As 2023 approaches, here are 10 realistic money saving challenges to build your wealth in 2024!!!
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Chapters
00:00 Start Here
00:24 The 365 Day Nickel Challenge
01:42 The $5 A Week Saving Challenge
03:03 Subscription Reset Challenge
04:15 The Penny Saving Challenge
05:42 The Pantry Challenge
07:07 The Round Up Challenge
08:07 The Biweekly Challenge
09:34 The Online Shopping Freeze Challenge
10:09 The 100 Envelope Challenge
11:08 The Don’t Be A Quitter Challenge
As 2024 approaches many people have the goal to save money and get in a better financial situation. One way to do this is through money saving challenges. In this video, I share 10 different money challenges you can do for a wealthy 2024.
1. The 365 Day Nickel Challenge
The nickel challenge is when you save a nickel every single day for the entire year. Where on January 1, you save 5 cents. But each day you increase your savings rate by 5 more cents, so on January 2, you save 10 cents. Then on January 3, you save 15 cents. And if you do this consistently for 365, by the end of the year you will have $3,379.75.
2. The $5 A Week Saving Challenge
The $5 challenge is a similar concept where you save $5 every single week for a year. Where on week 1, you save $5. But like before you increase your savings rate by $5 more each week. So on week 2, you save $10. Then on week 3, you save $5. If you do this for all 52 weeks of the year, you will have saved $6,890.
3. Subscription Reset Challenge
We all subscribe to many different services and many of which we don't use.The subscription reset challenge is at the start of the year cancel all of your subscription services and once you want to use a service, resubscribe. This allows you to not pay for services you aren't using.
4. The Penny Saving Challenge
The penny saving challenge is like the previous challenges mentioned that literally everybody can do it. Each day you save a penny and increase your savings rate by a penny each day. By day 365, you will have saved $667.95.
5. The Pantry Challenge
We all have food in our pantry that sits there and we never end up eating. The pantry challenge is when you try to eat up all the food in your pantry before buying new food. This allows you to clean out your pantry and save money.
6. The Round Up Challenge
The round up challenge is when you choose a bank or app that allows you to round up your purchases. For example, if you bought a coffee for $6.26, it would round it up to $7. Then, you would put the extra cents in a savings or investment account. If you rounded up $2 every single day, it would add up to $730 by the end of the year.
7. The Biweekly Challenge
The average person gets paid every other week and has about 26 paychecks a year. The biweekly challenge is when you set aside $10 from your paycheck every paycheck. And just like before, you increase your savings rate by $10 each paycheck. So on paycheck 2, you save $20. On paycheck 3, you save $30. If you do that for all 26 paychecks, you will have $3,510 by the end of the year.
8. The Online Shopping Freeze Challenge
Many people spend too much money because they have easy access to shopping online. The online shopping freeze challenge is for one month do not buy anything online and only shop in person. This will help you change your habits and save money.
9. The 100 Envelope Challenge
The envelope challenge is when you first buy 100 envelopes. Then, label each envelope from 1 to 100. Next, put them in a case and every few days randomly pick an envelope and put the amount of money that corresponds to the number on the envelope. For example, if you pick the envelope 27, then put $27 in it. Once you fill up all 100 envelopes, it will add up to $5,050.
10. The Don’t Be A Quitter Challenge
Many people create New Year's resolutions only to give up after a few weeks. The key to being in a better financial situation in 2024 is to set a goal, create a plan, and be consistent over a long period of time. The key to all of these challenges is to not be a quitter!
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