5 ways to Challenge Yourself to save Money

The importance of saving money is underpinned by the benefits it provides. With so many proven benefits, its one of the best financial habits one can adopt through out the life. But its easier said than done. 

The main advantage of saving money is that provides you with a cushion in case of an emergency. The other advantages are that it helps to avoid debts, pay for large purchases and reduce financial stress. With that in mind, here are 5 challenges that can be applied in to your life to get you motivated to saving money.

1. The weekly saving challenge

This is a simple saving challenge where you save money each week, while gradually increasing the amount. This should be done for the 52 weeks of the year. You could start with £1 and then gradually increase it to £2 in the 2nd week ending up at £52 at the last week. 

2. £5 per day challenge

Here you save £5 per day for 365 days. This will end up at £1,865 at the end of the challenge. You can adjust the daily amount based your affordability. You can even start at £1 per day or increase as much as you can afford.

3. The Spare Change challenge

This is very popular back in the day, when people used to save what ever the change money in to a money jar. Well, this age old method is a still valid method, to challenge yourself to save money. 

If you are using card payments, round it up to the nearest pound and transfer the difference into a savings account. 

4. The Rainy Day Challenge

Here you put money aside every day that it rains. So, with the UK weather, this will be a lucrative way to challenge yourself to a handsome saving.

The amount you save is up to you to decide. You can set aside a fixed mount or random amount, based on the amount you can afford.

5. The 2 week purchase rule

This is a lifestyle based challenge. Here you give-up the urge to buy anything non essential at a given time and you take a look at it in 2 weeks time. If you still want it, purchase it.

The amount which you were about to spend now can be set aside to savings account. 

The above challenges are just a start to create your very own challenge. Whatever the challenge you choose, stick to it and not cheat. Good luck and all the best!