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5 Savings Challenges to Try

Posted: 20 Mar 2024

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5 Easy Savings Challenges for 2024.

If higher expenses put a Burden on your Budget in 2023, you're not alone. When money is tight, you may find yourself experiencing significant financial stress. Cutting expenses and building a budget are important ways to tackle tension surrounding money but without a cushion of savings to rely on, it can be difficult to feel financially stable.

Whatever 2024 holds, building up your savings can help you weather potential hard times and enjoy the good.

Here are 5 savings challenges to try this year.

The 52-Week Saving Challenge
Start by depositing R10 in week one R20 in week two, and so on. By week 52, you'll have amassed a full R14 000 in savings. That could be a great start to an emergency fund, or a way to cover expenses such as next year's school expenses and even home renovations without going into debt.

The 52-week savings challenge is an excellent way to slowly grow your commitment to saving, which is something that doesn’t come naturally to us all.

The No-Spend Saving Challenge
Turn saving into a game by restricting spending to necessities. Cook at home, find free activities and challenge yourself to be frugal. Direct the money saved toward long-term financial stability.

Keep in mind that it's tough to go bare bones, so consider starting small with a no-spend weekend. You can push yourself for a week, and the grittiest of no-spend savers can try for marathon no-spend months.

Round-Up Saving Challenge
For this challenge, implement a roundup rule. Anytime you make a purchase, round up to the nearest rand and pocket the change. For instance, if you spend R295 at the store, the difference is R5. This simple strategy accumulates savings over time.

R1 a Day Saving Challenge
It may not seem like R1 a day is a lot, but it gets you to R365 by the end of the year—a respectable sum that you could funnel into your December fund, use for gift shopping, or direct toward another long-term goal.

Money Mistake Jar Challenge
Money mistakes happen. But what if every time you made an impulse purchase, went off budget or otherwise made a money move you swore you wouldn't, you put an amount in the money mistake jar?

The challenge is simple. If you promised yourself, you wouldn't eat out for lunch this week, and you do, throw R10 (or whatever amount works for you) in the jar. If, in a moment of impulse, you did some online shopping that wasn't budgeted for, throw R10 in the jar.

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