Are you looking to jumpstart your savings? Does saving money feel too hard or even too boring at times? You can turn saving into a game and complete a 6 month savings challenge!

By completing a 6 month money challenge, you’ll end up with a pot of money, form new money habits along the way, and be inspired to keep on saving. I can attest to this as I’ve personally used this challenge multiple times to bulk up my emergency savings as well as save for my other goals.

Ready to get started? Read on to learn how to successfully complete a 6 month savings challenge!

What is a 6 month saving challenge and why should you do one?

First things first – what exactly is a 6 month savings challenge? There are many ways to complete one, which we’ll go into more detail about below.

But the main idea is that you save a little bit of money every week for the entire six months. And by the end of the challenge, you will have saved up thousands – yes, thousands – of dollars!

Second, you might be wondering, “Why should you try this challenge?” There are many different types of money savings challenges out there, such as the 52-week money challenge and the spare change challenge. Why this one?

Well, for anyone who is serious about saving, there is nothing better than a 6 month saving challenge. Here are some reasons to try one for yourself:

1. Helps you reach a specific financial goal quickly

Do you have specific financial goals you’re working toward? The challenge is especially great for someone who already has a financial goal in mind, like saving for an epic summer vacation or paying off credit card debt.

It’s a great way to kick off your savings and reach your financial goal, especially if you’ve had trouble saving for the future in the past.

And as I mentioned earlier, this challenge has been incredibly helpful in helping me meet my own goals!

2. Proves to yourself that you can save

A positive, growth-oriented mindset is one of the most powerful financial tools you can leverage. One reason why you might not have unleashed the power of mindset when it comes to your finances? You haven’t yet seen the evidence that you can actually successfully save.

When you complete a challenge, that negative mindset will all begin to change. You will prove to yourself that you really can save. It will increase your confidence and inspire you to try even more things!

3. A 6 month money challenge makes saving fun!

This reason is quite simple – participating in a challenge is fun! It’s fun to track your weekly savings, see it add up, and figure out what you need to do to ensure you meet your weekly savings goals.

Sometimes, it really does help to put a little bit of fun and play back into something that can feel as serious as personal finance. Adults don’t have as much fun as we should, to begin with. There’s no reason why you can’t treat saving like a game, with the prize being a ton of money!

4. Sets you up with good savings habits that reach beyond the 6 month savings timeframe

The most impactful benefit of participating in this challenge is what will happen after it’s over. Sure, over the course of the challenge, you’ll save thousands of coins. That will put you all that much closer to reaching your financial goals.

But the real, lasting benefits of the challenge are the saving and spending habits you’ll have created. If you stick to something for six whole months, you’re likely to integrate that habit into your life without having to even think about it. You will have turned yourself into a money-saving master!

Two ways to do the 6 month money challenge

The idea behind the challenge is to save a specific amount of money every week for the entire period. You can do this any way you want.

Whether you save $5 a week or $500, you will still end up on top at the end of the challenge! You can even save more on the first week of the year and less on the second week as long as it all adds up to your desired amount. 

But it helps to have more guidance than that. So, here are two ways to complete the challenge that will save you either $2,000 or $5,000!

Option 1: Save $2,106

Saving this way is an excellent option for those looking to ease into saving while still accumulating over $2,000 in savings in just six months. Here’s how to do this version of the challenge:

During the first week, you save $6.

Then, every week after that, you contribute $6 more to your savings account than you did the previous week (i.e., on week two, you save $12 in week three, $18 in week four, $24, and so on).

By the end of the challenge (week twenty-six), you will contribute $156.

And, by the end, your savings will amount to $2,106! You can use money savings charts to help you keep track.

Option 2: Save $5,018

Want to save even more? If you’re really serious about saving in a short amount of time, try out this version.

It will help you save over $5,000 in just six months! It’s hard work, but it is worth it to see that number in your savings account:

Every week, you save the same amount – $193. It’s really that simple and straightforward!

Alternatively, you could contribute twice that amount ($386) every other week. Doing so is a smart option for those who want to do a biweekly budget. Whenever your paycheck hits, you can automatically deposit $386 into your savings.

By the end of this version of the challenge, your savings will total $5,018!

How to successfully complete your 6 month savings challenge

Setting the goal to save a certain amount of money or do a 6 month savings challenge is one thing. But that’s just the first step, and, quite frankly, that’s the easiest part.

The hardest part is actually saving the money and following through with the challenge when it feels impossible.

That’s where these tips on how to successfully complete your 6 month saving challenge should come in handy:

1. Set up a savings account

First of all, you’re going to need somewhere to stash all of the cash you’re saving. While you could save it under your mattress or in a dresser drawer, you’ll be way more likely to keep up the momentum if you deposit your money in a dedicated savings account.

If you already have an emergency fund, that’s a great place to put this extra money. If you don’t, set up a savings account, preferably an interest bearing account.

Bonus points if you automate your finances and set up an automatic transfer from your checking account each week. You won’t even have to think about the challenge as you complete it!

2. Live below your means

Where is all of this extra money to put toward your savings going to come from, you might want to know? There are a few ways you can save quickly, including living below your means and cutting back on your monthly expenses.

By curbing your expenses and living frugally, you’ll find yourself with extra money. Instead of splurging, dedicate yourself to savings success during this challenge. You’ll likely have plenty of money to fill up your savings account.

3. Combine it with a no-spend or low-spend challenge

Love a challenge? Why not double up? Another great way to save more money, fast, during the challenge period is to combine the 6 month money challenge with a no spend challenge or a low-buy year.

During these challenges, you choose to spend little to no money on anything that isn’t essential. What is essential is up to you, but generally, people cut out things like clothes shopping and eating out.

It’s basically impossible not to save money during one of these challenges, so they surely will help accelerate your savings if you do one in combination with a 6 month savings challenge.

4. Set a goal and keep that goal top of mind

When you begin the challenge, find your why. What is your reason?

Do you want to save for college? For a new wardrobe? For a down payment on a house?

Whatever your reason, decide on it and what you are going to put your money toward.

Then, make sure to remind yourself of that goal throughout the challenge. You will probably be sacrificing to complete the challenge. And when you are giving up things you like to do or buy, you’ll need a reminder of why you’re making those sacrifices.

Try keeping a sticky note with your goal written on it or save a reminder about it on your phone. Then, you’ll keep your goal at the top of your mind when the going gets tough.

5. Make more money

If cutting back on your expenditure isn’t enough to meet your savings goals, it’s time to increase your salary.

There are several ways to do this, such as:

 Start a side hustle

Choose something that doesn’t have any start-up costs, such as freelancing, graphic design, tutoring, or pet sitting, to maximize your savings amount.

Sell your old stuff

There’s money hidden in your house where you least expect it. All you need to know is where to look to make money from home. Start in your closet to dig out the clothes you never wear before raiding your bedside drawers for unused, forgotten gift cards.

Rent your spare room or driveway

Renting is an excellent way to earn cash fast, especially if you live near public transport links. List your parking space or spare room on reputable sites and start earning pennies.

For example, you can list your parking spot on neighbor.com or your room for rent on roommates.com

6. Shop smarter

Who wouldn’t want to slash their shopping bill and save money? Well, now you can with these tips.

• Choose generic brands
• Only buy what you need
• Avoid impulse purchases
• Substitute meat for vegetables
• Don’t shop hungry
• Be mindful of products at eye level on the shelves – they are put there to tempt you!

Smart shopping doesn’t have to stop at the grocery store. Next time you need to buy somebody a gift, consider making something meaningful to give rather than opting for shop-bought. 

7. Check utility provider deals

Utilities can take up a large part of your monthly expenses. When trying to save money, it’s a smart move to review your current package and try to negotiate a lower price or find a better deal elsewhere.

Contact your current provider first to see what they can offer, then use online comparison sites to compare deals elsewhere. You may find that your supplier gives you a better package to keep you as a customer.

Be mindful when switching suppliers of any cancellation or early termination fees that would impact the amount of money you save overall. But trying to lower your electric bill and other utilities is worth it.

8. Review your debts

High-interest debt can badly damage your savings potential. If you’re serious about saving, you need to tackle debt first.

Start by paying off credit cards fast that you pay the most interest on. Once you’ve cleared the balance, focus on the next card and so on.

Next time you get tempted to use your credit card, reach for your debit card or use cash instead.

9. Alter your mindset

Our mindset has a lot to answer for. It can affect your health, the decisions you make in life, and even the way you handle money.

If you have negative feelings towards your finances, it’s important that you improve your money mindset before taking on a savings challenge so you have the best chance of succeeding.

Using positive affirmations and letting go of past financial mistakes are just two ways that you can mentally prepare yourself for the task of saving money. Believing in yourself is also a powerful technique that should be practiced daily when setting yourself a target.

10. Don’t quit even if you slip up during the challenge

So you missed a week…or two or three. Or you were only able to save a fraction of what you intended to save. Whatever you do, don’t quit!

Being too much of a perfectionist can cause you to procrastinate on tasks or give up when it would be better to simply move forward and save as much as possible.

Even if you don’t complete the challenge “perfectly,” you will still come out a winner at the end of the six months.

Imagine if you only end up saving half of what you intended to save. That’s still going to be a thousand dollars (or more) than you would have saved if you hadn’t even begun the challenge!

And don’t forget, you’ll reap all the other benefits of participating in the challenge, too, like setting up good saving habits going forward.

Expert tip: Ask a friend to join you

Need help keeping motivated to meet your goal? Ask a friend to join you in a 6 month savings challenge. It’s one of the most effective ways to ensure you get there (and have fun doing it!). Together, you can come up with frugal ways to go out and have great entertainment without blowing your budget.

Another top tip is to do your frugal grocery shopping together with friends and buy in bulk. Not only will this save you money on groceries that you purchase, but also gas if you car share to the store. You may even find that you save more money than if you were doing a savings challenge alone!

If your pals love a competition, set up a friendly challenge to see who can save the most over a period of time.

How can I save $10,000 with a 6 months challenge?

The good news is it’s totally achievable to save $10,000 in 6 months with a solid 6 month saving plan, some self-restraint, and the right mindset.

To achieve your goal, you will need to save approximately $1,666 per month or $385 every week. But smart saving is all about adjusting your plan to meet your individual circumstances, income, and expenses.

For example, if you have a tax bill that is due during your savings challenge, lower the amount you put away in that month and put more into your savings fund another month when you have fewer outgoings. Remember to work it out to the nearest dollar so you are left with the exact $10,000 at the end of your challenge.

As $10,000 is a large sum, the best way to make good progress is to earn extra money that you can put into your savings. If you already have a full-time job, you could do some night shift jobs for pennies that can be dedicated to your target rather than used to pay monthly expenses.

Or if you work part-time, why not see if you can temporarily increase your hours?

Trying out vision board ideas is also a great way to stay motivated when saving a large amount. Use your favorite colors and images that mean something to you and boost your chances of success.

So, whether you need to pay an unexpected bill, go traveling or buy a new car, don’t reach for a credit card. Instead, save $10,000 in just 6 months with these money-saving tips.

How can I save money quickly in 6 months?

If you need to get your hands on money quickly, there are certain things you can do to meet your 6 month savings goal fast.

Meal prep

Groceries are by far one of the largest monthly expenses for households, making budget meal prep a great place to start when you need to reduce your outgoings.

Buying ingredients in bulk and batch cooking allows you to save time and money. How? Some consumable items such as rice, pasta, and tinned goods are cheaper in larger quantities.

Portioning food also means that you can easily get it out of the fridge or freezer and cook it when you want it. No more late nights cooking after a long day at work or wasting food that had spoiled before you had a chance to eat it.

Cut out unnecessary recurring expenses

Any transaction that appears monthly on your bank statement is known as a recurring expense. While most types of regular payments will include non-negotiable transactions such as a mortgage or a rent split, or loan repayments, there are some that could be reduced or canceled altogether.

Unnecessary payments could be gym memberships, subscription services, or even a buy now, pay later plan that you’re still paying off.

Make a list of all your recurring expenses and cancel or pause the ones you can to see how much you could save.

Slash your cell phone bill

Do you know how much of your allocated cell phone data, minutes, and texts you actually use? If you don’t use the full amount, it’s likely that you’re overpaying for what you need.

A simple way to save money fast is to consider changing your cell phone package and only pay for what you use.

How can I save $5,000 in 6 months, biweekly?

When trying to save $5,000 in 6 months biweekly, consistency is key. A biweekly budget and saving makes your goals more manageable and keeps you focused on putting money aside rather than spending it.

First, you need to work out how many biweekly milestones you need in your savings plan. So, if you want to save $5,000 in 6 months, there are 13 payments of $385 that will need to be deposited into your separate account. (Since there are about 26 weeks in 6 months.)

Or, if you prefer, you can make staggered payments so that you pay more on the first payment milestone of the month and less on the second.

Four ways to save money biweekly

Now you know exactly how much you need to save, it’s time to figure out how you’re going to do it. Here are some ways that you can easily free up some money.

Adjust your budget

A good budget is flexible, which means that when you want to increase the amount you save, you can easily see areas where you can cut back.

Cancel subscriptions

Some people have monthly subscription costs eating up their spare cash without even knowing it. Take a look at your bank statement and do a search on every transaction over a full month. It will highlight any outgoings that you’re unaware of and allow you to cancel them to use the money elsewhere.

Pause eating out

Eating out is a great way to socialize and have fun with friends and family, but it can get expensive if you do it regularly. A simple way to save some of your hard-earned cash is to pause or cut back on your restaurant trips.

Instead, choose to cook at home and invite your friends over for a dinner party.

Use discounts

Coupons are a fantastic way to save money on everyday items such as groceries or toiletries. You may only be saving pennies in the short term, but this soon adds up to a much more substantial part of your monthly budget. Check out the best coupon websites to help you save.

