I’ve been doing this money savings challenge for years. I cannot begin to tell you how many times I’ve been able to have peace of mind due to these savings.
At the same time, I posted our first video in our YouTube Channel, I spoke about the 52 weeks money savings challenge, but I also spoke about another simpler savings method – The 20 Bucks Savings Challenge. This is a smaller challenge and might be easier to achieve. I spoke a bit more on our first video, I’ll post the link below.
The 20 Bucks Money Saving Challenge
Did you know that a huge segment of the U.S. population has less than $400.00 USD in savings? It might seem hard to believe this to be the case in one the richest countries in the world, but yet that’s reality to a lot of people living in USA. Savings can be dauting to many, but it is an important process. How would you spend an extra $500.00 USD if you had them right now? I’m sure that for some very rich folks out there it might seem like a small amount, but there is a very serviceable amount for most people.
Maybe you can use it towards replacing an appliance, a fancy dinner, help pay off an unexpected bill, invest it in something you have been curious about, use it towards a nice gift to your significant other. Or simply just put it aside in case you need it later.
How does it work?
Very simple, most people get paid about twice per month. Just put $20.00 aside every time you get paid. If you get paid in a different way, you can always save 20 bucks every two weeks then that adds to $40.00 per month. That’s $500.00 in a year.
You can save it directly in cash or make an electronic transfer to your savings account. I recommend you not to transfer it to your regular checking account or put it in your wallet because it will likely disappear. It is best if it is out of sight, out of mind except whenever you’re adding to it. I usually choose Fridays for all my saving habits.
Savings becomes a mindset, and it besides the obvious benefit of having some cash handy, it builds peace of mind. And the more you save, the more that padding peace of mind grows. And hopefully it will keep growing without you needing to tap on your little piggy bank. However, if you do have to “spend it” – I recommend trying to “repaying yourself” as soon as possible. This habit will keep you honest, and in the end, you’ll thank yourself in the end. I know this can be harder for some than for others. But remember, it is about building the habit.
However, you can also use this savings challenge for a specific goal or purchase you want to make. And this is also a good way to keep yourself on track. Again, I know that there are some very rich folks out there, and the savings in this challenge might seem like a menial amount to some but trust me it can be of great significance to others. I’ve been doing this challenge for many years as a matter of habit, and mostly this is just a nice reward I can use it for whatever I want at the end of the year. And of course, you can start this challenge at any time.
Hope this saving tip helps. And yes, you can try this with your own currency and in an amount that makes sense to your economy if your country does not use U.S. Dollars. Please feel free to share it with all your friends and family. Happy Savings! HLC
As promised this this the link.