Saving Money Challenge 2024: Save small, but DREAM Big

Saving Money Challenge: Starting at $3 a week, change how you think about money

Many of us don’t give it a second thought when we spend $3 on a small item like a pack of breath mints or an energy bar. However, when we reconsider these purchases over time, the money saved can accumulate to fund significant expenses such as buying a computer, covering home repairs, or even going on a vacation.

365 days saving money challenge Need:

Envisioned as a feasible strategy, the 26-week saving money challenge aims to accumulate over $1,000 within six months by following a straightforward $3 approach. This plan, remarkably uncomplicated even for those who find math daunting, entails setting aside $3 in the initial week and depositing it into a savings account. Subsequently, incrementally increase the amount by an additional $3 every week – thereby saving $6 in week two, $9 in week three, and so forth.

By week 26, as the final deposit of $78 is made, the accumulated savings will amount to $1,053. Although $78 may seem significant, it is important to consider that by this stage, you have already discovered convenient methods of saving that provide a sense of reward rather than deprivation.

The 26-week challenge offers a crucial advantage: its gradual progression allows for adjustment, reflection, and innovative approaches to saving. Here are a few concepts to kickstart your journey.

5 ways to save every day of the week:

1. Review that grocery list. 

It’s essential to nourish ourselves, but do we truly need to splurge on a $4.99 box of gourmet fig bars? For a family of four, a reasonable grocery budget exceeds $255 per week. To best manage your finances, create a grocery list and stick to it. By planning meals in advance, households can proactively handle their budget. Avoid venturing down aisles that don’t house the items on your list – stay focused! Additionally, take advantage of online shopping options offered by many grocers. Shopping online beforehand saves time, and money, and keeps impulse purchases at bay.

2. Say No to Big Brands:

Conduct some research on the products you frequently purchase and explore if other brands, including more affordable private-label options, receive positive reviews. This approach applies not only to food but also to footwear (yes, there are alternatives to Allbirds). A mere $50 disparity in prices would be more than sufficient to cover expenses for week 16.

3. Rethink all of those re-ups. 

As of late 2021, the average individual maintained approximately five retail subscriptions, with an average cost of nearly $38 per subscription. This surpasses the suggested amount for saving in week 12.2. Additionally, there are other subscriptions to consider, such as magazines, music platforms (like Spotify), and video streaming services. It is advisable to sever ties with subscriptions that are not utilized regularly or at least once a week.

4. Pack Tiffin:

Optimize your lunch expenses by choosing homemade meals over pricey pre-made snacks. The cost of a packed lunch is typically $4 or less, compared to an average of $8 for a quick-serve restaurant and often $15 or more for a sit-down restaurant. That amounts to savings of $4 to $11 in just one day. To stay accountable, invite co-workers to join your brown bag challenge. Together, you can share lunch recipes and save money.

5. Serve friends at home

Swap out one weekly after-work happy hour for a blissfully content hour at home. This simple switch can save you $10 or maybe even more. You can choose to enjoy this “me” time alone or invite your friends along. Remember, it’s not about the beer or cocktail; it’s about indulging in an hour dedicated to yourself, whether that’s relaxing in a tub or unwinding on the deck while binge-watching Netflix. Prioritize your happiness!