If biweekly saving doesn’t quite work for you, try making weekly deposits to your bank account, piggy bank, or savings jar if you prefer (remember to cash it in safely). You’ll end up with the right savings amount but in smaller chunks. This method is perfect for people who get paid weekly or bi-weekly.

Articles related to money challenges

If you enjoyed learning about the 6 month savings challenge, you’ll like these other ideas!

• 100 Day Challenge Ideas: 11 Ideas To Reach Your Goals
• 18 Money-Saving Challenges To Save More Money!
• 28 Different 30 Day Challenge Ideas Everyone Should Try
• 10 Money Savings Charts To Save More Money

A lot of good can happen during a 6 month savings challenge!

A 6 month money challenge is called a challenge for a reason – because it certainly isn’t easy. You’ll need to save a lot smarter than the 52-week money-saving challenge, but if you’ve read this far, it probably means you’re up for it.

Just think, in six months, you’ll be that much closer to reaching your financial goals if you start this challenge today! Or you can try out another type of challenge, like the no new clothes challenge or 30-day challenges for something different!

The post How To Do A 6 Month Savings Challenge! appeared first on Clever Girl Finance.

Do you spend money faster than you can make it? If you feel this way, you’re not alone. That said, ideas on money saving challenges could be just what you need, as we could all use some extra money, especially in these trying times.

According to Forbes Advisor, over 75% of Americans are concerned about their family’s financial security. And when you compare the increase in the cost of living versus the real wage index, you can see why people might be interested in saving.

By setting financial goals and partaking in challenges, you can set yourself up for financial success.

For example, a monthly savings challenge can help you build an emergency fund, save for a vacation, or save a down payment on a new home. All it takes is a little motivation for saving money and some great challenges to get started.

What is a money saving challenge?

As the name implies, a money saving challenge can remind you and keep you focused on doing what’s necessary to achieve your goal.

In addition, they are very easy to do. You simply save a set amount of money, depending on the rules of the particular challenge.

For example, in the $5 challenge, you save every $5 bill you get. There are many fun money challenges to choose from to help you achieve your savings goals and become better with money. Soon, saving part of your paycheck will become second nature.

Why money saving challenges are a great idea

Money saving challenges are an effective way to motivate you to save your money. Most importantly, it makes saving money fun and makes your goal easier to attain.

In addition, a money challenge is an excellent way to build your emergency fund when you have no savings.

You can use a monthly challenge to save for your dream vacation, put a down payment on a new home, or start that beautiful designer handbag collection you’ve been longing for.

18 money saving challenges to try today

Having extra money can relieve stress and help you achieve your financial goals. By participating in these ideas, you can start building a new successful habit and get that savings account built up fast.

Further, you could even open up a dedicated savings club account just for your challenges.

When picking a challenge, be sure to pick one that lines up with your goals and that you will be able to stick with. It needs to be a realistic goal to set you up for success and prevent you from getting discouraged and quitting.

There are challenges for eating out, saving $5 bills, saving pennies, and more. So, no matter your financial goals, these 18 money saving challenges are sure to get you the results you desire.

1. The 6 month savings challenge

The 6 month savings challenge is easy to follow because the amount you save is already planned out for you. Each week, you save the allotted amount scheduled.

The first week is only $3, week 2 is $7, and it gradually goes up in increments each week. By the end of the 26 week challenge, you will save $1378!

2. 30 days to master your spending challenge

The no spend challenge can save you some serious cash and help you stop over spending.

So with this challenge, you commit to a specific time frame, in this case a month, and only spend money on necessities. The rules are simple:

Only buy essentials

You can only spend money on essentials such as rent, gas, and groceries. It’s important to still buy the things you need to have a healthy lifestyle when doing the money saving challenges.

Don’t buy non-essentials

You cannot spend money on eating out, shopping sprees, coffee, or anything considered non-essential. Anything that isn’t a bill or basic expense must wait until later.

Once you get started, you’ll be surprised at how many non-essential items can sneak into your daily spending habits.

Lastly, track this monthly money challenge with a spending journal for maximum results.

3. 30-day meal planning challenge

Eating out is expensive. The average amount spent eating out every day is $9.22. That’s $3,365 per year when you do the math!

With this challenge, you pack your lunch 5x per week for 30 days by leveraging meal planning.

In addition, this also helps prevent wasted groceries and adds a significant amount to your savings. Plus, you can use ingredients you like and avoid unhealthy foods if you want to.

4. $5 savings challenge

The $5 challenge is a fun challenge that stacks up the cash fast. Over 90 days, every time you get a $5 bill, you save it.

So, if you don’t use cash, for every extra $5 you have in your checking account, transfer it to your savings.

To prevent you from spending that extra cash, get a cute piggy bank, container, or money envelope that makes putting the money in easy but taking it out hard. It’s a bit random, but that’s what makes this money saving challenge fun!

If you opt for envelopes, consider the 100 day envelope challenge or the 200 envelope challenge!

5. Create a Clever Girl Fund challenge

A Clever Girl Fund is an essential money challenge. The fund can be used for unplanned life emergencies such as job loss, your car breaking down, or urgent home repair. It can also be used to establish sinking funds for upcoming expenses.

The challenge will help you determine how much you need to save, help you with setting up the right savings account, and keep you on top of making consistent deposits.

To do this challenge, designate an account for saving, and then try to save $1000 to start. You can save $333 per month and save your money quickly, or take more or less time if you want.

Take as long as you need to build your Clever Girl Fund. Just make sure you have a plan in place. And after you get to $1000, consider adding more for extra security.

6. Find extra money challenge

You can find the money you didn’t know you had with some tips and tricks. Simply look for extra money in various places.

In addition, this money challenge will inspire you to get creative. For instance, cashing in all those spare coins in your wallet, car, purse, or lying around the house.

Or spending less than your grocery budget and putting the extra money in your savings account. You can also declutter your home and sell items you don’t use anymore for extra cash. The whole idea is to challenge yourself with ways to save that you ordinarily won’t do.

7. Penny saving challenge

If you don’t think that saving pennies will help build your savings, you’re wrong! The penny challenge is like the 26-week challenge and is super easy to follow.

Firstly, you start with one penny, and each day, your amount increases over 365 days. So you save a total of $667.95 in one year! Remember, every penny leads to a dollar!

8. Christmas club challenge

These classic savings accounts are making a comeback, and they are the perfect way to save money to prepare for Christmas!

A Christmas Club Savings account is offered by certain banks to help you save money for Christmas.

However, you can also set it up on your own with a dedicated savings account.

Most importantly, you can use this account to help you save for whatever you want to purchase.

Typically, these accounts are available via credit unions. So when you open this account type, you’ll get a payment coupon book to make deposits with.

On November 1st, your funds will be transferred into your dedicated account. You cannot withdraw your funds from this account without a penalty, so it prevents you from being tempted to spend it during the challenge.

9. Coffee break challenge

A latte a day makes the cash go away! So say goodbye to Starbucks for this challenge.

The average cup of coffee costs $4.90. This adds up to over $1700 per year if you buy a cup every day, a pretty big chunk from most people’s salary!

With this monthly money challenge, you set up a piggy bank or money savings jar next to your coffee pot. You’ll then motivate yourself to make your own coffee. So each time you do, add that $4.90 (or the cost of your coffee) to your piggy bank!

After that, you can use those extra funds and buy a fancy coffee maker as a reward and use the rest to pay off debt or save.

10. Weather Wednesday saving challenge

The Weather Wednesday money challenge can bulk your bank account fast. Every Wednesday, you find out the highest temperature in your state, and you save that amount in dollars.

So, if it’s 80 degrees, you save $80 that week! The hotter it is, the more money you add to your weekly savings!

So for best results, do this during the summer months.

(Love Wednesdays? Check out our Wellness Wednesday ideas!)

11. The 30-day minimalism challenge

With a 30 day minimalism challenge, you basically get rid of something every day for 30 days. So, by focusing on getting rid of items, you are less focused on spending money.

In turn, this can save you a lot of money since you can sell the items you get rid of to earn some extra cash!

12. A 3 month savings challenge

There are different amounts of money you can save for the 3 month savings challenge based on your goals. You might choose to save $1000, $2000, or more or less than this.

The idea is to save a set amount per week or month and then reach your goal by the end of the three-month mark.

13. A 12 month savings challenge

A 12 month savings challenge is easy and gives you plenty of time to save up cash. For this 52-weeks money challenge, you’ll save a certain amount of money per week.

The challenge starts with a dollar, and each week it increases by another dollar. You’ll save $1378 by the year’s end of this 52-week challenge!

14. $20 saving challenge

If you’re looking to save up a small emergency fund over the course of a year, then the $20 challenge could be the perfect thing. Every week, you save $20 from your paycheck, and by the end of the year, you’ve put away $1040! Easy and effective.

It’s an especially good thing to try if you have a somewhat expensive purchase coming up that isn’t time-sensitive. Treating yourself to something like a luxury purse or a small home project would be great.

15. Cancel all the things challenge

Don’t worry – it’s more fun than it sounds! The cancellation challenge helps you save money by canceling every subscription, cable alternatives or streaming service, and monthly membership that you don’t use.

You won’t even notice there’s a difference in your everyday life, but you can easily save all the cash that you aren’t paying now. Your results will vary based on how many things you cancel, so be as frugal as possible to succeed!

16. Monthly savings challenge

The monthly savings challenge is a very flexible option for choosing your own savings goals. To start, decide how much money you want to save per month.

You can begin with the same amount every month and then change or increase it over time. Soon, you’ll reach your savings goals.

The best part about a monthly challenge is you get to choose the amount, and you can use any tactics you want to save money – from working extra hours to selling items around the house.

17. No new clothes challenge

For this money-saving challenge, you’ll save yourself money, time, and an overstuffed closet. The no new clothes challenge is simple but difficult – you don’t buy any new clothes for an entire year.

To turn this into a month-long challenge, take the average amount you spend on clothes per month and start saving or investing that amount instead. By the end of the year, you might be shocked at the progress you’ve made!

18. Monthly money challenge

If you want to keep being challenged and you like to win, determine to do a monthly money challenge every month for an entire year. The rules are simple: you must do a different challenge each month, and you must complete the one you pick.

It’s a great way to save a ton of money but in a fun way that still lets you keep your financial freedom.

Expert tip: Organize your money to maximize savings

To be able to save consistently, make sure you know how much you’re making and spending. A budget can help you keep track of your income and expenses. When you can see how every dollar of your money is being spent, you’ll know how much you can save every month. 

Then, you can set an amount to save each month and cut out expenses to make sure you reach your target. Once you’ve figured out that amount, set up automatic transfers to a savings account every week, month, or every time you get paid.

Voila! You’re saving without much effort.

The best times to do money saving challenges

It’s always a good time to start saving money, but sometimes it’s easier when you have a fresh start. Decide on your financial goals and pick a monthly savings challenge that will boost your savings for that time of year.

Here are some great times to start doing money saving challenges:

New year

January of the new year is a great time to start a monthly challenge, especially after the expenses that often come up at the end of the year in December.

You can make your money saving challenge your ultimate financial goal for the year. Decide how much you want to save by the same time next year and get started.

New season

A new season is another excellent opportunity to do money saving challenges. You can try a 3 month savings challenge for each season.

For example, you can jumpstart your summer vacation fund by beginning your challenge in the spring.

What are the potential obstacles to saving money?

Potential obstacles to saving, like impulse buying and overspending, could make it hard for you to save.

Saving can be a struggle as well if you’re not making enough money to cover all your expenses. The same is true if you don’t have a consistent income.

Additionally, having to pay off credit cards may prevent you from saving. 

But by keeping your focus and staying disciplined, you can overcome these obstacles. Plan ahead with your money so you aren’t tempted to impulse buy or overspend. Consider paying off debt and saving at the same time so you can make progress with both.

Additionally, a good budget can go a long way toward helping you afford both your expenses and savings.

Why is it challenging to save money?

Unfortunately, the cost of necessities like groceries, transportation, and housing has increased, making it challenging to save. For many, their income doesn’t free up much for saving. 

On top of that, it can be difficult to save money if you’re carrying any type of debt. On the other hand, saving can be challenging simply because you’re not used to it. 

Start small by doing a monthly money challenge to get into the habit. It gets easier over time as you see results. Reminding yourself what you want to achieve from saving money can be added motivation as well. If you don’t earn enough to save, consider picking up an extra job such as dog walking or freelance writing.

How can I save $5,000 in 3 months challenge?

Using the rules of the 3 month savings challenge, you’d need to save $416 per week for 12 weeks. Or $1,666 each month to achieve your goal of saving $5,000.

The idea of saving $5,000 in 3 months can be overwhelming. More so if you don’t have a high income or are paying off debt, but it’s doable. 

First, calculate how much you make each month. Next, look at your expenses.

Then, create a budget using a budgeting method. Plan how you’re going to spend every dollar you make in the next three months. Look where you can cut your spending and allocate all the extra money to savings.

In addition, you may need to find ways to make extra money, such as working overtime if that’s an option at your job. You can also start a side hustle. And don’t forget to look around your house, you may have household items that you can sell for quick cash.

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If you love saving money or trying out new challenges and you want to find more ideas like these, check out these posts next!

• 100 Day Challenge Ideas: 11 Ideas To Reach Your Goals
• 28 Different 30 Day Challenge Ideas Everyone Should Try
• A 30-Day Minimalism Challenge To Change Your Life
• 20 Couples Challenges To Improve Your Finances And Relationship

Save your way to success!

When you save money, you are setting yourself up for financial success. You will finally have an emergency fund for unexpected events and be able to take that dream vacation you deserve.

