Are you up for a money challenge? How about several?
Make no mistake, some of the savings challenges below are tough. Some may even drive you a little bonkers. But they are all achievable if you put your mind to it, and can leave you with more money for your financial goals — in some cases, considerably more.
They may even leave you healthier and happier.So, if you think you have what it takes, here are seven money challenges. Which ones will you take on?
1. Use thrift stores whenever possible
Of course, there are necessities you can’t get at a thrift store, like groceries. But for clothing, household items, electronics, and a whole host of other products, thrift stores are a gold mine.
Thrift store clothing is usually in excellent condition, and sold for a fraction of the price you’d pay at a retail store. Simply pop the garment in the wash when you get home, or get it dry cleaned, and you’re good to go. Thrift stores also have special offer days — Goodwill runs 99-cent tag days every week. You can actually pick up a winter coat, a great watch, or a coffee maker for less than a buck. Do this challenge for one year, and see how much you save.
2. Do the 52-week savings plan
Often known as the “52-week money challenge” or “a dollar extra every week,” the plan eases you into saving a substantial sum of money over the course of one year. It’s simple enough, and very easy to stick to, at least at first.
In January, at the end of week one, you’ll put $1 into your savings account (or jar). At the end of week two, you pop in $2.
Week three, $3. And so on for the whole year. By the time you reach the end of December, you’ll have saved almost $1,400.The only drawback to this plan is that the amounts get larger and larger as the year goes on, and they’re the most expensive during the December holidays. But stick with it, and you’ll have a nice chunk of money to celebrate with. Even if you bail at the end of November, you’ll have collected over $1,100. That could pay for a lot of those gifts and special events.
3. Cancel Amazon Prime
Look, we all know how good Amazon Prime is: free two-day shipping, a massive library of free movies and TV shows, and some great prices on thousands of items. But, and this is a big but, for some people it can become addictive. Having instant (or almost instant) gratification is incredibly satisfying. Admit it, how many times have you casually hit the “Buy now with 1-Click” button when you saw something you liked?
The website and app are designed to make impulse buying easier. One woman recently documented how she spent over $41,000 on Amazon Prime from 2008 to 2016. In 2015, she bought 427 items — more than there are days in a year. And not only did she find it very easy to do, she was at a loss…
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