SeaComm Federal Credit Union OFFICIAL BLOG

5 Money Saving Challenges That Work

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The hardest thing about saving money is just getting started. It can be difficult to train yourself to become an avid saver, and it’s even more difficult to maintain the savings balance. Fear no more – Here are 5 money saving challenges that really work!

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  1. Track every single expense for the next 30 days. It may sound a bit extensive, but it’s effective. If you do this, within just a few days you’ll begin to second guess all of those purchases you’ve made, and those you are about to make. By the end of the 30 days you’ll have saved a lot more than you would have without tracking it! And maybe you’ll even want to extend this tracking challenge, indefinitely. (Tip: Keep a journal to log of all your expenses in.)

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  1. Limit restaurant dining to once per week (or none). I’m like a lot of people- I love dining out! But what we don’t realize is that every time we dine out, we spend between $20-50 on a meal (usually for 2 or more people) that could cost us merely a few dollars if it was prepared at home. Simply limiting yourself on the amount of times you go out to eat will end up saving you hundreds, maybe even thousands of dollars per year.

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  1. The Spare Change Challenge. Not only is it effective, but it’s fun! All you are required to do is throw your spare change at the end of every night in a jar or container and watch it grow. Some days you’ll have quite a bit of change to add, while other days you might not have any at all. The important thing to remember is that you should not have any spare change laying around at the end of the night. Always make sure to put every last cent (maybe even $1 bills, if you’re really into the challenge) into the jar by the end of the night.

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  1. Open a new savings account and automate a bi-weekly transfer. This is probably the easiest challenge of them all, as it only requires you to do just a few steps. First, you’ll need to create a new savings account (or just use one you already have). Then you’ll need to set up an automatic transfer to it twice a month (bi-weekly). It could be any amount you’re comfortable with (i.e. $25, $50, $100 etc.) Whichever amount you decide to go with, if you restrain from touching the funds for an entire year (or 6 months) you’ll have a pool of cash you wouldn’t normally have come into contact with. Remember: the longer you leave it be, the more you’ll have.

Click here to open a savings account with SeaComm, today!

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  1. Eliminate unnecessary errands. Most of the time when I “run errands,” I don’t have an exact list of the things that I need to pick up. So 99% of the time I walk out of the store holding bags filled with items I probably didn’t even need. A good rule of thumb, before running errands, is to decide whether or not it is even necessary. If you’ve decided that it isn’t, and you refrain from going to the store, you’ve just saved yourself from making multiple, pointless purchases. Congratulations. But if you’ve decided that it is in fact, a necessary errand-run, make a list of the things you need to get, and don’t stray from that list! If you make this a regular practice, you can be sure that your wallet will thank you.

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