In recent years, the Internet has been flooded with all kinds of money-related challenges. However, some of them may be useful. If you can’t manage to save money and your usual savings methods don’t work, you can try out some of the popular online money cheat games.
This article from an essay writer who works at the best essay writing service free provides tips based on some of the best challenges to learning how to save money without wasting it.
1: Keep track of your spending.
This way, you can understand where your money is going. For 30 days, you need to track how much money you spend and what you spend it on. Every cent is significant. At the end of the month, analyze the data. Conclude what you spend too much money on, and reduce the spending.
If you can control your spending, not only will you learn how to save, but you will also be able to take control of your finances. The longer you do the challenge, the more aware you will become of how you spend. This will have a positive effect on your finances in the long run as well.
2: Set aside money every week of the year.
In the West, making a New Year’s resolution to yourself is popular every New Year’s Eve. In such a ‘New Year’s resolution,’ you can challenge yourself to save a certain amount of money every week.
Initially, the challenge was to save one dollar in the first 52 weeks, two in the second week, three in the third week, and so on. You could also start the challenge at the end, setting aside $52 in the first week and then gradually reducing the amount of money set aside. In this way, the participants of the challenge were able to accumulate $1,378.
You can change the conditions in any way you like. It all depends on how much money you want to save and how much you can keep.
Many of us don’t get paid every week, but every fortnight or once a month. You can adjust the challenge to save from every paycheck. 3.
3: Set aside money every day for a year.
The principle behind this challenge is the same as the previous one. The difference is that you must set aside a small amount of money daily. It should not be too much of a burden, so save a little at a time. The result will be pleasant in any case.
4. Set a goal for yourself and save increasing money over 12 weeks.
This is a more aggressive way of saving. It works well if you need to save a certain amount of money. The original idea was to put aside $60 the first week and add $5 every week ($65 the second week, $70 the third week, and so on). In 12 weeks, it was possible to accumulate 1,000 dollars. You can do this task several times in a row to get more money.
5. Reduce your expenses to a minimum.
This is like the first one in which you should keep track of all your expenditures. The principle is straightforward. When you cut back on expenses, you try to spend money only on the essentials: utilities, food, and so on. It would help if you skipped going to the movies, cafes, and restaurants and unnecessary spending on shopping. If you follow this advice over time, it will save you a considerable amount of money.
6. Keep the change
If you use cash, you will be refined following this rule. Keep the change, and at the end of the day, collect all the money you have set aside in a piggy bank. You will be surprised at how quickly you can accumulate money. You can make it more difficult and forbid yourself from spending your change for a year. Test yourself and see how much money you can save this way.
7. Automate your savings.
It’s pretty simple. You don’t have to do anything yourself. Many banks have a service where you can have a certain amount or percentage of your money deposited automatically into a particular account. You can set this amount and the frequency of the transfers. For example, you can have the funds deposited each time your salary is paid to your card.
Some banks also offer to set aside an amount calculated as a percentage of your expenses. If you are used to using your card, you can use it.
