Boosting Savings Series: Money Challenges

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January is the month of challenges. That’s the time of year that people want to be their best selves and they are motivated to be better than they were last year (2 weeks ago). There is no better way to motivate yourself than with a challenge, especially when you’re competitive and results-driven like me.

Challenges work for competitive and result-oriented people because you compete with everyone, even yourself. You want to “beat” who you were last year/month/week. You want to beat everyone too, but if there’s no one around, you’ll settle for beating your own self at the game of life. When you’re result-oriented, it’s even better. Not only are you striving to be better than you were before, the challenge forces you to set a goal and you can see it materializing right in front of you.

There are various money challenges out there. Honestly, they are all fantastic. They give you a solid framework for improving your savings (or debt reduction) goals, the benefits far outweigh the costs (if there are any) and they are a much more fun way of pushing yousrelf to improve your money management skills than being driven by excessive overdrafts or soul-crushing debt. They also are an interactive way to be held accountable since the people who participate tend to share their progress on social media.

Here is a list of some of the most popular ones:

  1. 52 week money challenge (along with multiple variations like the bi-weekly, double week and reverse 52 challenge).
  2. No spend challenge
  3. $5 challenge
  4. Coin challenge also known as the jar challenge
  5. Auto-save challenge
  6. De-clutter challenge
  7. Spending Match Challenge

In later posts, I will go into more details about what these challenges entail and how we can maximize them for success.

Happy Savings!

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