Choose Your Money Saving Challenge
MONEY SAVING CHALLENGE
Saving money can be difficult. So let’s make it more fun! Choose one of these money-saving challenges to help you stay on track and set small achievable goals.
NO SPEND CHALLENGE
Try to have as many no-spend days as possible. Some of the purchases you can skip during a no-spend challenge include:
- Eating out or getting take-out.
- Purchasing clothing or any non-necessary items.
- Consider spreading out some services like haircuts or salon visits.
- Pick a realistic time period – one month, three months, six months.
CANCELLATION CHALLENGE
Cancel streaming services you never use or may be duplicated.
Review your apps:
- Look for in-app purchases or hidden fees you currently pay for but don’t need
- Did you sign up during a free trial and now pay monthly charges for something you aren’t using?
Keep in mind most services require a web browser to cancel and some make you jump through hoops so stay persistent! If you purchased through a third party, cancel through the same third party.
EMERGENCY SAVINGS CHALLENGE
Decide to build an emergency fund ($1,000 is good). Figure out how much you need to set aside per paycheque and set up an automatic transfer.
VACATION SAVINGS CHALLENGE
This is similar to the emergency savings challenge. Save X amount of dollars a week until you have hit your goal. Take into account your flight, gas, accomodations, food and extra money you will need during your holiday.
365 DAY MONEY CHALLENGE
Save $2 a day for 365 days. At the end you will have $730!
52 WEEK CHALLENGE
This challenge is similar to the one above. Save $1 the first week, $2 the second week and so on until you have reached 52 weeks. If you can’t afford the higher amounts then stick with a dollar amount you are comfortable with until you have reached the 52 weeks.
REVERSE 52 WEEK CHALLENGE
Start with $52 and go down each week. This may help you stay motivated by not feeling like you have to sacrifice more money every week.
SPARE CHANGE CHALLENGE
Put all your spare change into a jar and count it at the end of the year. Think of it as your own little piggy bank!
CASH ONLY CHALLENGE
We challenge you to only use cash (or debit where you can’t use cash). This will help you stay out of credit card debt.
PANTRY CHALLENGE
Do you love to cook? Try the pantry challenge! Use up what you have in your pantry before buying more food. The purpose is to eat the food you have and reduce food waste and save money by having no grocery list or bill for a length of time.
MONTHLY MONEY TIP
The 80/20 Rule of Money Management
“Money management is hard. That’s why so many people don’t do it. Over the years at many credit counselling sessions with clients I’ve explained budgeting, and spreadsheets, and budgeting apps, and lots of other techniques to manage money. Some of my clients love the process of recording every transaction. Others, not so much.
So, what can you do if you want to keep track of your money, but don’t have
the time or the inclination to keep a spreadsheet or spending journal? You cheat.”
-Doug Hoyes
Licensed Insolvency Trustee and Host of Debt Free in 30 Podcast
CONTEST CORNER
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Enter soon. Giveaway ends March 28, 2024 at 11:59 p.m.
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