How To Save Money and Make It Fun
By Lindsey
May 15, 2024
If you are trying to save some cash, there are some fun ways to do it. You can build an emergency fund or even one for vacations and you’ll barely miss the money. Here are the top ways to save according to “Fortune”:
- 52-week money saving challenge. The 52-week money-saving challenge is one of the simplest yet most effective ways to boost your savings. With this challenge, you move $1 into savings the first week and up your savings rate by $1 weekly throughout the year.
- Biweekly money-saving challenge. This saving challenge is a variation of the 52-week challenge and could be an ideal fit if you get paid biweekly. Instead of moving money into savings every week, you transfer money to savings on payday every other week.
- The reverse 52-week saving challenge is the 52-week challenge, but in reverse. So with this challenge, you go big at the start—$52 to savings in week one—and decrease your savings throughout the year.
- No-spend challenge. If an all-or-nothing approach suits your mindset, a no-spend challenge could be your key to substantial savings. With a no-spend challenge, you pick a timeframe—a month or three months, say—to limit your spending. You can either slash expenses to just your essential daily bills or choose a spending category to cut, like takeout meals or clothing.
- Round-up challenge. Certain banks, credit unions, and fintech companies offer a “round-up” feature that turns your everyday spending into savings. With the feature enabled, your financial institution will round up your purchases—generally those made using your debit card—to the nearest dollar and transfer the “round-up” amount into your savings account.
- Money mistake challenge. Money mistakes happen, whether it’s buying a new smartphone that isn’t in the budget or booking a luxury vacation on credit when money is tight. But instead of beating yourself up over a financial whoops, add $1 to your “money mistake” jar every time you make one of these mistakes.