Saving your Spending Challenge

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There is no denying that saving can be hard. Considering the many expenses that we have and temptations, we often neglect this very important task with regards to our personal finance. That is why, there are many challenges in the net that can greatly aid us in making saving a habit. Take for instance the 52 Week Money Challenge.

Yet, if you are interested to quickly increase your savings one way to put it would be to eliminate expenses. However, we have varied needs to meet every single day like our primary expenses and others as well. That is why, we cannot duly eliminate the need to spend. However most of the time our wants overlap our needs. We often satisfy our wants first. We also have that tendency to bloat our needs making it more expensive than it used to be. Take for instance, buying a more expensive item rather that an inexpensive alternative. Then we justify it is a need and not a want hence spending that much can be rationalize.

In order for us to religiously be able to save regardless of situation we can try the ‘Saving your Spending Challenge’. This is a very simple challenge to begin with. A relatively no brainer one. However, it involves a lot of decision every single time. But don’t worry it wouldn’t be that hard.

The concept of the ‘Saving your Spending Challenge’ is to simply ask yourself whenever you create a purchase if you can be able to equate the same amount and save it. For instance, if you are planning to eat somewhere fancy and spend as much as 1,000, simply ask yourself if you could be able to save the same amount. If yes, then you can go ahead and dine and save the same amount afterwards. If not, then perhaps you may need to rethink on how you are spending your money.

Do remember that the money we are talking about here must be outside the money you are currently saving. For example, if your salary is 10,000 a month and you save 2,000 a month, the money that this challenge requires must be outside the 2,000. Going back to the example earlier if you wish to dine for 1,000 and save 1,000, your total savings then for the month would become 3,000. The 2,000 monthly savings will not cover the fancy dining.

We highlight many benefits with this kind of challenge. For one, you can be able to save on top of your savings. If you don’t save at all, this can be a good starting point to save. Second, you can be able to increase your savings tremendously. Third, you will have to think twice with regards to your frivolous and unnecessary expenses.

Saving your Spending Challenge can be pretty tough at first. However when you see your money grow, you would be delighted and you would even be surprised that you can be able to save that much. Hence, if saving is currently a chore for you, try this challenge today. 

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 24 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.