Saving Challenges You Should Try This Year

Saving money isn’t an easy task for anybody, even those who make it look simple will have struggled at some point. Finding the right techniques that makes saving a habit instead of a chore takes time and effort. Two elements that a lot of people do not have. Unfortunately, you cannot magically identify a method that benefits you. Saving and budgeting is almost a trial and error effort. In fact, you won’t know until you try. However, the further you get into experimenting, the more elements you’ll be able to identify that work for you. This way, you can take these and find other techniques that involve them. Otherwise, you may find yourself fighting the urge to borrow a payday or short term loan. Here are a few money saving challenges and techniques you could try throughout 2022:

The £2,022 Challenge

This challenge is quite self-explanatory. The aim is to save £2,022 over the course of 12 months in relation to the current year. Unfortunately, this method does not suit everybody as saving over £2000 is very difficult, especially if you’re on minimum wage. However, you could always adapt to a lower number and push yourself to see how far you can get. Saving just over £168 a month, or £39 a week, will enable you to reach your annual goal efficiency. If you cannot afford the full amount in one week, you could build up the remainder in others. As long as you reach the end goal by the final month, your saving challenge will have worked.

The No Spend Challenge

The “no spend” challenge is a short term challenge where you only spend what you need on essentials. This includes any debts you may have, any essential bills or just the general purchases you need to make, for example, food shopping. This means you miss out on purchasing the things you want, helping you save money immediately. The challenge is very difficult. In fact, many people may only complete the method for a short period of time, for example, a week or two. However, you’ll soon see a difference in your spending, especially if you repeat the challenge a few times occasionally.

Finding Extra Money

If you are somebody who has started using all cash, you may find yourself feeling a little left out on this challenge. However, if you are somebody who still focuses on cash, you might enjoy the creative side of saving. This idea allows users to get stuck in and decide to find as much as they can. For example, having a clear-out and searching all old items which could contain cash, cashing in and counting money boxes or just generally hunting to find as much as you can.