Sometimes you cash in a hurry, whether it’s that you need extra cash to cover unexpected expenses or maybe a little Christmas money.
The 30-day money-saving challenge is simply an easy way to set and reach your financial goal within a specific time frame.
What Is The 30-day Money-saving Challenge?
The 30-day money-saving challenge is a simple way to devise a strategy for saving a significant amount of money in a short period. It’s called a challenge because you’ll have to stretch yourself and think of creative ways to meet this savings goal, but if you need $500 quickly, this is the challenge for you.
This could imply reducing spending, following a meal plan, foregoing online shopping, or even starting a side hustle.
One of the reasons this challenge is a good place to start is that you only have to commit to it for a month. So, if you’re working on a tight budget, you’ll know at the end of the day that you only need to persevere through the month.
How To Get Started With The 30-day Saving-money Challenge?
Getting started with your money savings challenge isn’t complicated, you just need to get started by following these 3 steps.
- Define your savings goal
The first step is to define why you want to participate in the money-saving challenge. First, determine how much money you want to save.
It’s easy to become distracted or sidelined when you’re saving without a clear plan. If there is no real purpose, there is no real desire to keep going. Also, be as detailed as possible.
- Organize your savings challenge with a tracker
Having a chart that tracks your progress with the challenge helps in making the challenge successful.
- Start saving money
Pick a start date and jump in and make sure you are very consistent with it.
How To Make The 30-day Challenge Easy For You
- Automate your savings
Having your money automatically transferred from your checking account to your savings account is an easy way to make the challenge easy for you. When you set up automatic recurring payments all the work and stress are done for you by the bank app.
And also, you eliminate giving yourself excuses from reaching your saving goals.
- Money saving jar or piggy bank
If you are the type of person that likes being in control of your savings, then using a money jar or a piggy bank is a great option for you. This also allows you to effectively track your progress and know effectively how much you’ve saved.
- Daily transfer to a high-yield savings account
There’s nothing wrong with saving money and still making interest off your savings as well. After all, your bank makes money off your saving so why shouldn’t you?
You can set up a high-yield savings account and automate daily transfers into the savings account. The only restriction is that this type of account is usually used to save money for years not months.
Does This Challenge Work Better Than Other Money-saving Challenges?
To be honest, there are many types of money-saving challenges on the internet. However, most of them are created for yearly savings, and while it might be beneficial to people who are good at savings, it might be intimidating to people who haven’t saved before or are just new to savings.
This challenge is a 30-day own keeps your commitment at a minimum and allows you to reach your target faster. This can be a strong motivator for most people.
Another reason why most people love this 30-day challenge is that you are always in control. Even if you want to save for a year, you can keep on repeating it month after month.
How To Make Money While Saving
Savings sometimes can be stressful, especially if your monthly payment is not enough to cover necessary amenities.
Nonetheless, this shouldn’t hinder you from trying to save money. What you should do to ease the burden is find less stressful ways to make money.
Here are possible ways to make money while saving….
- Sell your old stuff
There is a lot of stuff we stockpile in our homes and we never use, clothes appliances, home decor, and old bicycles are some of this stuff. You can make extra money by selling all this old junk.
You can sell them off at websites like eBay, Facebook marketplace, and Thredup.
- Cashback apps
There are lots of apps that give cashback if you make a payment or make a purchase off the app. Most of these apps usually offer gift cards or give discounts on basic things you can purchase. Examples of those apps are Rakuten, Ibotta, dash e.t.c.
- Make money using the internet
Websites like Swagbucks and inbox dollars allows you to earn while doing basic tasks like watching videos, playing games, and taking survey and emails. They usually pay in amazon gift cards and once earned, you can convert the gift card to cash or use it to purchase goods.
Other Money-saving Challenges
- The 52-week savings challenge.
- The “no spend” challenge.
- The pantry challenge.
- The “keep all the change” challenge.
- The holiday gift challenge.
- The “pay yourself when you make a money mistake” challenge.
- 365-day nickel-saving challenge.
- The “no eating out for a month” challenge.
- Weather Wednesday money challenge.
- The “save money at a different grocery store” challenge.
- The “trim 1% of your salary” challenge.
- The “roll the dice” money challenge.
- The 33.3 challenge.
- The “No Swear” money challenge.
- The “kick a bad habit” money challenge.
- The six months savings challenge
- 3 months savings challenge
- 12 months savings challenge.
Saving money is always a great option to expand your financial stability and also a great option in case there’s an emergency.
Many savings challenges are designed specifically for each individual. So make sure you choose the one that suits you.
Following the instructions in this guide, you should be able to know the right steps to take when you are about to start a savings plan.