Think of the last time you had a small win. Perhaps it was the time you were right when you and your friend were arguing over who the main actor was in The Godfather. It might have been the time you got called in for a job interview. Or maybe it was the time someone complimented you for your cooking. These small wins give us a sense of achievement. They make us feel like we can conquer the world.
What if we could translate the feeling we get after a small win into how we save money?
That’s what happens when we take on a money-saving challenge. The idea behind money-saving challenges is that they break down our goal into smaller, bite-sized goals, making them easier to reach. Whenever we achieve the goal for the week, we already win a part of our financial goal. Whenever we reach a goal, we get a small win.
Sure, there’s a chance we might stop in the middle of the challenge. Things come up, and these challenges become our least priority. That’s not a sign of failure though. If we stopped halfway through, we still saved more money than we would have if we didn’t take the challenge at all.
Check out some of our favourite money-saving challenges that can boost your money in the bank and give you a great win:
Take the 52-week saving challenge for example. For 52 weeks, you’re meant to save money that corresponds to the week you’re in. For instance, you save $1 in the first week, $2 in the second week, $3 in the third week, and so on until you reach $52 in week 52. Each week will get you a small win. And at the end of the year, you end up saving about $1,300, which is such a big win! If you end up stopping in the middle, that’s $750 more than we have today.
The $5 Saving Challenge
Another money-saving challenge is the “$5 saving challenge” where you save every $5 you get. If you’re not much of a cash person, like me, then this might not be the best challenge to take on. If you do use cash all the time, then you might want to give this a go and potentially save $1300 in a year. You get a small win every time you get $5 to put into a jar or your savings account.
Frollo’s Money-Saving Challenges
Frollo also has fun money-saving challenges you could take. Frollo offers different short-term challenges so you can take instant gratification from saving within a month.
One of the pains of living a financially stressful life is that we constantly find ourselves stressing about money. How will we afford dinner? Where is money for rent coming from? Will there be enough to pay for the Netflix subscription? All these flock our minds, leaving us with sleepless nights.
By taking on these money-saving challenges, you give yourself a higher chance of getting financially ahead. Small wins will help you reach your goals. So go on and win something small today.
Download our free money management app to get started.