The no-spend challenge
This challenge is recommended for a financial detox. If you want to try something that the experts are using themselves, then this is what you need to do. A no-spend month is a wonderful way to get a proper financial detox, save more money, and get as focused as you can.
During this month, you only pay for essentials, and by that, I mean budgeted groceries, utilities, medical costs (if any), housing, and transport. Anything else that isn’t related to that, you simply avoid, whether we’re talking about takeout, ride-sharing, shopping, or even coffee.
If you simply don’t find any room in your budget for your future plans, then that’s what you need to try: a no-spend month. Trust me, you will be shocked to find out just how much you’ll gain. Remember: if, by any chance, you’re invited to have coffee with your friends, don’t give in. Learn the lesson and keep up with your challenge!
The 1% savings challenge
This challenge is good for building a nest egg. Luckily, you won’t have to make any drastic lifestyle changes for this challenge. All you have to do is simply contact the company where you work and increase your retirement contribution by 1%. Then, simply set a schedule.
Every two to three months, try to increase it by another 1%. Then, the pre-tax contributions to your 401(k) will be made through payroll deduction, which means you won’t have to physically move your money anywhere else.
Besides, the percentage might change in such a way that you probably won’t even miss those dollars. If you didn’t know it, increasing your contributions is one of the most efficient ways to retire earlier.
The 100-envelope challenge
This challenge is great if you want to save a lot of money. If you really wish to save over $5,000 in only three months, then we recommend you try this amazing challenge. So here’s what you need to do: Grab a box of colorful money-saving envelopes, then label them 1 to 100.
Every day, you will draw an envelope and add an amount of cash inside, depending on the number you picked. For example, if you draw an envelope with the number 27, you’ll have to fill the envelope with $27, then seal it and place it in a basket. You could also do this chronologically, especially if you would like to start easy and work your way up to larger savings.
