BOOSTER: 3 Savings Challenges To Boost Your Emergency Fund (1:00 mins)
The 52-week money challenge leads to over $1,000 in one year
You might think that only saving a little per week wouldn’t add up to much, but remember a stream is pretty much a collection of drops :).
And don’t worry, you don’t have to wait until January to start the 52-week savings challenge. This challenge is designed to stretch your savings goals out over a year’s time frame.
An expense tracking challenge can be eye-opening.
Another way to save a little extra money is trying an expense tracking challenge?
Here’s how it works: for one week, you track every single penny you spend. That means writing down every coffee, every snack, every new shirt… everything.
At the end of the week, take a look at where your money went and see if there are any areas where you could cut back. Just by being aware of your spending habits, you’ll be more likely to save money in the long run.
$5 Bill Challenge
This is a pretty easy challenge and works great if you frequently pay with cash.
Whenever you get 5 dollar bills, you put it in a jar or an envelope. When that jar fills up, take it to the bank and put it in your savings account.
If you have never tried to save your dollar bills or five-dollar bills it might surprise you how much you can accumulate.