Let’s face it, saving money can be a real pain. You spend hours looking for ways to save money. You can’t seem to get a handle on your spending habits.
Then, you look at the numbers and realize that you’re barely scraping by. Maybe you have a bad habit of going on shopping binges and making impulse purchases. Maybe you just have a lot of financial burdens in your hands.
Having money saved can be very beneficial for you. You can just have it on hand as emergency savings, put it aside for your college fund or even a vacation fund. But is there a way to save more money in this day and age? After all, we’re now a little too old for putting our spare coins into a piggy bank.
The truth is, it doesn’t have to be difficult. In fact, it can be pretty simple. All you need is a little bit of willpower and a commitment to change your behavior in order to save more money.
It’s a challenge to save money for most people, especially when you do not have a lot of expendable income in the first place.
However, there are several steps you can take in just a short period of time to start saving money and living a healthier financial life. You can even do this 7-day money challenge as many times as you’d like, such as turning it into a bi-weekly savings challenge, instead.
Try out these cool ideas for a one week money-saving challenge to see how much you can save!
Day 1: Try survey sites to bring in extra income.
The first step in this one-week challenge is to try out survey sites. In today’s world, we have more options than ever before.
In fact, you can probably find something that will pay you to do almost anything. If you have some free time and don’t mind getting your hands dirty, why not try a survey site?
If you’re looking for a way to bring in extra money besides your full-time job, consider checking out sites like
Swagbucks or
InboxDollars. Not only do they offer money for completing surveys, but it’s possible to try out products or receive gift cards from some of your favorite vendors.
Survey sites can be very rewarding for the right person. Many of them offer payouts of up to $100 per survey! Not only are these sites very simple to use, but they can also bring in some decent money if you have the time to fill out a lot of surveys.
Day 2: Get out of credit card debt.
A lot of people find themselves in credit card debt for a variety of reasons. Some have overspent on things that they didn’t need. Others are paying off high interest credit cards from their past mistakes. Whatever the reason, this money challenge is the perfect time to get out of this debt as soon as possible!
The high-interest rates tacked onto credit cards make it difficult to get the sum paid down once you reach a certain balance. Try settling your credit card debt and starting over with a low-interest loan from companies like
Fiona or
AmOne.
Try to make it a goal to pay off at least $100 in the next week with your credit cards. If you’re able to do this, you’ll be making progress towards your goal of getting out of debt!
Day 3: Consider life insurance for your family.
The third day of this money challenge is dedicated to considering life insurance.
It’s never a bad idea to take out life insurance. If something were to happen to you, your family would be left without any financial support. While it may seem like a small amount of money at first, the long–term benefits can be quite substantial.
Life insurance companies offer several different types of policies. There are whole life policies that will pay out a specific amount of money to your beneficiaries upon your death.
They are similar to traditional life insurance policies in that they will pay out a certain amount upon your death, but the main difference is that they are designed to protect you and your family from financial ruin in the event of your death.
While purchasing a life insurance policy requires spending money, it is a great long-term way to save. Should anything unfortunate happen to you, you can ensure that your loved ones will receive the funds they need, and
for an affordable price.
If you want to make sure that your family will be taken care of in case something unfortunate happens, consider purchasing a whole life policy today!
Day 4: Buy shares in big companies.
The fourth step of this challenge is to choose some big companies and buy your shares in them.
Many of the most successful people in the world started off by investing in companies that they were passionate about. Whether it was Apple, Amazon, or Google, they found success by investing in these companies and seeing them grow.
Investing in stocks is no longer an activity that only wealthy people partake in. Some
investing apps allow users to buy shares in big companies for as little as $1. It may not make you rich today, but investing in successful companies is a great way to build income for the future.
Day 5: Choose high interest and cashback.
There are many different types of credit cards out there. However, you should consider one that offers you a decent interest rate and rewards program.
For example, many credit cards offer a cashback reward program. This means that if you make a purchase using your card, you will receive some cash back as a reward.
In addition to getting extra cash back for making purchases, these rewards programs can also provide you with discounts on future purchases as well.
If your credit card company is not rewarding you for being a customer, it’s probably time to do business with a better bank. Choose a bank or credit union that has high-interest rates for account holders, as well as cashback options for standard purchases. The
Aspiration card is an excellent example.
Day 6: Improve your credit score.
The sixth day in this money challenge is dedicated to improving your credit score.
In order to be approved for a credit card, you will need to have a credit score. A high credit score can open up many doors in the world of finance. It’s possible to get approved for many different types of loans, including home loans and car loans.
One way to improve your credit score is by paying off your bills and debts on time each month. For most people, that means making at least the minimum payment on your credit cards each month.
If your credit score is lacking, or your report is full of negative information, it’s in your best interest to seek out free
credit repair services. Companies like
Credit Sesame will take a look at your report, and provide improvement advice at no cost.
If you can get out of debt and start building up your credit, you’ll be able to get better deals on loans in the future!
Day 7: Shop around for car insurance promotions.
Finally, the last day of this challenge is dedicated to shopping for car insurances. There are many different types of car insurance available. However, the average person doesn’t know what to look for when shopping around for a new policy.
To help you find the best car insurance policy for your needs, it’s important to understand some of the basic concepts that affect car insurance. For example, some companies offer lower rates for drivers who live in specific areas.
Some offer discounts for drivers who have good driving records and other safety features. If you’re in the market for a new car insurance policy, make sure to shop around and find one that fits your needs!
Every six months, you should be
shopping around for car insurance policies to ensure that you’re receiving the best deals you can get. When you’re a safe driver, you should get rewarded for your efforts, and comparing policies is a great way to do so.
And you’re done! If you’ve followed closely until now, at this point you will be in the finish line of this fun challenge.
With a little bit of time and effort, you can find yourself at the end of this challenge with more savings than you had before.
But if you haven’t started and are still feeling nervous, don’t be. This 7-day money challenge is both simple and flexible.
If you find that one step is not necessary for your financial security, you can always kick back during that day. Wait for the following day’s money challenge and start that challenge fresh. Your savings journey is up to you.
By reaching your savings goal, having a solid budgeting plan, and investing your money wisely, you can be on your way to reaching your financial goals!