Doing money saving challenges with friends can also give you the extra accountability you need to actually complete the challenge!

If you’re ready to take control of your finances and build your savings, get our FREE Savings Challenge Bundle and get started now! Plus, if you love these money saving challenges you’ll love our expanded list of 30-day challenges for your life and money!

The post 18 Money Saving Challenges To Save More Money! appeared first on Clever Girl Finance.

Receiving a sudden financial windfall can come with many mixed emotions. It’s exciting and overwhelming all at the same time! When handled with care and used wisely, receiving a large sum of money provides a great opportunity to improve your financial situation.

Windfall money might materialize in the form of gifts, bonuses, settlements, inheritances, lottery winnings, property sales, etc. No matter the source of funds, getting any kind of financial windfall can immediately send your mind reeling with possibilities.

So, what would you do if you received a large lump sum of money? Would you save it, invest it, or treat yourself to a handful of nice things?

In this article, we’ll be looking at ten windfall finance tips to help you make the most of that extra cash. And use it to benefit your future!

What is a financial windfall?

Well, a windfall is usually like a surprise gift from the financial universe—it’s a sudden and unexpected influx of money. 

This money might not always be a complete shock. However, it is generally a fairly large sum of money that doesn’t come to you in a traditional way.

The best way to understand is to look at some examples.

Examples of financial windfalls

Here are a few of the diverse ways windfall money might come into the picture:

• Generous gifts from people in your life.
• Inheritances from family members who pass on.
• Extra bonuses at work that weren’t already factored into your total compensation.
• Winning the lottery/contests/sweepstakes (we all wish, right?)
• Settlements from legal proceedings.
• Tax refunds that are more than you expected.
• Successful investments that gained value suddenly/rapidly.
• Profits from selling something valuable, like an heirloom or piece of land. 
• Finding money you didn’t realize you had—make a habit of checking unclaimed property websites for states you’ve lived or worked in!

Even winning a small amount in a contest could be considered a financial windfall. 

However they enter your life, these unexpected surges of money can be both thrilling and a little stressful. The key to success is to approach them with a clear plan.

10 steps to manage a financial windfall

A situation like this might feel like a stroke of luck—and it is! But many people follow the impulse to use their money for short-term enjoyment, then end up with nothing to show for it later. You don’t want to be in the same boat! 

Handling a windfall wisely is crucial to ensure lasting benefits for your financial future. These 10 steps can help you handle your windfall finance planning with a future-focused mindset.

1. Don’t make any sudden decisions

Before doing anything with your financial windfall, pause! Take some time to think.

Put the money into different types of bank accounts like savings or a money market account, and refrain from touching it during this waiting period. You are more likely to make better decisions about the money if you don’t immediately start spending.

When you receive a good amount of money, there’s often a tendency to purchase or do things that you wouldn’t normally be able to do.

However, in many situations, rushing causes rash decisions. It is wise to take several weeks, or even a few months, to think about your options before making plans for the money. Waiting will help you be more rational and more intentional.

2. Consult with professionals for your windfall finance planning

During the waiting period, consult with a certified financial planner, a financial advisor, and/or a CPA to determine what to do concerning taxes. A large amount of money usually comes with tax implications and/or fees that need to be figured out before you make too many plans for the windfall.

After working through the tax portion, seek advice from your financial advisor or planner to come up with a good plan of action for the rest of the money.

Using your financial goals as a guide, work with a professional to establish (or update) your financial plan. They will be able to provide advice about the best ways to use the financial windfall to achieve your goals. That might include assessing your risk tolerance, helping you build an investment strategy, or figuring out how to save money for short-term objectives.

They can also help you determine which accounts are best to hold any savings that you don’t want to put into investments. 

3. Update or create your estate plan

If you don’t already have an estate plan, now would be a great time to create one. After receiving a significant amount of cash, your net worth and financial circumstances change. It’s a major life event.

You should update or create an estate plan to reflect the change. Consult with an estate attorney to make decisions about how your loved ones will be taken care of. Also, determine how your money and other assets will be distributed in the case of an unfortunate event.

4. Save some windfall money for emergencies

Set aside some of the money to start or build up your emergency fund. It’s a good idea to have at least 3 to 6 months of living expenses saved. Depending on the amount, receiving a financial windfall can help you fully fund your emergency fund.

Be proactive and save for those “just in case” moments when you may need access to cash quickly. You never know when you may need to tap into your short-term emergency savings, if you need to live without a job for a while, for a medical expense, or for another emergency.

5. Pay down or pay off high-interest debt

Paying off high-interest debt, such as paying off credit card debt, will save you a lot of money over time. Interest rates and fees can be very high on consumer debt. Throwing a big lump sum of money at those debts can be a game-changer! 

If the amount isn’t large enough to pay off all of your debt, paying down your balances is still progress. Not only will you save money fast by paying less interest, but you will also reduce the amount of time it takes to repay your creditors.

Paying off or paying down debt helps your regular monthly cash flow as well. It frees up income that you would normally allocate to debt repayment and allows you to use that cash elsewhere or invest it.

So, if you decide to use part of your money towards your debt, be sure to craft a debt reduction strategy for it!

6. Save for a large expense or upcoming goal

If you have a large expense coming up soon, you can use part of your financial windfall to jumpstart your savings for that expense. Or maybe there’s something that you want to purchase in the future that has a hefty price tag.

Acquiring a big amount of money can provide cash to set aside for that as well. Perhaps you are someone who desires homeownership. This would be a great opportunity to get your down payment and closing fees squared away.

Or, if you already own a home, you could put the money towards your mortgage. For those with high-interest rates on their mortgage, it can be smart to pay your loan balance down faster.

7. Invest your money

Take advantage of increases in value and compounding interest by investing to have money stashed away for the future. Get help from your certified financial planner with creating an investment strategy and setting up your investment accounts, such as index funds. 

Whether you want to invest for retirement, income, or growth, they can assist you in creating an investing plan that fits your goals and needs. Dollar-cost averaging is one simple way to make sure you’re diversifying your purchases across the highs and lows of the market.

Of course, investing doesn’t have to mean the stock market alone. You can also invest in a way that provides passive income to you now through an avenue like passive real estate investing or other income-producing assets. 

No matter your goals, please consult with a pro to determine the best way to approach investing for your particular situation. (Check out our article on what to do with 50k for ideas!)

8. Use your money to invest in yourself

Your cash can also be used as an opportunity to invest in yourself. You may want to invest in your education. Using your money could give you a chance to further your studies or make a career transition. 

Or maybe you have a unique side hustle that you’ve been working on. A large amount of money may be what you need to take it to the next level. 

If you have a viable idea for a business but haven’t had the capital to make it happen, maybe consider using a portion of the windfall to invest in yourself and your endeavors.

9. Do something nice for yourself

Many of the points that we have touched on so far aren’t inherently fun or exciting. There are a lot of “business” types of decisions that you’ll have to make, but don’t forget to treat yourself a little bit.

Set aside a small portion of the money to do something nice for yourself. Purchase something that you’ve had your eye on.

Take a nice family vacation. Take the opportunity to do something fun and exciting that you have been waiting to do or that you otherwise wouldn’t have had the chance to do. While a windfall is a great opportunity to make some financial strides, it also provides the chance to live a little.

10. Donate to a cause you’re passionate about

Help out others and donate to those who are less fortunate. Not only will you be doing a good deed for your community, but this may also lower your tax liability. Be sure to discuss this with your financial planner or financial advisor for specific guidance.

Pick a foundation or organization that you believe in and are passionate about, and bless them with a donation. They will be grateful for your contribution. And you will feel good about using your blessing to help those who are less fortunate.

Expert tip: Keep living your life normally

This little psychological tip can make it easier to handle a sudden influx of money: act like you don’t even have it! An attitude like this will help you avoid lifestyle inflation, aka “lifestyle creep.” 

Continue budgeting and spending just like you did before the financial windfall. Resist the temptation to immediately upgrade your living standards with the newfound funds. 

With this approach, you’ll be able to stay grounded and not get swept up in various short-term impulses and desires. Make your windfall finance plan, stick to it, and then put it out of your head.

Factoring in taxes

Before any visions of spending dance in your head, it’s crucial to consider the tax implications. 

Different types of windfalls may have different tax treatments. Inheritances, for instance, are generally tax-free, but windfall money from a lottery win or a bonus is typically taxable. 

Discussing with a tax professional can help you understand your obligations and plan accordingly. The last thing you want is to earmark all the money for other purposes, then get hit with a huge tax bill and scramble at the end of the year!

How do you deal with sudden financial windfall?

Handling a sudden financial windfall requires a thoughtful and strategic approach. Start by resisting the urge to make impulsive decisions. Give yourself a cool-down period to process your feelings before you take action.

While you wait, take the time to assess your financial goals and find examples of financial goals, whether it’s paying off debt, saving for the future, or investing. Make a list of priorities balanced between your wants, needs, and goals.

Another idea is consulting with a financial advisor to create a comprehensive plan tailored to your individual circumstances.

What should you do with a $1,000 windfall?

A $1,000 windfall is a great opportunity to establish or boost your emergency fund. Having a solid financial cushion can provide a sense of security and prevent you from going into debt in case of unexpected expenses. 

Alternatively, consider using it to pay off high-interest debt to save on interest payments and improve your overall financial health.

If you want to treat yourself a little, take $50 to $100 for lunch or dinner at a restaurant you like!

What should you do with a $5,000 windfall?

If you find yourself with a $5,000 financial windfall, you have more room to make impactful financial moves. 

Consider splitting the amount between debt repayment, savings, and investing. Tackling high-interest debt first can free up future income, while allocating a portion to an investment account can help your money grow over time.

If you want to take 5 to 10% of this amount for the “treat yourself” fund, that gives you $250 to $500 to play with. The windfall money could turn into a fun weekend away or a purchase of a bigger item that’s been on your wishlist.

What should you do with a $10,000 or more windfall?

A windfall of $10,000 or more opens up significant opportunities. Consider diversifying your investments and exploring a mix of stocks, bonds, and real estate. Paying off (or paying down) any substantial debts, such as student loans or a home mortgage, can also be a wise move. 

If your windfall is on the larger side, you could earmark a portion of it for a dream vacation, a newer car, or other pricier short-term goals. But be careful!

Decide how much you want to spend for personal enjoyment, prioritize your wants, and stay disciplined so you don’t exceed that amount. Otherwise, your money can have a way of disappearing quickly.

It may also be a chance to invest in your future dreams. Look into further education or business opportunities so you can turn that money into long-term financial stability.

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• How To Be Smart About Money: 5 Ways
• What To Do With $50K: 18 Smart Ideas To Grow Your Money!
• How To Manage Your Money: 19 Tips To Do It Right
• How To Budget: The 4 Best Budgeting Methods To Try!

Manage your large sum of money smartly!

Depending on the size of the windfall, doing a combination of the things listed above may be the best way to make the most of the situation.

However, no matter what, please remember to pause and take some time for your excitement and other feelings to level out.

It is exciting to acquire a financial windfall. It is exciting to think about all of the things that you will be able to do with that lump sum of money and how it will help you improve your financial situation. But without careful thought and consideration, it is also very easy to misuse the money and later regret it as a bad financial decision.

So if you receive a windfall, consult with financial professionals, be intentional, make progress towards your goals, and don’t forget to have a little bit of fun along the way!

Learn how to grow your money even more with our completely free “How investing works” bundle! For more great money tips, tune in to the Clever Girls Know podcast and YouTube channel!

The post How To Manage A Financial Windfall In 10 Steps appeared first on Clever Girl Finance.

Sometimes, no matter how much we think we are cutting back on spending, it’s not enough. Cutting back on things like gym memberships and Starbucks might be a good way to save money, but sometimes we need more. Instead, we need to resort to living on an extreme budget and finding extreme ways to save money.

I remember my family went through a tough time one year, and we ate nothing but chicken and rice for a full year. Why? Because my mom found a really good deal on chicken from a local farmer.

I couldn’t eat chicken for years after that, but my mom’s ingenuity helped keep food on the table even when money was tight.

If you’re looking for some ideas for saving, we’ve got you covered. Keep in mind that it doesn’t have to be forever, but over the short term, this approach can be very helpful for your finances.

Why would you want to find extreme ways to save money?

There are many reasons why you might want to find extreme ways to save money. Maybe you lost your job and have to live on your savings while you look for another job. Or maybe you want to finally pay off your credit card or other debt.

Living on an extreme budget can even be a good way to build up your emergency savings or build up your retirement savings fund. You might even find that some of these ideas not only save you money but simplify your life as well.

If you’ve fallen on hard times, it’s nothing to be ashamed of. In fact, over 37 million people live in poverty in the country of the U.S., according to the United States Census Bureau. But hopefully, these extreme money saving ideas can help you save a bit, even when times get tough.

Extreme ways to save money: 25 Ideas

So, are you ready to start cutting the budget and try out some of our extreme money saving ideas? You can try a couple or all 25. One thing is for sure: if money is tight, you will build your savings fast with these ideas!

1. Make your own toothpaste and deodorant

Did you know that you don’t need a lot of fancy ingredients to make your own toiletries? It’s very easy to make your own toothpaste and deodorant. All you need is some coconut oil, baking soda, essential oil, and a few other ingredients.

It can also be better for you, especially if you have sensitive skin and gums. Not to mention the environmental benefits. You can find some toothpaste and deodorant recipes on The Zero Waste Collective, as well as some other DIY skincare ideas.

2. Become vegetarian

Meat is expensive. Especially red meat. A quick way to save some money at grocery stores is to cut meat out of your life and become a vegetarian.

There are plenty of delicious vegetarian recipes, so you don’t need to cut down on taste, either.

