Money Saving Challenges You Should Try!
We’ve already educated our followers on various topics via the Incomet Finance Blogs, be it credit cards, alternate assets, or early retirement tips. Today let’s just discuss some money-saving tips that everyone can try without many complications, not to say that investing in the stock market is complicated (especially not when you have the best trainers guiding you under the Incomet SEP).
Designed to help you build a “pot” of money, these money-saving challenges won’t make you any huge amounts to be honest, for that we have the Incomet SEP, but they do provide an easy way to save some money while also having some fun along the journey, more so when the goal is simply to end up with some extra money each month! So let’s begin!
The 50 Week Saving Challenge
Start by saving just ₹100 in Week 1, and then in Week 2 Save ₹200, in Week 3 Save ₹300, and so on. Sounds easy? Well, the final bits of this journey can be quite challenging as in the 50th Week you’d be saving ₹5,000 in a week and approx. ₹19,400/- in that month. Even if you are certain that you wouldn’t survive beyond a specific week, why not give it a shot and see how far you go?
The Reversed 50 Week Saving Challenge
Same as the 50 Week Challenge but you start with ₹5,000 instead of ₹100! This makes the beginning of the journey the hardest while the remainder of your period you’d be able to sail through, of course, the goal is also to not touch the money while you are saving it (unless you are a stock market entrepreneur as then you’d be investing that amount probably)
Saving ₹200 a day
Save a minimal ₹200 amount every day for the entire year. You’d end up the year with an extra ₹73,000 per annum.
The ₹2800 a Week Saving Challenge
Save money in the following pattern:
₹100 on Monday
₹200 on Tuesday
₹300 on Wednesday
₹400 on Thursday
₹500 on Friday
₹600 on Saturday
₹700 on Sunday
The cycle repeats from Monday!
You’d end up saving ₹2,800 a week and ₹11,200 per month!
The No Spend Challenge
How much do you spend on cigarettes? Or on your daily coffee in a café with friends? These amounts might look very small on paper but over time they add up at quite a pace!
Setting challenges is 1 thing but completely stopping the spending flow is another. This challenge requires you to go for as long as you can without spending a single penny! and once you’ve set a record, you can try and beat your own score sometime later!
That’s it for this short challenge-based blog from team Incomet. Stay tuned as we’d have another article in the coming month that would tie into this one and complete the series!