If you experienced financial stress in 2022 that may have you wondering how you can save more money, we have the perfect suggestions to get your new year's savings in check. We challenge you this March to try some of these money-saving challenges to give you some extra savings as we move into the new year. Here are a few money-saving challenges to try this March!
1. 52-Week Saving
This challenge is simple, you start in week 1 by depositing $1, week 2 $2, and so forth. By week 52 you would have saved a total of $1,378! This is a great option to save for an upcoming expense, vacation fund, emergency fund, or a splurge you have been waiting on.
If you are in a rush to save more quickly, try this challenge in reverse! Meaning, you start on week 52 saving $52 and going down from there.
2. No Spend Month
A no-spend challenge is meant to be customizable for the person. In a nutshell, this challenge is to help you focus on not spending on a whim and to truly tighten the reins on your spending restrictions. During this no-spend challenge, you will only spend money on the basic necessities, such as your home, bills, and groceries – again this is completely customizable to your life and your basic needs.
It can be very tough to go down to the basics and be extremely frugal. Start by trying a no-spend weekend, then a no-spend week, leading up to a no-spend weekend.
3. No Dining Out Challenge
Eating out can often bust the budget if done too often. Challenge yourself to a month of making meals at home. To set yourself up for success map out your grocery lists with the meal ingredients you intend on making as well as snacks and extras to get you by. A tip to avoid opting for ordering take-out or a quick stop through the drive-through is to meal prep some of your meals. This is a great option to have already on hand to quickly grab when you’re in a bind.
If you typically budget for meals out, add these savings to your savings account!
The savings this March will be madness if you hold yourself to a challenge and stick to it! If you want to really push yourself, consider combining some of these challenges throughout the month to build up a great savings stash.
March 1, 2023 by American State Bank