Are you looking to have some fun while saving up for your goals? We'll explore ten monthly money challenges that you and your family can try out!
Taking On Monthly Money Challenges
As I mentioned last week, there's a wonderful opportunity for you to reset things with your finances and have a big win with your family and financial goals. There's three full months or 15 weeks, depending on how you want to look at it left in the year.
You can knock out some really big goals in that time. One thing that can help you out with that is monthly money challenges.
We got a variety of challenges that we're going to cover today that can help you develop new habits and routines. You can use that money to put towards whatever goal you're working on.
There are some great challenges you can do throughout the year like the 52-Week Savings Challenge and the 365-Day Nickel-Saving Challenge, which I’ll include in the show notes. There are also wonderful weekly challenges you can take on too.
However for this episode, I want to focus on monthly goals. I feel like that's a big enough chunk of time where you can effectively knock out something. And it gives you enough flexibility that if you're having a bad week, you can still finish up on a high note.
In this episode, I’m going to cover:
- the psychology monthly money challenges
- go over the different types of money challenges you can take on
- highlight ten money challenges
We have a lot to cover, so let’s get started!
Resources to Build Better Budgets
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- Finding the Best Paying Side Hustles for You
- Why and How You Need to Diversify Your Income
- 18 Money-Saving Challenges To Save More Money!
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The Psychology Behind Monthly Money Challenges
Monthly money challenges can be an effective way for families to save money and work towards their financial goals. There are a few reasons for that.
When we set a specific goal for ourselves, such as saving a certain amount of money each month, it gives us a sense of clarity and direction. This can be especially important for families with kids, as it provides a tangible way to work together towards a common goal.
In addition, monthly money challenges can help us develop new habits and routines. By consistently setting aside money each month, we can create a sense of discipline and control over our finances. This can lead to long-term financial success and stability.
Finally, monthly money challenges can be a fun way to engage with our finances. By gamifying the process of saving money, we can make it more enjoyable and rewarding. This can help us stay motivated and committed to our financial goals.
Overall, monthly money challenges can be a powerful tool for families looking to improve their finances. By understanding the psychology behind these challenges, we can maximize their effectiveness and achieve our financial goals.
10 Money Challenges to Explore
We have three full months or 15 weeks left in the year, depending on when you start, you can knock at two, maybe three challenges.
if you break it down, there are basically two types of challenges.
- challenges where you are breaking a bad habit (or at least becoming more aware)
- challenges where you’re building a good habit
Within these challenges, you have ones where you can drop the challenge for a bit and be fine – like the cancellation challenge I’ll mention in a bit or it’s something you set up and can continue.
But what which ones should you choose?
My piece of advice is try out a mix of these. You may discover which challenges are a better fit for you and your family. You can then take with in next year and build from there.
Let’s go over the challenges!
Monthly Money Challenges to Help Have Control Over Your Spending
Cash for Eating Out
First up, let's talk about eating out. Chances are it’s a big expense in your monthly budget. Those quick lunches with coworkers seem small, but they typically add up to more than you estimated.
Something that can help you curb your spending is using cash. Try setting aside a certain amount of cash each week for eating out. This will help you stay aware of what you’re spending and minimize breaking the budget.
No Spend Challenge
Another great challenge is the no spend challenge. This one is pretty self-explanatory – simply challenge yourself and your family to not spend any money on non-essentials for a specific amount of time, like a week or a month.
Next up, the cancellation challenge. Sit down together and look at all of your subscriptions. Cancel as many as possible. You might be surprised at how much money you can save each month!
Monthly Money Challenges to Help You Save for Goals
Vacation Savings Plan
If you have a vacation coming up, try creating a focused and fun way to stash away cash for your next trip. There are plenty of vacation savings plans available online that you can tailor to your specific goals.
$1 Bill Save
Another easy challenge is the $1 bill save. Every time you get a one dollar bill as change, put it in your savings envelope or jar. It may seem small at first, but it can add up quickly!
$1000 in Three Months
If you’re looking for a bigger challenge, try saving $1000 in three months for your next family vacation. You can do this by saving exactly $84 per week. It may seem daunting at first, but it’s definitely possible!
Before we wrap up, I want to focus on a few key takeaways. I picked up from preparing this episode.
- Be specific with your goal and your why. Many of these goals, especially with the saving ones are wrapped around some goal whether it’s specific amount or something like a vacation. It sounds simple, but these can be powerful motivators, especially if you have an ambitious goal you want to tackle. Use that to your advantage.
- Automate your financial system. I’ve been writing and podcasting about personal finance for over years, please believe me when I tell you this one tip is a game changer. If you are saving for a goal, schedule those transfers!
- Keep it fun. Personal finance shouldn’t feel like a chore. I get there are parts we’re not excited about – paying bills – but if you plan things out,
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