Credits: Social Media
3 money-saving challenges perfect for your 2024 goals
What are your goals for 2024? Buy a house? Get that dream car? Visit your dream holiday destination? I managed to do all three of those things last year, and money-saving challenges were a huge help.
From cutting out takeaways to fewer nights out and cancelling those TV subscriptions, there are all kinds of ways to make savings – but these three challenges are a great place to start and will kick off your 2024 in the right way.
1p Savings Challenge
The 1� or 1p Savings Challenge goes viral on social media every January and involves saving an accumulating amount of money every day for the whole year.
You start with just 1� on January 1, then 2� on January 2, 3� on January 3 and so on. By the end of the month, youll be up to 30�.
That might not sound like a lot but it quickly starts racking up and by the end of the year youll be on a whopping $667.95.
You probably wont even notice that money leaving your bank account every day, and itll be a nice surprise at the end of the year.
100 Envelope Savings Challenge
Another money-saving idea is the 100 Envelope Challenge, which involves getting 100 envelopes and numbering them.
You label each one from 1 to 100 and shuffle them up. Then, randomly select one twice a week. For four of the weeks, you only need to choose one.
When you pull out the envelope, you have to put the corresponding amount of cash inside. For example, 65 = $65.
By the end of the year, there will be a staggering $5,050 inside the envelopes to put towards your 2024 goals.
Round Up Savings Challenge
You should also apply the Round Up feature to your bank account and attempt to keep it on for the whole year.
Most banks now offer Round Ups, which rounds up every amount you spent to the nearest pounds and saves the extra.
For example, if you buy a coffee for $4.60, this will be rounded up to $5 and the extra 40� will be put into a savings account.
This will happen for all your transactions and the savings soon add up, helping you save without even realizing youre doing it.