Keep in mind that a vegetarian diet can be expensive if you’re buying out-of-season or are eating specialty products. And you’ll need to make sure you are getting enough protein through foods like nuts and chickpeas.

However, cutting meat can be beneficial if you are living on an extreme budget!

3. Turn off the A/C

Another extreme money saving tip is to turn off the A/C. I know this might sound too extreme. But did you know that A/C isn’t as common in some other parts of the world?

It makes sense, too. A/C takes up a lot of energy and can really drive up your electric bill. 

While turning off the A/C might not make sense everywhere in the U.S., at the very least, you can raise the temperature a little bit more than normal. Or consider a hand fan or good old-fashioned cold water clothes.

4. Lower the heating

On a similar note to the idea above, another extreme way to save money is to lower the heating. Like A/C, heating takes up a lot of energy, and the bill can be crazy, depending on the type of heating you have.

You can also try to insulate your house or apartment, which will help keep your home warmer. Put up plastic sheeting on your windows and make a door draft stopper with rice and an old pair of jeans or pants. Keep the doors of rooms closed as well, so your heating system doesn’t have to work as hard to heat up each room.

5. Mend your clothes and darn your socks

I started darning my socks as a way to be more sustainable, and I find it very relaxing. I usually darn socks while I am watching Netflix. Best of all, I haven’t had to buy new socks in nearly four years, thanks to darning.

You can use the same darning method to fix holes in your sweaters. Not only does this make your clothes look better but it also helps keep them in shape and lasting longer. You can learn something new and save your pennies!

6. Make your own cleaning supplies

Just like with toiletries, you don’t need tons of expensive products to clean. The most effective cleaning supplies are lemon, white vinegar, and baking soda.

In fact, baking soda is good for so many things around the house I always try to have at least two packets around.

Just mix up one part white vinegar and one part water, add in a lemon and let it infuse for a week. Then put it in a spray bottle, and you’re good to go!

It cleans just about anything. You can sprinkle some baking soda for tougher stains and dirt.

7. Freeze your food

Your freezer can hold just about anything and is the best resource when you’re living on an extreme budget. You can freeze fresh herbs in olive oil, freeze old bananas to use in shakes or bread, and even freeze leftovers so nothing goes to waste.

About 60 million tons of the food supply in the U.S. is thrown away each year, according to Recycle Track Systems. Freezing your food before it goes bad not only saves you money but also keeps it from sitting in landfills. Just make sure you keep track of what you have and eat it before it gets freezer burn!

8. Buy in bulk

Buying in bulk might seem counterintuitive at first, but buying in bulk can save you money in the long run. The only downside to this extreme saving strategy is that you might need more money upfront to buy in bulk.

Household items that you use often, like toilet paper, and even pantry staples like rice and pasta, are cheaper in the long run when you buy a lot of them. Practice better budgeting by adding your bulk spending into your budget in advance.

9. Get free cosmetics samples

You can sometimes get free samples of makeup and other beauty products.

In fact, my favorite lipgloss lasted me three years and was from a Sephora sample I received.

On top of that, you can actually request free samples in-store, except for a few products like mascara and lipstick. Big department store beauty counters also offer free samples too!

10. Dumpster dive

You never know what you might find in the dumpster. This one isn’t for the faint of heart, but if you’re an extreme money saver, you can find a lot of things that people throw away. That can include everything from clothes to furniture.

Just be careful about dumpster diving on private property.

11. Live with roommates

Living with others is a good way to save on big costs like splitting rent and utilities.

In fact, if you want to go really extreme, you can even share a bedroom. I did this one summer during a college internship in D.C. because, as an intern, I couldn’t afford the outrageous cost of living.

12. Use coupons

Coupons and coupon websites are still a thing and can really help you save money if you are living on an extreme budget. You can find coupon codes online these days, so do a quick Google search if you’re shopping online.

You can also watch for sales and only buy things you need, like new clothes or electronics when they go on sale. While it might seem like a lot of work at first, couponing can soon become a money-saving habit.

13. Attend networking events for free food

One extreme money saving hack I used during college was to go to opening events and networking parties. Why? For the free food.

Those days, that would often be my dinner. And I was able to network and meet some interesting people as well.

14. Stop using paper towels

Not only are paper towels bad for the environment, but they cost so much money. I always feel like the more paper towels I have, the more I need to use. A really great and cheap alternative is to use towels or even rags.

You can even start upcycling fashion or reusing clothes that are falling apart by cutting them up into rags, extending their life even more. Ditching paper towels is an excellent idea for those wanting to try extreme saving!

15. Use restaurant condiment packages instead of buying them

Every time I go to McDonald’s or Taco Bell, I feel like they give me so many condiment packages. So much so that I don’t even feel the need sometimes to buy ketchup bottles at home.

Another extreme and easy way to save money fast is to keep all the condiment packages and even ask for extras. You can even store them in your condiment bottles so you don’t have to worry about an overflow of small packages in your fridge. Saving condiments is a simple tip that doesn’t take much effort.

16. Save restaurant napkins

Getting extra napkins from restaurants is another one of those extreme ways to save money without much effort! I always ask for extras and carry a few in my purse. You never know when you’ll need them.

And why buy paper napkins when you can get them for free (well, minus the cost of the meal).

17. Brew your coffee or tea twice

This extreme money saving hack is a trick from my great-grandmother, who lived during the Great Depression. According to my dad, she would brew coffee in the morning and save the grounds to brew coffee again in the afternoon.

I’ve tried this hack, and while I find it difficult to brew my coffee twice, it’s a good trick to use with tea.

18. Always shop in the sale section

Whenever I need a new pair of jeans or a jacket, I always wait for the sale season and then head to the sales section. I don’t even bother looking at the front of the store but always head for the back. You might have to dig a little, but you’ll find what you need and save big bucks while you’re at it.

You can even find gifts for birthdays or holidays this way and save even more!

19. Take online surveys

While it might seem like everyone has an opinion on the internet, some people will actually pay you to give them your opinion. Places like Swagbucks and Survey Junkie pay you to answer surveys and sometimes even test products. It’s an easy way to earn some cashback.

20. Rent out a spare room in your home

If you have a spare room in your place, you can earn extra income by renting it out through Airbnb. The site has a calculator on its website to make it easy to figure out how much you can earn a week by renting.

Keep in mind though that you may have extra costs like cleaning. Plus, you will need to be okay with having strangers living in your house for a few days or weeks.

21. Sell your old clothes

Have an old pair of boots you thought were really cute but you never wear because the heels hurt too much? Instead of throwing them away or keeping them to collect dust at the back of your closet, you can sell them through marketplace apps like Poshmark.

It’s very easy to set up and takes very little time to maintain. Just snap a few well-lit photos, decide on your price, upload, and wait for someone to snatch up your old clothes.

22. Stop using the clothes dryer

If you want to save money, use your clothes dryer less or not at all. In the summer or whenever the weather is warm, you can dry your clothes outdoors pretty easily. In the winter, a drying rack comes in handy and saves you money on electricity.

To take it a step further, try using cold water in the washing machine. It can save energy!

23. Be mindful of your energy use

Take an assessment of the appliances and electronics in your home to see what’s plugged in and consuming energy. Be intentional about only plugging in appliances when they’re in use to save energy.

For example, the coffee pot, the toaster, and the phone charger only need to be plugged in sometimes. Obviously, some things like your refrigerator must stay plugged in constantly, but save where you can!

24. Start a garden

If you don’t mind some outdoor work and time, you can start a vegetable or herb garden to save money on groceries. Rather than purchasing these foods at the store, you can grow them in your garden!

Although there are many factors that determine the cost of a garden, you do have a chance to save money.

Here’s a great beginners guide to starting a vegetable garden.

25. Downsize your home

If you really want to lower expenses, consider downsizing your home to save on costs like rent/mortgage and utilities.

You can move to a smaller apartment or even explore tiny house living if you currently have too much space, and this adjustment will suit your lifestyle. If you are focused on an aggressive savings plan, this could be a good idea for you too.

However, if you have a large family with kids, downsizing may not work for you. Just do your research to be sure that your rent or mortgage and associated utilities will be cheaper.

Also keep in mind that downsizing a home can take time, especially if you need to sell your home or wait for a lease to end before you can downsize.

Expert tip: Extreme living does not have to be permanent

Living in an extreme way to save money can be difficult. It helps to remind yourself that this isn’t something you have to do indefinitely.

You might choose to do this for a few months while you find a new job, or for a year while you save up an emergency fund or pay off debt.

Have an end date in mind if you are trying out extreme ways to save money, and know that it will be worth the effort.

What causes extreme frugality?

Extreme frugality might be caused by necessity, or it may be that someone just really wants to save more money. There are many reasons, including job or income loss, a big savings goal, or wanting a simpler lifestyle.

Regardless of why you choose this, know that there are multiple ways to save cash!

How can I save insane amounts of money?

You could save insane amounts of money by being mindful of your spending and by being willing to make some serious lifestyle changes.

Extreme saving involves things like at-home meal planning, repairing items rather than buying new ones, learning to make your own household cleaning supplies and products, and learning how to coupon.

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If you found this article about extreme ways to save money helpful, check out these great reads next!

• 15 Extreme Frugal Living Ideas And Frugal Hacks!
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• 40 Crazy Weird Ways To Save Money!
• 33 Creative Ways To Save Money Right Now!

Use these extreme ways to save money to bulk your savings!

If you’re looking for extreme ways to save money there are lots of ways to save a bit of cash. From dumpster diving to clothes mending to taking surveys, with a bit of creativity and luck, you can easily save a few extra dollars every month.

And while it might not seem like a lot, after a few months, it will definitely add up. Get even more extreme frugality ideas here!

The post 25 Extreme Ways To Save Money appeared first on Clever Girl Finance.

Most of us have heard of various ways to save cash that can really work. And something like saving can be easier if you make it fun. That’s why so many people love finding weird ways to save money, like funny and crazy money-saving challenges.

My mom was famous for being frugal and finding odd ways to save cash. After all, having three kids makes you learn how to spend your money wisely.

Things like buying clothing secondhand, shopping for groceries at discount grocery stores, and repurposing leftovers were just a few things she did to save money for a vacation budget and such.

If she hadn’t been so frugal, we wouldn’t have had so many fun experiences. Saving money wherever you can will help you build up your savings accounts for more important things.

40 weird ways to save money

Whether you are a working mom or a career-oriented lady, saving money is a must. Check out these weird ways to save money.

1. Sell empty toilet paper rolls

You may scratch your head at this one, but people actually buy empty toilet paper rolls. They are used for crafts and other projects, and you can sell them on eBay.

So, rather than tossing those empty rolls in the trash, box them up and make some money moves now.

2. Sell your eggs

We’re not talking chicken eggs here, but your actual female reproductive eggs. It’s not an easy process, and you have to qualify to become an egg donor, but the average compensation for egg donors ranges from $5,000-$10,000, according to Egg Donor America.

It’s one of the most extreme frugal living ideas to save money—but a high-paying one at that. If you have frozen your eggs, this may also be an option.

3. Get paid for plasma

Selling plasma is a great, crazy thing to do to make money if you’re not afraid of needles. The average payout for a plasma donation is around $50, claims Business Insider. They also explain you can donate about once a month.

4. Make your own soap

If you enjoy money making crafts, then making your own soap and making your own laundry detergent is a fun way to save cash. Be even more frugal and buy your ingredients in bulk to make larger batches to save time.

5. Rent out your car

Move over Air B&B; now folks are renting out their cars for money. Some people earn several hundred dollars a month renting their vehicle on Turo. An idea like this is perfect for anyone working from home.

6. Live in a bus

Living in a bus can be one of the weird ways to save money. Skoolies are old-school buses that have been transformed into tiny homes or recreational vehicles. You can own your home and travel the country while saving money.

7. Cans for cash

Recycling is terrific for the environment, but you can also get some cash back for your good deed. Set up recycling bins at your friend’s and family’s houses too, and sell aluminum cans for cash.

8. Skip Christmas

You’ve heard of Christmas on a budget, but you could save a ton by skipping it altogether. A weekend getaway can even be cheaper than spending tons on gifts.

It doesn’t mean you’re a scrooge; you’re just preventing racking up credit card debt from guilty purchases.

9. Unplug your appliances

Did you know that some appliances still draw energy even when they aren’t in use? They are known as “energy vampires,” and they cost you money.

Simply unplugging appliances can save $100-$200 a year. These days, there are also energy-efficient appliances you can invest in. These appliances use less energy without decreasing performance.

Not that you should go out and buy one now, but it’s something to keep in mind when it’s time to replace your old appliances.

Bonus: Finding ways to save energy isn’t just good for your wallet—it’s also good for the planet, too!

10. Save money at the movies

I have to confess that I started saving money at the movies as a teenager. There is an 800% markup on those tasty treats! A drink and a box of candy will most likely cost over $10.

I always carried larger purses, so I opted to bring a can of Diet Coke and a bag of candy from the Dollar Store. Skip the popcorn and save that hard-earned cash instead!

11. Cancel cable

I saved over $1,000 in a year by canceling cable. Cable bills are a big expense, and it’s an unnecessary one. There are cable alternatives you can use to slash your entertainment bill and save cash.

12. Cut the air conditioning

You can save up to 10% a year on your electric bill by turning back your thermostat by 7-10 degrees.

Of course, it’s possible to save more by cutting off the air conditioning completely on days that aren’t unbearably hot. Open the windows, turn on the fan, and make this another one of those weird ways to save money.

13. Stop using paper towels

You can save a bit of cash by going green and ditching paper towels. Use a reusable sponge or cloth instead of throwing away money on paper towels.

If you still can’t quite cut them out, then at least opt for a cheaper brand.

