Do you want to save your money but keep failing miserably?
Then keep reading to know why some money-saving plans fail and what better options you have available.
Why do some money-saving challenges not work?
As we know, consistency is critical to be successful at anything. Similarly, money-saving challenges will only work if you will stick with them consistently.
Most people start a money-saving challenge excitedly, but after a few months or sooner, they give up and stop working on building up their savings.
These are some main reasons why you fail to stick to the money-saving challenge:
- You are living paycheck-to-paycheck, and you do not have any money left to save.
- Work and life get in the way, and you do not get enough time to continue with the money-saving challenge.
- You have an emergency outlay that derails your money-saving goal.
- You have adverse financial habits like reckless buying, so your saving plan is destined to fail from day one.
If you keep failing to succeed in your money-saving goal, then consider trying one of these smart goals:
Leverage Proven Saving Methods
Highest temperature money saving challenge:
Suppose you want to fill your bank account quickly. Then set smart goals, such as every Wednesday, search out the highest temperature within your state and save the amount equal to the highest temperature in dollars.
If the temperature is 80 degrees, then it means you save $80 in that week! It means the hotter the weather will be, the more money you will save.
Twenty-six-week money saving challenge:
If you want to be 100% successful in your money-saving challenge, try to set meaningful goals. This money-saving plan will work very well because the amount you save will be preplanned.
Every week you will keep the planned amount that you scheduled. In week one, you save $3; in week two, you save $7, and it goes up moderately every week. In this way, you will save $1378 at the end of the twenty-six weeks.
30 days to conquer the challenge of saving:
The no spending challenge will save you some decent cash and help you to stop overspending. For this money challenge, you adhere to a fixed timeframe like a month or a week, and then only spend money on essentials.
Some simple rules are:
- Spend your money only on your needs like gas, rent, groceries, and electricity.
- You cannot spend on non-essential needs such as cash on coffee, shopping, and eating out.
After you get started, you will be shocked to see how many non-essential things have crept into your everyday expense habits. For effective results, track your spending challenge by keeping a journal.
Make Saving a Second Habit
You see why your money challenges do not work for you.
There may be other problems that stop you from saving your money. But if you want to achieve your goals, consider trying one of the money-saving strategies mentioned above.
There’s no better time to start saving than today. Don’t let your past mistakes stop you this time.
About the Author:
Chris has written for popular sites like Lifehack.org and interviewed entrepreneur rockstars like JLD from EOFire. He built the Financially Well Off blog with hopes of inspiring others to chase financial freedom and live a happier life.