task to keep myself motivated. Remodeling a kitchen and paying cash is nothing to sneeze at. We have been at this for a year and a half, doing various challenges but I wanted to invite you along on this journey with us.
Whatever your saving goals are, creating challenges for yourself can keep you on track and make it fun in the process. Some goals that this challenge can help you with are:
Building up your emergency fund
Paying off your student loans or just paying off debt
Buying a house or a car
A fully paid for vacation, {you could treat your family to a fantastic vacation or treat yourself and your significant other, if you have one to an all-inclusive resort or an amazing weekend getaway}
A remodeling project {like myself}
The saving challenge is the $1 challenge and the $5 challenge. Grab any container or envelope you have around the house and label it. You can choose to do one or both challenges. You can even choose to increase the amount (just make sure you do not stretch yourself thin). The only requirement is that you do the challenge. I will be doing the challenges right along with you and I will keep you up my progress.
$1 Saving Challenge
I want you save every $1 bill you receive. That means if you go to the store and get back dollar bills as change, I want you to bring that dollar bill home and put it in your dollar change container. The same thing applies if you find a dollar or if a friend gives you a dollar. all $1 dollar bills that you receive must go into your container. This challenge we are going to do until 12/31/2021.
$5 Saving Challenge
With this challenge I want you to put away $5 every week in addition to any $5 bill you receive. This challenge is for those long-term goals that you may need a larger sum of cash for. This challenge starts now and will go until October 2022.
I would love to hear about your progress as well. So please keep me updated by leaving a comment. Let me know which challenge you are doing and attached a picture of your challenge box or envelope. You will be amazed how these simple but effective saving challenges could help you save and bring you closer to your financial goals.
Remember these money challenges are not meant to make you broke or put your finances in jeopardy.
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