14. Grab up condiments

Rather than tossing those extra condiments from your to-go order, start saving them so you don’t have to buy them as often. You can even grab a few extras when you eat in to take with you. Stocking up on condiments is one of the simplest funny ways to save money.

15. Save on gas

Intentional living can reduce frivolous spending. You can save on gas by running all of your errands on the same day if possible. The less you drive, the more money goes into your piggy bank instead of your gas tank.

16. Reuse plastic bags

Save cash and the planet by reusing your plastic bags. You wouldn’t believe all the fun ways you can reuse plastic bags!

Use them for crafts or storage. You can also replace expensive trash bags with old plastic bags, too.

17. Scope parking lots for loose change

My dad would pick up pennies while walking through parking lots. I thought it was hilarious, and he would say every penny leads to a dollar. Well, there is definitely truth behind this theory—even though it may sound like one of the crazy ways to save money.

Every bit of loose change is more money than you had before. Keep a piggy bank in your car, and scope parking lots for loose change whenever you’re out and about.

18. Dumpster dive

Dumpster diving is definitely one of the most interesting weird ways to save money.

However, I had a friend who would dive the dumpsters at retailers such as T.J. Max and find brand-new items in the trash! She would collect these items and sell them to pawn shops or online to make money. It’s insane the stuff people will throw away.

19. Repurpose leftovers

Americans waste 120 billion pounds of their food every year. Prevent waste and save on your grocery bill by repurposing leftovers or using a monthly meal planner. Taking last night’s dinner and recreating it with rice, beans, or other budget-friendly items can save cash and make a delicious meal.

20. Clean with vinegar

Cleaning supplies can get expensive. Buy white vinegar to clean your appliances, bathroom, and other household items.

It can be used for personal care, too! The best part is that it’s non-toxic and cleans amazingly well!

21. Potty-train your cat

As a first time cat owner, I’m not sure if this is the best idea, but some people have decided to opt out of buying expensive kitty litter by learning how to potty train their cats instead.

It’s one of the more unusual, funny ways to save money—but it may be worth the try!

22. Paint your roof

According to Horn Brothers Roofing, painting your roof white reflects heat rather than absorbing it, which results in lower energy bills. They also claim that a lighter-colored roof reflects sunlight back into the atmosphere, which may lessen global warming.

23. Freeze your credit cards

Do you struggle with impulse spending? If so, freezing your credit cards is one of those weird ways to save money that may just actually work for you. We aren’t talking about placing a freeze on them online—but literally freezing them in water.

Some people will put their credit cards in a plastic bag, fill them with water, and put them in the freezer. This keeps them from being easily accessed, which can help you with how to stop spending money.

24. Live in a tiny house

How much room do we really need anyway? Tiny homes are going mainstream—and with good reason.

Downsizing your home means you pay less in utilities, mortgage payments, and store less stuff. Some people own their homes free and clear, which is true financial security.

25. Meatless Monday

There are many yummy recipes that are meatless. Save cash by eating no meat one day a week and opting for the cheapest meals instead with beans or legumes.

These food items are not only great meat alternatives, but they also contain lots of protein and fiber. Plus, we could all use a few more veggies in our diet, right?

26. Stop wasting water

Leaky faucets and malfunctioning toilets aren’t the only ways we waste water. Think of how much water goes down the drain while you wait for it to get hot for your shower or while you wash your dishes in the sink. One of our funny ways to save money is to make use of that wasted water!

For example, keep a few pitchers and buckets in the bathroom to catch the cold water while you’re waiting for your shower to warm up. Then, re-use that water to clean your house or water your plants.

27. Repurpose jars

Glass jars can be repurposed for many uses. You can clean them out and use them as drinking glasses, storing items, or for craft projects. Like toilet paper rolls, you can sell empty jars on eBay for money.

28. Snack on food samples

My sister-in-law does this with her siblings. They head to Costco and snack on food samples instead of eating out for lunch. It’s one of her family’s favorite crazy ways to save money.

29. Get a roommate

Moving out on your own can strap you financially. Fortunately, a rent split with a roommate can free up quite a bit of money. More than likely, you will also split the bills, such as power, water, and cable.

30. Look out for free stuff

Refurnish your home for free by searching Craigslist and your neighborhood. People give away furniture all the time; all you have to do is go get it.

Sometimes you can find stuff by your neighbors’ garbage cans with free signs on them (definitely one of the weird ways to save money, but could be worth it!). You may even be able to find clothes, books, and other items too.

31. Heat half your house

My partner and I did this a lot when we were both working full-time. Since we weren’t home most of the day, we would cut the heat off in most of the rooms and shut the doors to save on our electricity bill. It might sound like one of the crazy ways to save money, but it works!

32. Eat ramen noodles for lunch

Okay, it’s not one of the healthiest things to do, but it’s a cheap lunch idea. A 24-pack of ramen noodles costs less than $10 dollars. You can eat lunch every day for almost a month with this purchase!

33. Discount days at Salvation Army

When I was little, my mom and I would go to the $1 day at Salvation Army. All clothing was only $1 per item! Check with your local Salvation Army for discount days to save on clothing and more.

34. Try a no-spend challenge

Want to become a super saver? One of the best weird ways to save money is by trying a no spend challenge. This is when you don’t spend any money on anything other than bills and necessities.

Start with a no-spend week, then work your way up to a month. Then, if you’re feeling really ambitious, you can try an entire year!

35. Walk or bike to work

Walking or biking to work is a super frugal way to start living a healthy lifestyle and save money. Even going one-way walking or biking will save gas money.

Worried about getting caught in the rain? If the weather is bad, you can walk there and hitch a ride with a co-worker home.

36. Cut out alcohol

Even if you only indulge in a few cocktails or glasses of wine a week, those charges can still add up. After all, $18 or $20 cocktails are becoming the norm—and that’s before adding tax or tip!

Imagine, if you normally treat yourself to two after-work cocktails per week, that adds up to $160 in a month! Simply ditching the alcoholic beverage is an easy (and healthy) way to save cash.

37. Hide your wallet

If you like the idea of freezing your credit cards but you’re a little wary of doing such an extra hack, try this one: Instead, hide your wallet.

When you get home at the end of the day, tuck your wallet somewhere that’s annoying to reach—like under the couch or on top of the fridge. With your wallet out of arm’s reach, you’ll be less likely to give in to impulses to do some online shopping.

38. Take a cold shower

Okay, you might not want to do this one in the dead of winter—but it should be fair game on most days of the year.

Another one of our favorite weird ways to save money is to take a cold shower. You’re consuming less hot water—and lowering your monthly bills.

Plus, many health experts even like to tout the benefits of cold showers, so it’s certainly worth a try!

39. Pay your bills on time

Hopefully, you’re already paying your bills on time. But if you tend to procrastinate when it comes time to pay your internet or phone bill, here’s some more motivation for you: paying your bills on time helps you save cash.

How? By avoiding hefty late fees.

Sure, these $20 fines here and there may not feel like a lot. But if you frequently pay your bills late, this expense can cost hundreds of dollars in the long run.

Pro tip: Make sure you’re never behind on a bill again by linking your bills to your bank accounts with auto-pay.

40. Give homemade birthday gifts

Naturally, you want to spoil your loved ones on their birthdays. But if you’re in a tight spot and trying to save cash, sometimes these events can add undue stress to your life.

Instead, consider giving your loved ones homemade gifts for their birthdays. Often, these made-with-love, straight-from-the-heart gifts are much more meaningful than what you’ll find in a store, anyway.

For example, your grandma would probably love to spend a half an hour on the phone with you or receiving a handwritten letter in the mail. And that only costs a few cents!

You could also surprise your friend with a memory journal detailing all your favorite hang-outs and funniest moments from the past year. After all, who doesn’t love a walk down memory lane?

Expert tip: Ditch the plastic and pay with cash

In today’s day and age, it can actually seem like one of the really weird ways to save money: paying with cash.
Seriously, a Forbes survey reveals that only 9% of Americans primarily pay with cash. But credit cards, debit cards, and contactless payment make it all too easy to load up your shopping cart with junk you don’t need or worse—impulsively shopping on Amazon.

If you want to challenge yourself to save cash, try only paying in cash for one month (except for bills like rent, internet, electricity, etc.). You’ll probably be surprised how much less often you make purchases!

What are the best ways to dramatically save money?

One of the best ways to dramatically save money is to do a money-saving challenge. For example, you can commit to a no spend January challenge, where you don’t buy anything but essentials for that month. This challenge can also be done during any month of the year.

If you’re a big coffee drinker, you can also dramatically save more money in a year by doing a coffee break challenge, where you save all the money you would otherwise spend on a latte or cappuccino.

How can I save $10,000 easily?

The easiest way to save $10,000 easily is to break it down month by month. In other words, to save $10k in a year, you would need to save $833 per month.

Next, look at your lifestyle and determine what you can cut from your monthly expenses, such as eating out, take-out coffees, unnecessary subscriptions, manicures, etc.

Finally, to help you reach your saving target, look for ways to increase your income by starting a side hustle, asking for a raise, or trying to find a new job.

Are weird ways to save money worth it?

Leveraging weird ways to save cash can help you take home some big bucks, but these methods aren’t for everyone. Selling your eggs, donating plasma, and living in a tiny house are some seriously weird ways to save money. It’s okay if these ideas aren’t for you. Keep in mind that weird doesn’t mean bad, it just means different!

You can also save money with more conventional methods, e.g., eating at home, making your own coffee, selling old clothes, using a coupon when you make a purchase, etc.

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If you enjoyed this article on new ways to save, read these posts next!

• 20 Debt Free Quotes To Inspire You!
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• 20 Ideas For Sustainable Christmas Gifts
• 25 Ideas For How To Save Money Each Month

Make your paychecks last longer with these funny ways to save money!

Applying some or all of these ideas can help you save cash to bulk up your emergency fund or even learn how to start investing.

Most importantly, living a frugal lifestyle can set you free from massive debt and help prevent you from busting your budget. Check out more crazy ways to save money with our extreme frugal living hacks.

The post 40 Crazy Weird Ways To Save Money! appeared first on Clever Girl Finance.

Does it feel like the holiday season sneaks up on you every year? Instead of getting caught with a cash shortage come year-end, it’s a great idea to put money aside earlier in the year for gifts and travel. That said, you can leverage Christmas Club Accounts to automate your savings to make the holidays a lot more affordable!

With Christmas season/holiday debt continuing to grow year over year, saving money has never been more important. In fact, 4 in 10 people say they expect to go into debt over the holidays, according to a U.S. News & World Report study.

That said, by using a Christmas club, you’ll have a chance to experience less stress and enjoy the holidays more by avoiding credit cards, saving money, and using cash instead.

Do people still use Christmas clubs?

The short answer is yes, people do still use Christmas clubs. While Christmas clubs may have had more popularity in your parents’ (or grandparents’!) generation, they still exist.

According to AGFinancial, the 1950s and 60s were the most popular times to have an account like this, with less popularity in the 1970s.

But they’ve stood the test of time because the holidays return every year. And seemingly with more elaborate celebrations and wish lists and a more expensive holiday shopping season.

It makes sense to siphon off a little of your paycheck every month rather than blowing your budget out of the water once the holidays roll around.

What is a Christmas club account?

A Christmas Club, also called a holiday club account, is a type of savings account that’s been specially tagged for your holiday fund. It’s essentially there to help you with how to prepare for Christmas, similar to how vacation clubs can help you pay for travel.

Most people use their Christmas club savings on Christmas gifts, travel, and other holiday spending. Things like more expensive meals, outfits, and outings, as well.

The Christmas club savings is just one type of savings club. Another popular example is the Susu (find out “what is a Susu” here).

How does a Christmas club account work?

Many community banks and credit unions offer Christmas club savings accounts where you can start saving money for Christmas. The idea is to open an account as early in the year as possible so you have time to save for the upcoming holiday season.

You can then make consistent payments when you choose (weekly, bi-weekly, monthly, or quarterly) into the account with the intention of withdrawing the cash from the account around November 1 of each year.

Many accounts have a low minimum opening deposit to get started, as well. That said, it’s a good idea to make automatic deposits as you budget by paycheck in order to save for the holidays.

However, if you find that you need to make a withdrawal before the set time, you may get an early withdrawal penalty. Think of this penalty as a way to ensure you don’t get tempted to spend the money you have in the account before the holidays!

Why should you use a Christmas savings account?

Using a Christmas savings account can save you the stress of feeling like you don’t have enough money when the holidays approach. Your Christmas shopping is easier if you plan for it all year.

When you open your Christmas savings account, you can generally choose to have your contribution as a direct deposit from your paycheck.

Setting up this direct deposit can help you save without “feeling” the deduction or handling any transactions. Often, you can even set up an automatic transfer from the Christmas club account to your normal account on November 1st.

Now you have a general idea of this account type, let’s get into the pros and cons.

Pros of Christmas clubs

Contributing to a Christmas club is a hands-off way to build positive money habits of saving. You’ll quickly see that every little bit adds up.

Additionally, spreading out the expenses across the entire year makes the holidays much more manageable.

A Christmas savings account is perfect if you (or your partner) lack self-restraint or lose track of your money goals and prefer set-it-and-forget-it style savings.

A Christmas club account might even help you avoid credit card debt if you have a tendency to overspend around the holidays. Plus, it feels like a bonus at the end of the year. You’ll access all this cash you probably didn’t feel was missing in the first place.

In addition, Christmas savings are a great way to know in advance how much you want to spend on the holidays and force yourself to stick to a budget. You can know exactly how much you have to spend by checking your account balance.

Cons of Christmas clubs

Most Christmas clubs don’t earn great interest.

