Do you still remember the Ice bucket challenge where you had to pour a bucket of ice cold water onto yourself and you had to nominate someone to take up the challenge? How many other viral challenges over the years that you know? Here are some for your reading pleasure.
For this year, I would like to suggest some saving challenges that can help you financially. I hope you can let me know which challenge you took and nominate someone by sharing this post. Let us show our results at the end of the year.
The $5 Challenge
This challenge requires you to put aside your $5 notes every time you get one of it.
Put your $5 note into a glass jar and you will be surprised by how many $5 notes you would had saved. These money can be used for buying presents or gifts at the end of the year or just extra savings.
You can replace $5 notes with $1 or $2 and put every dollar coin or every $2 note that is in your possession into the jar.
The savings from this challenge can be very random but it can be enjoyable especially when you see the glass jar filled with the coins or notes.
The 52 weeks Challenge
The 52 weeks challenge requires more discipline than the $5 challenge but the savings is more predictable.
First of all, we need to decide the amount of money to start the challenge.
For e.g. we can decide the amount to be a $1. We will start to deposit $1 at the end of week 1. Then $2 at week 2, $3 at week 3 & so on. The amount we deposit into the jar at the 52nd week will be $52.
The amount you will save at the end of 52 week is as below.
If we decide the amount to be $3, then it will be $3 for week 1, $6 for week 2, $9 for week 3 and so on. The amount to be deposited for the week is :
No. of week x amount at week 1
You can also decide to deposit other amount that you prefer every week. Once you decide on the amount to be deposited, you just need to stick to the regime. It may be difficult at the start to keep the habit going and in the middle of the year, it can be difficult to set aside the amount needed but it will be sweet at the end of the year when you see the result of your perseverance.
Please submit the form at the end of this post if you need the template for the 52 week challenge.
Save-As-You-Spend Challenge
This has to be the most difficult challenge among these 3 challenges.
All you need to do is to deposit 5% of the amount spent into the jar whenever you spend an amount more than $10. So if you spend $15 on a lunch and $2,000 on a laptop, you will deposit $0.75 and $100 respectively into the jar.
This challenge not only helps you to save, it also helps to curb impulsive spending. Knowing that you are paying an extra 5% for the item that you are buying will make you think twice before paying for it.
My IFA@Sg 