4 Savings Challenges to Try This Year - Money Tip Tuesday

Saving doesn’t have to be boring. If you’re looking for an enjoyable way to save money, try a savings challenge. Whether you’re planning to build an emergency fund, save for a dream vacation, or develop better money habits, savings challenges can transform your saving journey and set you on a rewarding path to achieve your financial goals.  

Links: 

• Download the Roll-the-Dice Savings Challenge tracker
• Download the 100 Envelope Savings Challenge tracker
• Check out TCU University for financial education tips and resources! 
• Follow us on Facebook, Instagram and Twitter! 
• Learn more about Triangle Credit Union

Welcome to Money Tip Tuesday from the Making Money Personal podcast. 

Saving money can be overwhelming. You may not know where to begin, how much to save or even HOW to save money. Saving money doesn’t need to be stressful and it can actually be fun if you participate in a savings challenge.   

Here are 4 savings challenges you can try this year to grow your savings account and improve your financial future.  

 

Roll-the-dice Challenge  

Gamifying savings is a great way to turn something that might be stressful or scary into something entertaining and enjoyable!       This challenge is flexible and can be done daily, weekly, or monthly depending on your goals and financial situation.   

Simply roll a die and set aside the cash OR transfer that amount to your savings account.   

For example, if you roll a 1, save $1; if you roll a 6, save $6, etc.   

Looking to save a little more each time? Roll a pair of dice (or one die twice) and save that amount.   

Make sure you record your rolls and track your progress on our Roll-The-Dice savings tracker. You can find the link in the show notes and at triangleuniversity.org.   

Pause Your Subscriptions Challenge  

Streaming services, food delivery services, and product boxes are monthly subscriptions that most American consumers pay for; some people have multiple subscriptions for the same service– for example, some consumers subscribe to both DoorDash’s DashPass and Uber Eats’ Uber One.   

Too often, one signs up for a free trial with the intent to cancel before the free trial ends, only to forget and be charged for the service. If you’re not keeping an eye on your finances and tracking all your expenses diligently, it’s possible you’re paying for subscriptions and not even aware of it.   

Take some time to go through all your bank accounts and credit card statements for the past few months and highlight any recurring charges. 

Then, analyze the charges and decide which subscriptions could be paused or canceled for a while. Maybe you subscribed to a streaming service to watch one show a few months ago but haven’t watched anything on that platform since. Or maybe you’ve decided to stop getting food delivered anyway so you no longer need those subscriptions.   

Pause or cancel any subscription you’re not currently using and instead put that money in your savings account or investments. You may even find that after a few months, you don’t miss those subscriptions anyway!    

Round-Up Challenge  

When it comes to savings, no amount is too small. Every penny you can put towards your savings goals adds up! That’s why a round-up challenge is perfect for people who are not ready to make large, on