Additionally, in most cases, your money is tied up until around November 1, making it unavailable if you need emergency cash. Otherwise you might have to pay a fee to access your money early.

Plus, just because you open a Christmas savings account doesn’t mean it’ll be enough to cover all your holiday expenses. If you didn’t budget correctly throughout the year, you might still feel some holiday financial strain.

Additionally, if you have an irregular income or are on a strict budget, you may find that the money you want to deposit to your Christmas fund needs to pay for other things. In this case, a direct deposit each month may not be the best choice.

Expert tip: Stretch your Christmas budget with inexpensive ideas

Christmas clubs can help you save a good amount for the holidays. But remember that you can also stick to a budget and find inexpensive ways to celebrate.

For instance, can you bake cookies for your co-workers and friends instead of buying expensive gifts? Or perhaps you can send homemade cards rather than spending a fortune on holiday cards.

If you cut back on certain things, then there will be more money left for the more expensive items on your list, such as travel or a costly Christmas present.

Where can you open a Christmas club account?

You can open a Christmas club account in a couple of different places. Check out these options:

Credit unions

When it comes to Christmas clubs, credit unions are your best bet. 

What are some of the differences between credit union and banks? Well credit unions are non-profits and generally community-focused, have accessible customer service, and low fees. Banks, on the other hand, are for-profit.

If you bank at a credit union, ask them what they offer as far as Christmas savings.

Community banks

You can also check with your community bank and see if they offer Christmas savings accounts. Community banks usually focused on serving customers in the community where they live and work. This allows the community to grow.

As a result, it is not uncommon for community banks to offer Christmas savings accounts. If not, they will certainly have regular savings account options that you can use instead. Remember, there are many ways to save up for the holidays.

Other types of Christmas Savings Accounts

Having an account that is labeled as a Christmas fund isn’t the only way to save. Here are some other smart solutions:

Cash envelopes

Christmas savings accounts are like an automated digital envelope system. The principle of allocating funds to specific causes extends beyond the holidays.

If you prefer to work with cash or find it easier, then try out the cash envelope system. Keep an envelope labeled “holiday expenses” and add money to it each month. Or do a digital version of this by setting money aside each month.

Certificate of Deposit

You can also do a “DIY” Christmas savings account by putting your money into a Certificate of Deposit (CD).

A Certificate of Deposit locks your money away for a set amount of time, after which you can receive a higher amount of interest than a standard savings account.

High-yield savings account

Even a non-specific high-yield savings account could be a useful option for your holiday savings if you know you’ll be able to let the money grow and resist the urge to take it out before the holidays. (Because, in this case, the account itself won’t block you from withdrawing early like a Christmas club or Certificate of Deposit does.)

Traditional savings account

Another option is to simply use a regular savings account. If you aren’t overly concerned about earning interest (and since it’s a short term savings goal, interest isn’t the main factor), you can try this out instead.

Just open a regular savings account at your bank and then mark it for holiday expenses. Even utilize direct deposits if you want. It will help you do Christmas on a budget.

Are Christmas Clubs worth it?

Christmas clubs can be worth it if you want an easy way to save for the holidays. They enable you to save up money almost without thinking about it, which can be great.

Then, by the time you’re ready to consider a holiday budget, the funds are already there.

However, there are also many other ways to save for the holidays, and this idea doesn’t work well for everyone, particularly if your bank or credit union doesn’t offer a holiday club option.

What can I use instead of a Christmas club?

You can use many other accounts instead of a Christmas club, including a savings account, a CD, or even try saving money in a jar that you add cash to throughout the year.

There are a variety of ways to save up money. The most important thing is to be consistent with your savings rate and budgeting so you have what you need when December rolls around.

Do Christmas club accounts still exist?

Yes, these accounts do still exist. They are not as popular as they were decades ago, but you can still use them to fund your holiday goals.

Opening an account like this is a great way to save and can also make your other short term savings goals easier. When you automatically deposit money, you won’t miss it, and you can focus instead on other expenses.

Do banks have Christmas club accounts?

Yes, many banks have a Christmas club option, specifically community banks and credit unions. That said, it never hurts to ask your traditional bank about this.

Find out if your financial institution offers this holiday savings option that can help you save money, or if not, consider their other savings account options.

Articles related to saving for Christmas

If you enjoyed reading about Christmas clubs and would like to hear more, check out these other posts!

• Christmas On A Budget: How To Save Money For Christmas!
• Are You Ready For Christmas? How To Avoid The Last Minute Rush!
• What Are Savings Clubs And How Do They Work?
• How To Build A Holiday Fund!

Leverage Christmas club accounts to save stress-free!

There are plenty of sources of stress in life—celebrating the holidays with your loved ones or taking part in impulse spending at Christmas shouldn’t be one of them. Regardless of how you choose to save, don’t let the holidays derail your budget.

Close out the year thankful for what you have and what you’ve earned. In fact, why not try a 30 days of gratitude challenge in December? Then head into the new year feeling grateful and with your budget on point!

The post How Does A Christmas Club Account Work? appeared first on Clever Girl Finance.

Finding creative ways to save money can make all the difference when it comes to your personal finances. Saving money whenever possible is important. It can help build your emergency fund, save for a vacation, or even free up money so you can start investing.

For example, simply saving $10 a week from your paycheck adds up to $520 in a year. There’s bound to be at least one or two things you can put into effect to help improve your finances.

Knowing how to save money from salary or biweekly pay doesn’t have to be hard, and once you get started it can actually get pretty addicting and fun too!

Top 33 creative ways to save money!

Are you ready to start saving your hard-earned money? Get started with these fantastic creative ways to save money!

1. Declutter

One of our favorite creative ways to save money is by decluttering your life. Decluttering is an excellent way to learn how to increase your income.

For instance, go through your closet and your house, and sell the things you don’t need or use. Put the money you earn into savings or use it to pay down debt.

There are plenty of items you probably don’t use and could make money from, like unused appliances, electronics, and more.

2. Detox

Do an inbox detox. Unsubscribe from retailer emails so you don’t get tempted to make impulse purchases every time they announce a sale or discount. Trust me—there will always be another sale!

3. DIY your hair and nails

Cut your salon visits by half by doing your own hair and nails instead. You’ll save a ton of money, and you’ll still look beautiful. This is one of my favorite creative ways to save money.

In addition, you can create a minimalist skincare routine to save time and money on products.

4. Consider cost per wear

For every clothing purchase you make, ask yourself, “How often will I wear this?” Consider your cost per wear. If you aren’t going to wear it enough, it’s probably not worth it.

5. A sewing kit is your friend

One of the best creative ways to save money is to keep your clothing in top shape by investing in a sewing kit. The next time something rips, see if you can repair it before you buy a replacement. In addition, sewing kits are super cheap.

6. Join your local library

Love reading? Join your local library and borrow books for free instead of buying new titles. You’d be surprised how the savings add up.

Be sure to check out apps like Libby, where you can borrow digital and also audiobooks from your local library without having to go in!

7. Get “cancel” happy

If you aren’t using that subscription service, cancel it! From gym memberships to magazine subscriptions to cable, too many people have paid subscriptions sitting around that they barely use. Get rid of unneeded streaming services and other cable alternatives, and then watch the money start to pile up.

8. Overspending? Freeze the plastic

Here’s one of the funniest personal finance tips: Freeze your credit cards! Getting them out of a block of ice is an inconvenience (a highly annoying one) that will slow down bad habits when you need to know how to stop spending money. It’s one of the more extreme creative ways to save money.

9. Plan meals in advance

Challenge yourself to pack lunch every day for a week or a month. Meal planning and cold lunch ideas are healthy and also easy! Put the money you save into savings or toward your debt.

10. Create a grocery list

Create a list before you go grocery shopping based on what you need at home! A list will help you avoid impulse spending, especially at the grocery store.

One of my favorite apps to save money is Ibotta. I use it to see what offers I can get cashback on at my local grocery store.

They send you the money via a Paypal deposit or gift card once your account hits $20. Always a nice perk!

And if you prefer the old school way, you can still find coupons for everything from bottled water to pasta and other pantry staples.

11. Always compare rates

One of the best personal finance tips for different types of insurance? Shop around yearly and compare your insurance rates to see if you can get a better deal on your current coverage needs.

12. Keep the change

Gather up any loose change in your house and car, and then make a deposit in your savings account or a payment if you’re in over your head with debt. A creative savings method like this might earn you anywhere from $10 to $50 or more, depending on how much change you find. Do this multiple times a year to maximize savings.

13. Go lean at the movies; take a big bag

Looking for personal finance tips that reduce the cost of outings with kids? Skip the overpriced concession/snack stand at the movies. Pack your own snacks in your big handbag for a creative way to save money.

14. Start a spending journal

Wonder where your money is going? A creative way to save money is to start a spending journal and track your spending for 30 days. You’ll start to see where it’s going, and then you can make changes.

15. Organize your bill due dates

Stressed with different bill due dates? Call your providers and then ask to move your bill due dates so they are all around the same time. Your payments will be the same, but paying off your bills for the month all at once can ease anxiety and help you see what money you still have to work with.

16. New month, new budget

Create a new budget for each new month as one of the creative ways to save money. No two months are quite the same, so adjust your budget accordingly.

Not a fan of budgeting? You probably need to try out a few different methods to find better budgeting that works for you.

17. Pay more than the minimum on debt

Pay way more than the minimum toward your debts whenever possible to accelerate your debt payoff. Try the debt snowball worksheet to really win with debt.

Find out more about your credit cards, how student loans work, mortgages, etc. – be sure your extra payments are going toward your principal balance, and you know how much you owe.

18. Know your interest rates, prioritize your debt

Are you aware of the interest rates on any debt you have? You need to be to determine your payoff priority.

In addition, having a payoff priority will help you create an effective plan to get rid of your debt quickly with a debt reduction strategy.

19. Get an emergency fund in place

Having an emergency fund in place makes you less likely to leverage debt to deal with an unplanned situation. Another of my favorite personal finance tips is to start with $1,000.

Once you’re able to get rid of your high-interest debt, increase it to 3 and then 6 months of your basic living expenses.

20. Negotiate everything

Got a job offer on the table? Negotiate more than just your salary—think vacation days, bonuses, work hours, etc.

The most beneficial and creative way to save money is to know your worth and get the benefits and also the pay you deserve! Understand how to ask for a raise and know what the typical pay is for your profession.

Negotiating some bills and expenses is also possible, so take a look at what you’re currently paying and see if you can find any deals.

21. Save for retirement

Probably one of the best personal finance tips out there is to start your retirement savings as soon as you are able. If your employer offers a match, take it—it’s free money. Having a long-term plan for retirement savings will also ensure you actually live out the life you dream of having in retirement.

22. Don’t wait to invest

When discussing investing, you don’t have to be a millionaire to begin. Start small with what you have and leverage platforms like Acorns, and also Stash, and a fav of mine, Stockpile. You’ll be surprised how quickly things add up.

23. Get the right insurance

You need the right type and adequate amount of insurance in place: auto, health, disability, life, home, renter’s, pet, etc. Not having insurance or having inadequate insurance can mess up your financial plans in the event that something unplanned happens.

Insurance helps you to be prepared, so be sure you understand the importance of life insurance and why it’s essential to have insurance for your car and home.

24. Become accountable

Accountability helps you stay on top of your goals. Find an accountability partner to keep you focused as you build wealth, and also find creative savings methods. You are more likely to succeed when you put your goals out there.

25. Create a money-savings chart

Money savings charts are another way to hold yourself accountable, and this method helps you with tracking savings. There are lots of charts you can print and then use for specific savings goals.

Whether you are trying to save your first $1,000 or want to have Christmas on a budget, these charts will help you attain your goal more easily.

26. Try a money-savings challenge

One of the most fun and creative ways to save money is participating in a money saving challenge! A money-savings challenge is when you save a certain amount of money depending on what the rules are.

For example, the 52 week money challenge has you save a specific amount every week for 52 weeks. When the challenge is over, you save $1378! Pick a challenge that excites you and that you can incorporate into your monthly budget.

27. Automate your savings

It’s much too easy to forget to transfer over your weekly savings deposits. That’s why knowing how to automate your finances will ensure you are consistently saving money every week.

You can set up a specific amount or even a percentage of your paycheck. Set up automatic transfers to bulk up your savings fast.

28. Find free things to do

We all need to have fun, but going out can get costly. However, you wouldn’t believe how many cheap and free things there are to do. Simply google free things to do and the name of your town and find free events and activities on a budget.

Who knows? You might find concerts, free museum days, and more. Find fun things to do for free with friends and family.

29. Set a daily routine for your finances

One of the best creative ways to save money is to set a daily routine schedule for your finances. Creating good money habits by daily checking in on your finances keeps you accountable and also focused on your financial goals.

30. Remember – gratitude always

Be grateful for what you have. Gratitude makes you content. And contentment curbs unnecessary spending.

When you’re tempted to go on a shopping spree or spend more than you need to, think of a few things you’re thankful for instead, and maybe even try a daily gratitude list.

31. Utility expenses

Your utility bill will cost you some money each month, but you have a lot of control over how much.

For example, consider how to save money on water by doing laundry only when needed, not just for a t-shirt or one pair of socks. And finding out how to lower electric bill expenses is simple. You can begin by turning off lights and being more aware of costs.

32. Unconventional food savings

Even if your grocery bill is as low as possible, you could save more by gardening, canning food, and eating leftovers. 

Instead of putting items in your fridge and them turning into food waste, make sure you make meals that use all the ingredients you have. Learn to care for a garden and grow some vegetables. You may also can food and store it.

33. Shop thrifty

One of the best creative ways to save money? Consider shifting your spending habits so you can become more thrifty. Start shopping second-hand for items like clothing and furniture, and check out thrift stores instead of department stores.

