15 Self-Imposed Challenges Frugal People Use To Help Themselves Save More Money

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Are you the kind of person who needs a little push to help them meet their money management goals?

Try one of these fifteen challenges and see how far you can take it!

Holiday Savings Challenge

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This is for those of you who always feel like the holiday season takes you by surprise: put away $20-25 a month specifically to help with your holiday spending this year.

Save $1000 in 3 Months

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It might sound impossible, but if you budget carefully, you can have $1000 in the bank by putting away $84 a week for the next three months. We believe in you!

Bring Back the Piggy Bank

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This isn’t exactly a challenge, but the tradition of adding loose change to a jar or piggy bank and then using it as a rainy day fund is a cliche because it works!

No Eating Out

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You can do this challenge as long as you’d like (or as long as you can tolerate it, if we’re honest) and see how much you save. Pro tip: start with less time to increase your chances of success.

The Frugal Friend Challenge

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Pair up with a friend or two and see who can save the most money over a set time. It’s a challenge where everyone wins and stays motivated!

Daily Budget Challenge

Mobile Phone App For Money, Budget And Expense Tracking.
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This is almost a must if you’re creating a new budget, but spend at least a month keeping track of all your expenses every single day. Then, adjust your budget and see where you need to make cuts.

One Month Money Management Makeover

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Spend the next month doing at least one thing daily to help better manage your money. Whether that means reorganizing your finances or finally calling to cancel that subscription service you aren’t using, you will come out of it with a renewed sense of purpose and some serious savings.

Daily Dollar Savings

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Any time you get your hands on a single, drop it in a jar. Once it’s full, use it however you see fit!

Monthly Savings Challenge

Cash in hands dollars. Dollars in man's hands.
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This one is great for people with more variable incomes: change the amount you save each month based on what you think you’ll make.

The Build-Your-Own Special

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Choose the parameters yourself. Decide how much to save, when you’ll save it, and what the rules are. It’s often easier to succeed if the challenge is more tailored to your way of life.

The Round up Challenge

African American woman holding credit card, using smartphone for online shopping, mobile banking.
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Save extra by rounding up your purchases to the nearest dollar or so and throwing it into your savings. Some banks will even do this for you automatically; you just need to sign up for it.

Paycheck-To-Paycheck Savings

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Take a set amount out of each paycheck to put in your savings. Like with the round-up challenge, some employers will do this for you if you ask.

Push Yourself

Demanding man asking for money.
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Let’s say you saved $10 the first week easily. Do you think you could do $20 next week? Maybe even $40 the next? Increase your savings incrementally and test the limits of your frugality!

Cash Only

cropped shot of dad giving pocket money to daughter.
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Paying primarily with plastic can lead to overspending. Challenge yourself to pay only with cash; you’ll notice yourself thinking twice before making certain purchases.

Get Random!

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This one’s fun: put some numbers in a hat, pull one out, and that’s how much you’ll save that week!

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Funny child hugs the radiator. Kid in hat and warm clothes enjoying home heater. Heating of housing during the energy crisis in the winter cold season. Restrictions and savings of gas and electricity.
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Image Credit: DedMityay/Shutterstock.

 

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Image Credit: Julaix/Shutterstock.

 

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An elderly woman looks sadly out the window.
Image Credit: De Visu/Shutterstock.

 

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Author: CJ Darnieder

Bio:

CJ is a writer and musician from Chicago.  When he’s not practicing the divine art of stoicism, focusing on achieving a deafening inner quiet, or attempting to reconcile with the inherent powers of the universe, he loves to cook!

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