Are you looking for easy ways to save money? If so, then you’ll love this article.
Planning to break bad spending and increasing your savings rate is a great way to start the new year. I know it can be tough, but by using these money saving challenges you can save $1000s of dollars year after year. Then you can start investing $1,000 and start off next year right with one or all of these money saving challenge ideas!
How Will This Work?
When you don’t have a good understanding of money it's difficult to properly manage it. Education and savings are key to changing your money problems.
So, today I am going to help you with finding easy ways to save money in the form of money saving challenges. In order for this to be successful, you must track your savings in a new account or you won't be able to see your progress. If you track savings in the same checking account that you use for everything else, it doesn't usually work. You can also use money saving apps if you don't want to sign up for a new savings account.
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- Automatically invests spare change
- $20 new user bonus
- Cash back at select retailers
- Free budgeting tools
- Retirement planner
- Free portfolio advice
- Robo plus human advisors
- Get control over your subscriptions
- Stay on top of your spending
- Put your savings on autopilot
This is one big thing that most people forget to do, so now that you get it's importance what should you do?
Again, if you’re serious about getting things off on the right foot, I suggest you use savings apps or use a savings account that is different than your daily bank checking account. Once you have one dedicated to tracking your savings, start depositing money—$1, $5, $10, $0.01—any amount is good. It’s just about getting over the hump, trust me!
Let's Get Gtarted: Tackle These Money Saving Challenges
If you’ve completed all the money saving ideas on this list and didn’t spend the extra money, in a few months or so you should have saved and earned a total of at least $1,000.
$1,000 is great, but what’s better? $5,000.
You’re really not that far away if you can keep this going. If you're competitive in nature, you can make a game out of it to challenge some of your family and friends to see who can save the most: Click the share button in this article to see if any in your network wants to do the same!
Let's get started:
Get Paid To Watch Videos and Take Surveys
The first thing you can do is sign up for InboxDollars which pays you, in cash, to watch fun videos & take surveys and they'll also give you a $5 free bonus just to give it a try. By spending just 5-10 minutes per day on this (either on your lunch break or during TV commercial breaks) you can earn and save an extra $50/month. More people should be doing this!
Save 65% On Your Car Insurance By Comparing Rates
Yes, it may seem obvious but when was the last time you compared your car insurance rate? Most people just pay the monthly bill, whatever it may be but car insurance companies make all of their money off people who have been with them for the longest time. It's true, and if you have a clean driving record… have your premiums stayed the same or even gone up over that past few years?
Car insurance companies think you won’t leave once you’re with them, so they charge whatever premium they want. Personally, I compared rates just last month using Insurify and switched from Geico to AllState, as the premium was 65% cheaper. Insurify compares rates for all the major car insurance companies and it's free.
Allstate was the cheapest one for me in my state of Virginia. However, the rates differ between states. I was impressed to learn something by switching companies, did you know at Allstate they pay you for safe driving? You should get to know all the ways your auto insurance can work for you.
Stop Paying High Interest Rates On Credit Card Debt
If you're serious about saving money, you should explore balance transfers. If you're only paying the monthly minimum on your credit card, you're likely paying a significant amount in interest and not reducing your principal balance.
For example, if you have $2,000 on a credit card with an 18% APR, you're paying $400 per year in interest alone if you only make minimum payments. That’s $400 wasted on interest.
You can avoid this by switching to the Discover it® card. The Discover it® card offers a 0% introductory APR for 18 months on balance transfers (with a 3% fee), allowing you to focus on paying down your principal balance without worrying about interest for a year and a half. With no annual fee and cashback rewards on purchases, it’s a smart way to manage your finances while saving on interest.
For those with decent credit that have higher debt amounts that will need more than 12 months to pay it off, LendingTree can help you save thousands in the long run by refinancing your debt at rates as low as 5.99%. It only takes a few minutes to see how much you can save, and it's 100% free to give it a try.
And if your credit isn't great or need some special help, then you should know about Prosper. They offer personal loans that can help you consolidate certain types of debt into one loan with a lower interest rate. Say hello to better finances with Prosper that offers loans with low, fixed rates and no surprises. All you have to do is sign up.
If you don't know your score current credit score, you can also check, completely free, with free credit score apps. Not only will they show you your score, but as part of their service, they’ll help you identify the different factors that impact your score and how to improve them, all for free.
Get Extra Income By Driving People In Your Free Time
The next thing you can do sign up for a gig economy job like Uber – if you have a car, it's a perfect way to make a good amount of extra cash whenever it's convenient for you. A lot of people do this full time, so you can imagine that's it definitely possible to do this on the side and make extra money and be able to save it.
Once you're a driver you can choose to turn the app on or off and drive whenever you have some time to spare. They also have a feature that allows you to select your destination, so if you are leaving work (or any other long commute), you could pick up a ride that was going in the same direction. You can do this 3-4 times a week on your commute and can easily make up to $300 each month and save it all.
While for some this may seem like a nice little amount to add to your savings account, according to Uber, the national average in April was $601 a week… so it's definitely a good choice if you really want to earn extra income and start saving money.
Another ride-sharing option that's available to you is Lyft. Uber seems to be more globally known, however, if you're in the United States you probably have heard about Lyft. It's basically the same as Uber, but some argue that you make more as a Lyft driver.
Save $1000's By Finding New Ways to Save
Finding new ways to save money involves several key strategies: firstly, create and stick to a budget to track income and expenses, then automate savings transfers for consistency.
Reduce costs by cutting unnecessary expenses and meal planning to avoid eating out excessively. Implement energy-saving practices at home and consider DIY projects to save on services.
Prioritize comparison shopping, build an emergency fund, and invest wisely to grow savings over time. By adopting these methods, you can effectively save money and work towards financial stability.
Take The Following Actions Today
If you are looking for easy ways to save money then you should know that you do not have to stay living paycheck to paycheck, but it’s up to you to change it.
If there is no change, then your situation won’t and can’t be different. Set a goal to take action today, and make a plan to break free.
Start small if you need to and educate yourself. Knowledge is definitely powerful! Start by taking action today!
Take Action On Your Money Saving Challenge!
In today's world, where financial stability is crucial, the concept of money-saving challenges has gained significant traction. This article delves into the essence of such challenges, exploring their impact on personal finance management. From fostering discipline to promoting long-term savings habits, these challenges offer individuals an engaging way to achieve their financial goals.
By embracing innovative strategies and cultivating a mindset of financial mindfulness, you can navigate your financial journey with confidence and resilience. Hopefully, you found this money saving challenge article helpful in finding new ways to save your first $1,000!