Shopping thrifty doesn’t have to be difficult, either. When you do have a shopping list, simply check out options that would cost you less for the same thing.

Expert tip: Start with one savings idea

Don’t become overwhelmed with the options for saving. Instead, just pick one and go for it. Build up your confidence by adding one money saving idea to your life, and then another, and so on.

You’ll be encouraged when you see how much money you get to keep instead of spend.

How can I consistently save money creatively?

Save consistently by keeping things interesting. Try different creative ideas each month or week, and challenge yourself to save. It will seem more fun that way, and you’ll want to continue.

Something you should always consider is the purpose of budgets. Be sure to have one for your finances, even as you look for other ways to save.

Is it easy to find creative savings?

Yes, there are probably saving opportunities all around you. From spending less on electricity to decluttering, you can find ways to hold onto more of your cash. And you don’t have to overthink it too much, simply pick a way to save and get started!

Does saving creatively help me save large amounts of money?

Yes! It may seem that these savings are only small amounts, but with time and consistency, they can add up! A savings of $5 or $10 here and there can lead to more savings, and you can learn how to grow your money, too, if you invest!

Related posts to creative savings

• 18 Money-Saving Challenges To Save More Money!
• How To Do A 6-Month Savings Challenge!
• 21 Realistic Ways For How To Save Money Fast!
• Try A Money Saving Game! 15 Grown-Up Savings Games To Try!

Get creative and save more money starting today!

Cutting expenses and finding creative savings ideas to save up money is one of the best ways to get out of debt and bulk up your bank account. Try one or two tips to get started and then build from there. Once you see how much you save, you’ll be motivated to do more!

Interested in getting out of debt, saving money, and also becoming financially successful? Enroll in our free financial courses and worksheets to start your journey to financial success!

The post 33 Creative Ways To Save Money Right Now! appeared first on Clever Girl Finance.

A big part of financial wellness is setting and meeting financial goals. Creating a savings goal is one of the most common types of financial goals. For example, learning how to save $5000 in 3 months.

Why should you know how to save 5k in 3 months? Some good reasons are figuring out how to save up for a house or wanting to buy a new car.

You don’t always need to have a specific use for your savings in mind, however. Maybe you just want to save $5,000 to pad your emergency fund.

Saving $5k in just a few months might seem intimidating, but by learning how to increase your income and lower your expenses, you can reach your goal.

Let’s explore this by breaking down the numbers with a “how to save 5000 in 3 months chart” and going over actionable tips you can use today.

What does saving 5k in 3 months look like?

Saving $5,000 can feel like a big task when you look at your goal in one lump sum. It can lead to feeling overwhelmed, which in turn could cause you to veer from your goal.

The best way to make short-term savings goals feel more realistic is to break them down into bite-sized pieces. Think of these smaller pieces as mini goals on your way to achieving your main savings goal.

In addition, looking at your mini-goals can help you understand how to meet your larger goal.

Monthly savings to reach $5,000 in 3 months

When learning how to save $5000 in 3 months, break your goal down monthly. You’ll need to save approximately $1,667 per month to reach your three-month goal.

A monthly goal is a great place to start when setting larger financial goals. Because a month feels like an incredibly natural timeline for many of us. We often plan by the month for monthly expenses and also events.

Using a monthly breakdown of your $5,000 lets you add your savings to your monthly calendar.

Bi-Weekly savings to save $5000 in 3 months

There are 12 weeks in a 3-month timeline, which means there are 6 bi-weeks. In order to save $5,000 in three months, you’ll need to save just over $833 every two weeks with your biweekly budget.

If you’re paid bi-weekly, you can easily compare your bi-weekly savings goal with your paycheck. It’s a simple way to see if saving $5,000 in 3 months is reasonable.

It’s also a good way to determine how much more money you need to earn per paycheck or cut from expenses.

Weekly savings to get to $5000 in 3 months

Finally, you can look at the weekly savings necessary to save 5k in 3 months. You’ll have to put about $417 toward savings each week to reach your $5,000 goal.

Weekly savings goals are the smallest but also the shortest timeline. They can be a good reminder to keep yourself on track. However, it can be disheartening if you miss your weekly goal.

In order to meet your goal of budgeting weekly, you may have to hustle a little harder in the next weeks to make up the difference.

Practical tips for saving 5k in 3 months

Saving more than $1,500 extra each month is a lofty goal for many. For example, someone who works a lower-wage job may find it difficult to save the extra money needed to reach $5,000 in 3 months.

Additionally, someone who makes a lot of money might have debt that lowers their saving potential.

It’s usually a smart idea to assess your income and expenses before setting a savings goal. It will help you create a realistic goal. Furthermore, it’s a good way to see how much money you have available for saving each month.

After figuring out how to save 5k in 3 months, it’s time to start saving. So use these tips to help you realistically meet your goal and find motivation for saving money.

1. Increase your earnings

On paper, the easiest way to save more money is to make more money. However, you can only work so many hours a day. You may need to work more and be efficient with your time.

However, once you find a way to earn more money, saving the extra can be easy! Let’s say you work a full-time job. It pays all of your regular bills, and you can even save a little.

You also start a side hustle and make a few extra hundred a month. Try these ideas for how to make 300 dollars fast. That extra money can go directly to your savings goal!

Side hustles

The first way to make extra money is by starting one of the many unique side hustles out there. Side hustles are one of the very best ways to increase your income. Generally, a side hustle involves working as a contractor or starting your own business.

The easiest side hustles to start are gig work, such as driving for Uber or even for Lyft or delivering food with DoorDash. Although it’s easy to get started, how much you can make could be limited.

For example, you drive for Uber but live in a smaller city. The demand may not be too high, so you won’t earn as much as someone in a big city.

Starting your own business from scratch is more difficult to start than gig work. However, your earning potential is unlimited, and you may be able to work flexible hours.

And running your own business can give you valuable skills to use in your career. Additionally, a successful side hustle could potentially become your full-time work in the long run.

Not sure where to start? The best business ideas for women include:

• Making and selling goods on Etsy
• Finding out how to become a virtual assistant with no experience
• Starting a freelance writing, graphic design, or web development business
• Creating and selling online courses

A word of caution: beware of any programs that want you to pay money for work or investment opportunities. There’s a good chance it’s an investment scam.

Negotiating a raise

Do you work a busy job but still want to learn how to save 5k in 3 months? Don’t worry! There’s a simple way to increase your income without adding more stress-ask for a raise.

Many women feel awkward or nervous and don’t know how to ask for a raise. However, you will likely increase your chance of success by being prepared.

Ask your boss for some time, and be clear that you’re asking for a raise. Come to the meeting with research on salary information for your job duties.

In addition, make a list before the meeting of any extra tasks you’ve accomplished to show your value.

Selling your stuff

Another way to make more income is to find household items to sell for quick cash. Online marketplaces like Etsy, Facebook Marketplace, eBay, and Poshmark make selling your belongings online easy.

Firstly, go through your home. Clean out those closets and storage spaces to find the things you rarely use. Afterward, sort your things into three categories-sell, donate, and trash.

While clothes are one of the most obvious things you can sell, they’re not the only option. A few other things you can sell include:

• Gently used electronics
• Books
• Furniture
• Home décor
• Kitchen items
• Lawn care or gardening supplies

2. Use discounts and coupons

Taking advantage of discounts or using coupons can help you lower costs on your regular purchases. Accordingly, this helps you have more money available to save $5000 in 3 months.

Grocery stores or gas stations are a good place to begin, as are the best coupon websites.

Many of these types of stores have loyalty discount programs. Even better? Most of these rewards programs are free to join.

If there’s a store you regularly visit, it makes sense to sign up for discounts.

Another place to check for discounts is through your work or any organization where you’re a member. Many employers offer discounts to employees on everything from car insurance to cell phone plans. Just make sure that the discount really saves you money before you use it.

Ask your human resources department about any discount available to employees.

In addition to using discount programs, you can clip coupons. Thanks to technology, many stores even have coupons in digital format. Meaning you won’t have to carry around physical coupons to save money.

3. Plan ahead when shopping

A no-spend month is a fantastic way to save money on non-necessities. Eventually, however, you’re going to spend some money, particularly with your grocery budget.

That doesn’t mean you have to spend recklessly.

Planning your shopping trips is one of the great ways to cut back on unnecessary spending. Having a plan-and a shopping list-lets you enjoy the act of shopping without feeling guilty. You’ll also avoid impulse purchases!

Budget meal planning and prepping is a good way to start planning your shopping trips. Before going to the store, make a plan for what you’ll cook that week. Write down all of the ingredients for recipes as well as the pantry staples you need.

Then, when you go to the store, you’ll have a direct list to guide you through the aisles. Be aware you’ll still need to practice self-control to keep your grocery bill low. Even with a shopping list, it’s often easy to grab something you don’t need.

You may also check out discount grocery store options while you’re trying to save, and avoid name-brand purchases.

4. Cut your biggest expenses

Everyone has necessary expenses each month. One simple way to figure out how to save $5000 in 3 months is to reduce those expenses with extreme frugal living.

For most of us, the biggest expenses are rent or mortgage payments, utilities, and insurance costs. Debt, such as a large car payment or student loans, can also add to your monthly expenses.

Since these are necessities, you won’t be able to simply cut these expenses out. That doesn’t mean you can’t lower them, however.

Firstly, list your necessary monthly expenses. Secondly, go through the list and make notes on which expenses are negotiable or adjustable.

For instance, you can save money on car expenses and car insurance. Talk with your insurance agent about discounts you might qualify for.

In addition, try to spend less on gas by carpooling to work.

Utilities and energy costs are other places to save money each month. You can lower your utility bill by making your home more efficient. Some ideas to cut energy costs include:

• Opening curtains to let the sunlight heat your home.
• Sealing cracks in windows and exterior doors.
• Using cold water to wash clothes and taking shorter hot showers.

5. Look for small savings

Cutting out small expenses is a classic piece of financial advice. It usually goes like this:

Save money by packing lunch for work, making coffee at home, and skipping avocado toast.

While all of those things can help you save money, they’re not the only way to save money. The key to saving more by spending less isn’t to give up something you love. Instead, it’s to make small changes that can add up over time.

So, if your fancy coffee from the local coffee shop is a highlight of your day, you don’t have to give it up. However, you should still look through your money habits and find at least one small expense to cut.

For example, you pay for Netflix each month, but you only watch it when a new season of your favorite show comes out. So you can cancel your subscriptions in between seasons (Netflix even keeps your viewing history for 10 months). When the new season drops, simply restart your account.

Other things like gym memberships and other subscription services can be canceled for the time being as well, if possible. In addition, hold off on vacation and any unnecessary costs.

6. Follow a budget

It’s difficult to plan and track a savings goal if you don’t know how much money you’re making and spending each month. Before trying to save $5000 in 3 months, create-and follow-a monthly budget and consider ways to start better budgeting practices.

Budgets are powerful financial tools that let you plan where your money goes each month. It’s important to realize that budgets aren’t meant to be restrictive. Instead, they’re simply a way to organize your money and living expenses.

Consider reading up with the best books about budgeting and trying to follow a budget for a few months before starting your savings goal. Knowing where you spend your money makes it easier to see how much extra you can save.

Envelope method

Do you struggle with overspending, especially when you use a credit card? You’re not alone! A lot of women have trouble separating their card spending from what’s in their bank accounts.

Luckily, there’s an easy solution to help you stop overspending. It’s called the envelope method budget.

The cash envelope system uses (you guessed it!) envelopes to categorize your spending money for the month. You label the envelopes for different spending categories and place cash inside. Once the cash in the specific envelope is gone, you can’t spend on that category anymore.

For example, you bring home $4,000 a month. So your envelope system could look like this:

• Rent: $1,200
• Utilities: $150
• Car Insurance: $100
• Groceries: $300
• Spending Money: $200
• Debt: $350
• Savings: $1,700

Budgeting apps

If using physical envelopes seems too complicated for you to save $5000 in 3 months, turn to technology! There are lots of budgeting apps designed to help you save more money.

For example, some apps let you connect your spending card to your bank account and round up your purchases for savings. Say you spend $4.75 on a coffee. So your app automatically rounds the purchase up to $5 and sends the extra $0.25 to your savings.

Other budgeting apps give you daily tips and affirmations to help you stay on track. They also usually have visually-appealing graphics that break down your spending habits.

7. Automate your savings

An excellent tip to save more and spend less is to pay yourself first. Paying yourself first means putting your savings money away before spending money on anything else.

For instance, your paycheck is $2,000. You want to save $600 from each paycheck. When your check comes in, you transfer the $600 to savings first. Then you can start paying bills like rent or your credit card balance.

Remembering to pay yourself first isn’t always easy, but it can be done using automatic savings. There are two well-known ways to automate your savings:

• Transfer funds to savings via a recurring transfer near your payday.
• Split your paycheck using direct deposit so a portion goes directly into your savings account.

Expert tip

No matter how you choose to save $5000, make a plan in advance. Know how much you’ll save each month and where that money will come from, be it side hustles or lowering expenses.

Weekly savings chart to save $5000 in 3 months

Remember, to save $5000 in 3 months, you need to save about $417 each week.

You can use visuals like the chart below to make it easier.

This “how to save 5000 in 3 months chart” can help you easily see how much you need to deposit each week-and how much your savings will grow. Print out a copy and then use a highlighter or pen to cross out each week as you reach your money goals.

How can I save more than $5000?

$5000 in 3 months is quite ambitious, but you can save more if you want! Earning more money and giving yourself a longer time frame can help you save even more cash.

How to save $5000 in 3 months using envelopes?

