Fun Savings Challenges with Catriona & Kylie
On this episode of Financially Naked: Stories from The Financial Gym, Kylie Lipinski and Catriona Williams, two Certified Level 2 Trainers at Financial Gym talk about fun savings challenges you can try this autumn. With the holidays in a few months, it’s a great time to start setting aside a little extra cash. A savings challenge is a fun way to do so, and today, they talk though a few different ones you can try!
Podcast Notes
Why consider a savings challenge?
It’s a fun way to save additional money, outside of your regular savings goals.
It can be a way to boost your regular savings, or jump-start a new goal!
When talking about budgets, savings, or emergency funds, it can feel serious all the time. Turning it into a game makes it feel like less of a chore.
Making a game out of saving can be a great motivation.
It can be any savings goal, like holidays, travel, paying down debt, or a down payment on a home.
They encourage creativity and challenge you to get out of your comfort zone.
Examples of savings challenges:
The $5 challenge
When you’re out using cash, and $5 bills come your way, set them aside in a special jar or envelope. Determine ahead of time what this money is ultimately for, set a timeline, and count up the total at the end! This can be also done with $10 bills.
This challenge works best if you tend to use cash regularly.
52-Week Savings Challenge
Starting the first week of the year, you save $1. The following week, you save $2, then $3 the week after, and so on for the rest of the year. This one is great because it starts off pretty slow, and by the end of the year, you’ve built a great savings habit.
The DIY Savings Challenge
Pick something you usually pay someone else to do, like your coffee or lunch. Make it yourself, and move the money to savings!
The Weather Savings Challenge
Check the weather on a certain day each week, take the high temperature of the day, and transfer that amount to savings. This one is more unpredictable, which could be fun.
No Spend Challenge
These can be no-spend days, weeks, or even a month. They require a little planning ahead and some creativity but are a fun way to gamify savings.
For a long no-spend challenge, planning and rules are the keys. This type of challenge is about reflecting on and interrupting your spending habits.
Make your own rules, and remember it’s not about depriving yourself, but rather, saving for what’s important to you!
Find ways to do the things you enjoy doing without spending money.
When planning meals, shop the pantry!
Tips for Success
Find an accountability pal, and ask a friend to join in the challenge with you. Having someone to celebrate goes a long way towards success.
Tracking your progress
Choosing a reward before you start - remind yourself why you are doing this
If you have any other savings challenges you’ve tried, send an email to trainerpodcast@fingyms.com