The Save What You Spend Challenge

save money piggy bank

There are a lot of different savings challenges like the 52 week money challenge and the 365 day money challenge, but this isn’t the only way that you can create an opportunity to save money. One of the most effective ways to increase your savings is to create a challenge that forces you to look closely at your discretionary spending, and lets you decide if it’s really something important and worthwhile.

If you want to quickly increase your savings, one surefire method is to reduce or eliminate any unnecessary or frivolous purchases. However, many people don’t want to give up all of their fun cold turkey. It’s too painful to eliminate everything all at once. A compro

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3 Responses to The Save What You Spend Challenge

  1. This is a very good tip, I didn’t even imagine about this one. I want to try this strategy next month, right now I’m in a savings challenge.

  2. MissNia says:

    This was very true in all aspects. Thank you for a good read. Now to start saving and stop frivolous purchases.

  3. Gailete says:

    I don’t think I would do this personally. However, especially for those with a lot of debt, etc. if they want to spend the $80 on the evening out, but can’t afford to make an extra $80 towards the debt burden or they can’t save the $80 since they were going to charge the evening out in the first place, it is a way for them to see that they have a bit of a problem with their credit cards. Perhaps they only have $40 in actual cash to last them to the end of the month. Trying to be frugal so that they can save $20 would be great and also trying to find a fun night out for $20 would fun in itself.

    I suspect that many people that are going to be spending money on an evening out or a weekend away are doing it via credit cards and not actual cash, which is a good reason to revert to using cash.

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