The 100-day envelope challenge is perfect for saving a little more than $5000 in just over 3 months. It’s an envelope challenge that helps you set aside a specific amount of cash each day for a hundred days until you end up with your goal amount.

How can I save $5000 easily?

To make your savings effortless, automate it. For instance, you have your job’s payroll automatically send deposits to your savings account each time you get paid. Or you can set up automatic transfers yourself from checking to savings in line with your pay dates.

In addition, find ways to spend less on things you’ll hardly notice, like forgotten subscriptions. Then you’ll be saving without it taking much time or effort!

In addition, keep your savings all in one account if you really want to make it effortless.

Related posts on how to save $5000 in 3 months

If you enjoyed this article on saving $5,000 check out this other great content:

• Try A Money Saving Game! 15 Grown-Up Savings Games To Try!
• Save 5K With The 200 Envelope Challenge!
• How To Do A 6-Month Savings Challenge!
• 6 Ideas For Saving Money In A Jar

Challenge yourself to save $5000 in 3 months!

Your income (including the potential to earn more) and expenses can help you decide if you can save $5000 in 3 months.

See how much money you can currently save each month. Then check out the “How to save 5000 in 3 months chart”. It gives you a starting point on whether or not you’ll reach the $5,000 goal.

Even if you don’t think you can save $5000 in 3 months, it’s important to set savings goals. If 3 months is too short, you can try saving $5,000 in 6 months.

You can also consider a smaller amount of money for your goal that aligns with your personal financial situation. For more ideas to help you save, find out how to start cutting the budget and also more suggestions for how to save money fast!

The post How To Save $5000 In 3 Months appeared first on Clever Girl Finance.

Have you tried playing a saving game to help you spend less and save more? Saving money can be a challenge for everyone. But making a game out of it can make the process less tedious and more fun!

Table of contents

• What are savings games?
• Expert tip
• Why money saving games are a great idea
• How to win with money saving games
• More saving money articles

According to Zippia.com, statistics show that most Americans have only $4,500 in savings, and 42% don't have even $1,000 in savings!

While challenging, saving money for an emergency fund or retirement can be one of the first steps in becoming financially stable.

If your account is one large purchase away from being empty, we have some money-saving games to help you save money without following a rigid system.

What are savings games?

Savings games have the objective of saving money. They allow you to be creative and resourceful and have fun while saving.

Similar to a savings challenge, a saving game can be more playful.

Additionally, you can invite family members and friends to play with you for added fun.

15 Saving games to play

If you enjoy playing games and are a little competitive, here are 15 money-saving games you can play. Choose to play by yourself or with someone you know.

1. Turn grocery shopping into a saving game

If you've ever been guilty of walking into the store to buy a few items and walking out with a cart full of unintended purchases from a shopping habit, a money-saving game will be fun yet challenging.

Grocery shopping high score

With this game, you start by making a list of store items you need. Every item on the list is worth one point. When you purchase something on your list, you gain a point. Every time you purchase something not on your list, you lose a point.

Your goal is to score high by buying only the items on your list.  You can even start a chart at home listing your high scores for each grocery store visit.

Race against the clock

Another fun game to play while food shopping is giving yourself a time limit to buy everything you need. With a time restraint, you are less likely to wander down a random aisle and pick up things you don't need.

Aim to get all the items on your list and be in line at the check-out counter before time is up.

While playing either of these games, see how many products you can switch out for their generic brand. (And also shop with the cheapest grocery list!)

2. Create your gifts instead of buying them

A creative game is to make gifts instead of buying them. Whether it's a birthday party or a co-worker's retirement party, many gift-giving celebrations can lead to spending money.

An alternative is to choose certain celebrations to give a handmade gift. Events such as anniversaries or Mother's and Father's Day provide great potential for making unique gifts.

If you're not feeling crafty but like the idea of spending less on gifts, try setting price limits on your presents. A fun money game can be searching for a thoughtful gift for less than $10.

3. Have a saving competition with friends

A friendly competition can motivate you to save and help you reach your goals.

However, a saving competition is a money game that usually works best if you have similar incomes and expenses as your friends.

To play, set a date and see who can save the most money by that date. The winner can get treated to dinner or have bragging rights.

An added benefit of this game is that it helps you and your friends to spend less money.

Instead of going out to eat, you and your friends can think of fun and inexpensive things to do on Friday night.

4. 12 months of mystery savings

If you want to stop overspending, the game 12 months of mystery savings is for you.

Start by listing 12 things you can save money on.

For example, eating out, clothes, groceries, etc. Write them out individually on pieces of paper.

Put the papers in a hat or a jar and draw one piece of paper at the beginning of the month. Whatever item you draw is what you'll focus saving money on for that month. If you pull out going out to eat, you can try only eating out once a month.

If you need ideas for your list of 12 things, US News.com lists unnecessary expenses such as data storage, streaming services, cable, and unnecessary memberships.

5. The electricity bill game

Have you been guilty of leaving a light on in a room you walked out of? Perhaps your phone charger is still plugged into the wall.

Electricity expenses can increase if you aren't conscious of your consumption. To avoid unnecessarily high costs and learn how to lower your electric bill, play the electricity bill game. Challenge yourself or your household to lower the electricity bill by five percent.

With this goal in mind, it'll be easier to remember to turn off lights or not leave the refrigerator door open.

Once you've met your goal of five percent, challenge yourself a little further and try to decrease your bill by ten percent the following month.

You can even try to decrease your bill by 20 and 30 percent.

6. Start a savings jar

Do you remember having a piggy bank when you were little? Can you recall your excitement when you smashed open your piggy bank? Almost everyone can relate to the rush of seeing how much money was inside.

The savings jar game is similar to a piggy bank. The difference is it allows you to see the money as you collect it.

To play this game, start saving money in a jar. You can choose a normal mason jar or have some fun and find a uniquely shaped jar. Try out a tequila bottle or a large water jug for more of a challenge.

If you play this game with family members or friends, start with identical jars and see who can fill theirs up the fastest.

How to fill up your jar

Depending on your goal, you can challenge yourself to fill the jar by a certain time. For instance, you can give yourself six months to stuff the jar with money.

Additionally, you can determine if you want to use your jar to collect loose change and dollars. Or you can commit to putting in a certain amount, such as $10 every week.

Using a transparent jar keeps you motivated because you can continuously see the money you're saving. Once the jar is full of cash, you get to break it open and find out how much money you saved.

7. Weekly savings game

With the weekly savings game, you can add to your funds each week.

Start by assigning a number for each week of the year. For example, for the first week of January, you'll assign the number 1. For the second week, the number 2, and you add a number for every week in the year.

Note that you can also play this game at any time. Simply start with number 1 for the week you are starting on. For the following week, assign the number 2, and so on, until you get to about fifty-two weeks.

Your objective is to save the amount of money corresponding to the week. For the first week, it's one dollar.

As the weeks' progress, you add money. When you arrive on week four, you save $4; in week 10, it's $10.

Can you play this money game all year long? Test yourself to play the game for a certain amount of weeks.

8. 52 card game

52 card game is a fun money-saving game because it brings an element of mystery to storing away your money.

You'll need a card deck to play. With the deck, you'll assign a number value for the face suites.

For instance, jacks can be $15, queens $20, kings $30, and aces $40. Choose amounts that are feasible for your budget (and don't forget to use the best budget templates).

You'll randomly draw a card from the deck at the beginning of the week. Depending on which card you draw, that's how much money you'll focus on saving.

9. No-spend game

Have you tried a no-spend challenge, where you only spend money on essential items for 30 days or more? To turn this concept into a game instead, see how many days you can go without spending any money.

For instance, start the game by going three days without spending money on unnecessary things such as alcohol, eating out, etc. Once you've successfully gotten through the first three days, add on two more days.

Every time you go a certain amount of days without spending, you tack on additional days. Your no-spend days are like winning a high score. Try to beat your previous score or go for more days without spending money.

You can play this game with family members and see who can go the most days without spending money. The first person to spend money has to do chores or make the winners a cake.

10. Bank your savings

Looking back at your shopping experiences, you'll notice you've saved a lot of money.

For instance, a $6 savings at the grocery store or using a discount code at the movie theater. Saving money on small purchases can add up.

To make this more impactful, turn these easily looked-over moments into a saving game. Every time you save through a discount or sale, put that money into your savings account or money jar.

Challenge yourself to make more discounted purchases so that way you can put more money into your savings.

For instance, you can set a goal to find as many discounted purchases as you can.

So when you go to the grocery store, check for coupons. When you go clothing shopping, check the sales rack.

Set a goal to find five discounted purchases for the month. When you hit that goal, challenge yourself to find even more savings.

11. Use a money-saving app

Sometimes saving money is easier when you don't have to think much about it. Using a money-saving app, you can easily save money with your phone.

Many apps will calculate your income and expenses to see how much you can save and automatically put those savings away each month.

Save money with the Qapital app

With the app Qapital, you can set fun and interactive rules around your money to maximize your savings.

For instance, with the Apple Health feature, you can automatically put $1 or $2 toward your savings every time you work out.

You can even set a goal to save a certain amount of money every week for the year.

Get saving reminders with the Piggy Goals app

The Piggy Goals app allows you to set money-saving goals and get notifications and reminders to help you stay on track. The app also offers visuals and graphs to keep track of your money and how it's being saved.

The app allows you to set weekly, bi-weekly, and monthly goals. When these goals are set, the app will tell you how much you need to set aside to reach your goal.

Through the app, saving money feels like a game with notifications that track your progress and help you reach your goal by a certain date.

12. Weekly $20 savings game

The $20 savings game is a fun, no-brainer game that can be played with family members and friends.

Each week your goal is to save $20. See how many weeks you can save this amount in a row. If you achieve saving for six weeks, try to beat your record and save for eight weeks.

See who can save the longest if you play with friends or family.

13. Play Monopoly

Monopoly is a game all about money.

Although the game is played with pretend money and hypothetical scenarios, it's a great way to practice managing and investing your actual money.

Pay close attention to how you use and spend your money the next time you play. Notice patterns such as overspending or making poor decisions.

By playing Monopoly, you can reflect on your own money use. Along with playing this game, it can help foster healthy conversations around money with your family.

14. No eating out game

This is a fun and simple saving game if you need to learn how to stop eating out. It involves seeing who amongst your family and friends can go the longest without eating out.

When someone gives in to temptation and eats out, they lose the game and have to cook for the other players.

15. Save your age game

The save your age game is exactly what it sounds like. Choose a month to play, and every family member has to save an amount of money equal to their age.

So if you are 36, your goal is to save $36 for the month. Likewise, if someone is 12, their goal is to save $12 a month.

With this game, you can start building saving habits with younger children.

To get the most out of this game, create a goal to save your age for six months or even a year.

Expert tip

Money-saving games can help you reach your savings goals, and there are many to choose from to suit your lifestyle. In addition to saving the amount you want, you'll also make saving rather than spending into a habit. Rewarding yourself and making sure you pick the perfect game is key to success!

Why money-saving games are a great idea

There are many money-saving techniques to choose from.

For example, you could set aside 10 percent of your monthly paycheck using the 10% rule.

While traditional methods are effective, staying consistent and motivated can also be difficult. Therefore playing a game to save money can be easier to commit to while also having other benefits.

Helps you prioritize money

Playing a game for saving can help you prioritize money in a fun way. They give you a clear objective and a way to get there; thus, saving money becomes your focus.

Save up for a large purchase

Are you dreaming of taking a week-long trip and need a vacation budget? Perhaps you want to buy a new computer or fancy air fryer? Whatever your dream purchase may be, a game for saving can help you actively put money toward that purchase.

Turn saving money into a habit

Are you struggling to meet your savings goal? Perhaps you've told yourself you'll start saving after your next paycheck, but that hasn't happened.

Saving money can be difficult, mostly because it's not a habit. When saving money becomes something you routinely do, you'll start seeing your money grow.

To overcome the struggle of saving vs. spending, try a game to help you save. Since most games are played every month or every week, you'll be storing money away regularly.

Makes saving money more fun

Money-saving games add an element of playfulness to money management. Psychologist Federica Pallavicini shared in an article on BBC.com that adults playing games helps them be more motivated and creative.

When saving money goes from a boring adult task to a fun game, you'll want to save more and more.

How to win with money-saving games

An important aspect of a game is winning. Because when you win, you save more money.

Here are two simple ways to ensure you succeed in the games you play.

Choose the right game for you

Many of these money games are fun and exciting to play. But before starting, it's important that you choose the game that is appropriate for your lifestyle and your income level.

Thus, choosing a game where the odds are in your favor is important.

Reward yourself

Winning a game for saving money feels like a reward.

However, you can also reward yourself with a little something extra without spending too much money.

For instance, if you reach your money-saving goal for the month, take some time to binge your favorite tv series. You can also reward yourself by taking a long walk or throwing an at-home dance party.

How do I save money quickly?

A game can help you to store up cash a lot faster than saving randomly. Try a couple of games at a time for even more savings!

What is a good game for couples who want to save money?

The grocery shopping game and the 52 card game are both easy ways to save, and they're even more fun if you play them as a couple.

What is the easiest game to use to save money?

If you want to save without thinking about it much, play a game using a money-saving app! It's easily accessible, and you can save with almost no effort.

More saving money articles

If you liked reading about money saving games, check out these articles:

• 18 Money-Saving Challenges To Save More Money!
• How To Do A 6-Month Savings Challenge!
• 21 Realistic Ways For How To Save Money Fast!
• 30 Creative Ways To Save Money Right Now!

Saving money can be fun with a saving game!

Savings games and money-saving challenges can make storing away money easier and more fun. You don't need much to get started with these games, and you can choose a game that makes sense for your lifestyle. And remember, it is possible to learn how to save money fast.

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