6 Money-Saving Challenges That Can Help Boost Your Savings
In this video, the Broken Wallet shows you six money-saving challenges that can help boost your savings.
1. The bank balance challenge
Check your bank balance two or three times a week. Look at the last digit in your balance - so, for example, if your balance was $679, the last digit would be a 9. Then transfer the dollar amount, $9, to your savings account.
2. The deck of cards challenge
Assign dollar values to the face cards in a deck of cards. Then shuffle the pack, and whatever card comes up, transfer the dollar value to your savings account. If it makes it easier, you can assign low dollar amounts to the face cards card.
3. The dice challenge
This is similar to the cards challenge, only with dice. You assign a dollar value to each face of the die, and then roll it and transfer the dollar amount you assigned to the face that it lands on. This challenge can also be fun to do with somebody else.
4. The put something back challenge
Next time you go grocery or clothing shopping, take a look at your basket and put one thing back. Then transfer the value of that amount into your savings account.
5. The round up challenge
Next time you have a bill, such as a minimum credit card or mortgage payment, round up to the nearest hundred, and pay that amount -but make sure to pay the principal, not just the interest. This can help to pay down debt.
6. The minimalism challenge
Make a list of items using things that you already own, such as a capsule wardrobe using clothes you already own, or a makeup kit using products that are already in your cabinet, and then use only those items for 30 days. At the end of it, you will realize exactly which items you need, which will inspire you to buy less and possibly to sell off some unused items to earn some extra cash.
These fun money-saving challenges are great ways to increase your savings.
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