Savings Challenges in 2020

Savings Challenges in 2020

Do you struggle with saving money do you
live to the end of the month and realize that all your money is gone if by paying
bills I'm going to go over some simple ways to save some money and have some
fun with it hey friends open of freedom in a budget today we're gonna go over
some money challenges that you can do to save some money have some fun saving
money and really hate your financial goals so before we get into the
different challenges I want to emphasize that I want you to track your savings
have a specific goal know what that savings is going to don't just say I
need to save money okay is it going to an emergency fund is it going to
something specific maybe they need to save money for a car maybe you need a
new computer maybe you need to find it your Roth IRA what is it specifically
that you want to save your money and make sure that you're tracking it all of
these are trackable all of these are ones that you can really just hone in on
and see your progress and have that progress motivate you and if you need
someone to put your savings use something like a high-yield interest
evenings account that is a game-changer really maximizing your results so that
you're not only saving money but you're making money on your money because that
is the best thing when your money is making money so with an account like
Capital One 360 you can get up to 1.7 percent interest on your money which is
amazing most general banks are like point zero one percent this is one point
seven so you are making over five times the national average so I'll have a link
down below if you want to sign up for Capital One 360 you get twenty five
dollar bonus when you sign up which is amazing there are so many money
challenges out there I really try to do some different ones for you guys some
out-of-the-box ones some ones that you haven't heard before to hopefully kind
of mix it up because we've all heard you know the same money savings challenges
so the first one is it brew your own coffee challenge so yes we all know that
when you brew your coffee at home you save money la-dee-da we all know this no
don't get me wrong I love me some Starbucks every once in a while as a
treat Jamie gets Starbucks every single day
for work and it is something that we just factored into our budget but if
you're wanting to save that have a set amount that you spent on coffee so what
type of coffee do you get at Starbucks or Dunkin or
wherever it is or a local coffee shop how much does that coffee cost is it
three dollars is that five dollars it's a $2.99 what is it how much is it so
every time that you brew your coffee at home or you drink the free coffee at
work transfer that amount into your savings account so the same amount that
you'd be spending on that coffee that you're already spending on that coffee
it transferred that to your savings account so every single time it's four
dollars three dollars whatever that amount is that you want to save next one
is the bad habit challenge so every single time you do a bad habit
you can even rank these habits from like worse to best or different worse to
worse surest that's not a word that's okay so whatever your bad habit is maybe
it is biting your fingernails maybe it is cursing maybe it's I don't know
whatever your bad habit is but every time you do that bad habit just like the
coffee challenge you have to transfer that amount into your savings account so
it's almost like the ultimate swear jar where every time you swear you how to
put a quarter in so every time you bite your nails you have to put in a dollar
every time you curse you have to put in two dollars every time you I don't know
do whatever it is you have to put money into your savings account so ultimately
you don't want to be putting money in because that means you're breaking your
bad habits but as you're breaking them it's a really great way to save some
money which is a win-win right the next one is a spare change challenge so if
you are a cash user every time that you paid cash and get changed back you have
to put it into your savings jar and you can have a cute jar like this something
like this that is decorative and cute it really can help I don't know kind of
make it more enticing to do or there's even ones that have the little counters
that you as you put change in it counts it for it which I'll have a link down
below for you those are really cool as well but something like this you can
even put dollars in here or if you want to keep it just change or just dimes if
just quarters whatever it may be but these are a really great motivator
because you can physically see your savings go but be careful when you
passion and either roll them yourself or make sure you're using the coin
counters that don't take 8 feet I know that why than the coin store they can
take up to 10 percent of a few which that's crazy no you're saving your money
so a savings challenge is a huge one and if you are a card user a debit card user
or a credit card user what you can also do is round up so if you make a purchase
that's 5 dollars and 36 cents you're gonna put the rest of that to round it
up to $1 into your savings account or you could even go farther and round up
to like the nearest $5 where the nearest $10 so that way it is going up and up
and up and that way your transform like $3.63 or $6 or whatever it may be to
your savings so just those little purchases as you're making them they're
not going to make that big of a difference by rounding up a dollar or
two but over time it's really gonna make a huge difference on how much you're
able to save the next one is to save a thousand dollars in three months so 3
months for $1,000 that may sound like a doozy but if you break it down
that's only $11 today how many times you go out to eat and it's more than $11 so
just $11 a day we'll get you a thousand dollars in just three months that could
be your baby emergency fund that could be some really great investments that
could be a great start to your IRA thousand dollars in three months eleven
dollars a day guys can you do $11 day I can I think that you can as well when
you just put that little bit over to your savings account and if you're
holding in a place like Capital One 360 guys that is amazing then you're getting
the 1.7 percent on top of the thousand dollars now it wouldn't be a money
savings challenge video without the 52-week challenge so you guys all know
the 52-week challenge so that is accumulative so the first week of the
year January 1st you are going to save $1 the next week of January $2 so 4 and
so forth until you're at the end of the year and you are saving $52 that last
week and if you keep up to saving $1 $2 $2 all the way up to $52 you're saving a
total of 1,300 at $78 that's amazing that is such a great challenge
but there is one thing about that challenge that can get hard at the end
of the year when Christmas is around and all those holidays and everything so if
you want you could do the reverse challenge you guys know it's January
we're all excited we're gonna save some money so if you start off the hard way
of saving fifty-two dollars about the year then you can get it either way and
then by the time that Christmas comes around next year you're only saving one
dollar that last week that's a great way to do it or I've even seen ones where
people will put different bubbles and they'll write the number amount and then
they'll color in when they save that amount so then once that week is taken
you can't do it again and then when you have months like a
three paycheck month you can knock up those hard ones so you can hand out the
$52 a week the you know 51 the $50 week and that way you can leave the easier
weeks like $1 to $5 to $10 weeks you can leave those for the tight weeks where
you have you know not as much commission that month or something's a little bit
tighter and then along with that is the penny a day challenge this one may be a
great one for kids where each day you are adding another penny so on day one
you save one penny on day 10 you save 10 pennies on day 50 you save 50 cents on
day 100 you're saving $1 all the way up until the end where you're saving three
dollars and sixty-five cents if you do this every single day you're gonna have
a total of six hundred sixty-seven dollars and 95 cents at the end of the
year okay so my ten-year-old is saving over six hundred sixty dollars in a year
that's amazing so this would be a really great one for
you to do there kids who really show them how easy it is to save and you do a
little bit each day I hope this was helpful I have a previous video where I
did five other money savings challenges that I'll have link down below for you
and up next is a video where I talk about how I saved fifty thousand dollars
in just one year I go over all the sacrifices we made the tips that we did
all the different things that we did to save fifty thousand dollars it is
honestly a huge accomplishment something that we're really proud of so we go over
step by step up how I did that and I'll see you in that video

Savings Challenges in 2020


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