Nothing is more frustrating than when you have to dip into your savings for an emergency or some other reason, causing your savings account decrease…or empty completely! It feels defeating. You think to yourself, “How will I ever manage to save up that amount of money again?” or “Why did I just use the money that was supposed to go towards my down payment?”. Sometimes life throws us curve balls causing us to use resources or money that we had set aside for something else. The good news is, you can save that money again! With a little dedication and maybe a different approach to saving, we are going to show you some clever ways to save money that you may have not considered before now.
Make it a Challenge!
Most people have a competitive nature inside, some obviously are more serious about it than others, therefore turning the mundane act of saving into a challenge changes your outlook. One savings challenge that is the most simple in terms of strategy is the 52-week savings challenge. We recommend starting the first week of the new year as it can get a little confusing if you start mid-year. For this challenge all you do is save $1 for week one, $2 for week two, $3 for week three and so on all the way to $52 for the last week of the year. By week 52 you will have saved $1,378. This challenge is great for someone who needs to start out small and work their way up to a larger amounts as time goes on. Another challenge you can do is one with your spouse. Each of you will have to eliminate small mindless spending each week for a designated period […]