Money Challenges That Will Boost Your Household Budget

You’re always up for a challenge! So, why not take on a money challenge? The money-saving strategy could test your will power and give your household budget a big boost by the end of the year.

A Budget Always Needs More Wiggle Room

Why bother? Having a too-tight budget can set you up for trouble, especially if you don’t have any emergency savings to rely on. What if the unexpected happens? Your refrigerator could break down one morning. You could get a terrible toothache that requires an urgent trip to the dentist. If your budget has no wiggle room, you’re going to be in a sticky situation. You can’t ignore these problems, but you can’t handle the costs either.

So, what can you do? You could ask a friend for an IOU to help you out, or you could get a personal line of credit. A line of credit could help you cover the emergency costs quickly, allowing you to manage repayments later on. See how you can get an online loan in Indiana and what personal line of credit qualifications you need to have to get an approval. This information could come in handy.

To avoid a situation like this altogether, you should try your best to boost your budget. These money challenges can make that happen:

1. The 52-Week Challenge:

If you’re feeling ambitious, you should take on the 52-week money-saving challenge and pocket over a thousand dollars in 12 months. With this challenge, you deposit an amount that grows every week. In the first week, you only save $1. The next, you save $2. It goes on, with the final week asking for $52.

2. The Last Digit Challenge:

Try The Budget Bros Podcast’s nifty money-saving hack, where you take the last digit of the amount sitting in your checking account and transfer it into your savings account. For instance, if you had $998 in your checking account, you would transfer $8 directly into your savings. Make this a daily habit, and watch your savings climb.

3. The No Spend Challenge

The “No Spend Challenge” is not what it sounds like. It’s not asking that you avoid spending any money for months at a time. The No Spend Challenge asks that you don’t spend a dime on anything but your essentials. Take a look at these popular No Spend Challenge categories that you can strike from your shopping list.

4. The Envelope Challenge

The TikTok user Krista Zahron shared an ingenious envelope money-saving challenge to the delight of over a million viewers. To start the challenge, you need 100 envelopes, 100 stickers and a shoebox. Write a dollar amount on each envelope, going up from $1 all the way up to $100, and then stick those envelopes in the shoebox. Every week, pick 2 envelopes out of the box and fill them with the cash amount written on them. By the end of the challenge, you would save over $5000.

Use your competitive sideto your advantage and take on a challenge that will save you money. You’ll feel like a real winner when you look at all of the dollars sitting in your bank account at the end of the year.

Elements used to create Featured image Artwork provided by Created by Jill.

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