Hello again,

This week I want to talk about a FUN way to build your savings and that is by doing a SAVINGS CHALLENGE.  Just google “savings challenge” and you’ll get all kinds of ideas and suggestions.  A couple that I’ve done, especially when living paycheck to paycheck, is at the end of the week (on payday) whatever money I had left in my checking account was moved into savings.  So if I had $53 left or $253 – whatever amount it ended up being I moved it over to savings.  You can apply this same principle monthly if that is easier, however much you have left on the last day of the month-move it to savings.  Another challenge I’ve done is simply picking an amount that would stretch me just a little bit and sometimes that amount was only $10 while other times it was a larger amount but pick your amount and let that be your goal to deposit that much into savings each week (or month).  If you are task oriented like me, you ARE coming up with that money even if it means selling something! Ha ha  Another idea is rounding up – this one can be a little complex on the “bookkeeping” side but it works well.  Take whatever amount you spend and round it up then put the difference in savings.  For instance, if you spend $7.92 round up (you pick the way that you can most easily afford) to $7.95 or maybe $8.00.  If you spend $136.19 round up to $136.25, $137.00 or whatever you are comfortable with.

SO many ways you can make savings fun AND this would be a great project to get your kids involved in.  Make it fun, include them and/or if they have or get money help them do it with their money as well.  Maybe you are trying to save $1,000 for the family vacation – come up with ideas as a family and let each member contribute.  If your grocery budget is $125/week – you could say if we spend less, the difference will be put into savings. 

Lighten up and have fun THEN let me know a Challenge you did and how it worked for you.  I can’t wait to hear how much you were able to save!!