If you’re looking to get out of debt and build up your savings, there are a number of challenges you can try to help you achieve your financial goals. Here are a few ideas to get you started:
• The “no spend” challenge: This challenge involves cutting out all unnecessary expenses for a set period of time, such as a week or a month. This can help you to identify areas where you’re spending more than you need to and free up more money to put towards paying off debt or saving.
• The “envelope” challenge: This challenge involves setting aside a certain amount of cash for each spending category, such as groceries, gas, and entertainment, and placing the cash in envelopes labeled with each category. When the money in an envelope is gone, you can’t spend any more in that category until the next month. This can help you to stay within your budget and avoid overspending.
• The “52 week” challenge: This challenge involves setting aside a specific amount of money each week, starting with $1 in the first week and increasing by $1 each week until you reach $52 in the final week. This can help you to build up your savings over time and get into the habit of consistently saving money.
• The “side hustle” challenge: If you’re looking to increase your income in order to pay off debt or save more, you might consider taking on a side hustle in addition to your regular job. This could involve starting a small business, freelance work, or taking on a part-time job
Remember, the key to successfully completing any financial challenge is to stay motivated and committed to your goals. It’s important to track your progress and celebrate your successes along the way, and to stay flexible and adjust your plan if needed. By consistently working towards your financial goals, you can take control of your debt and build up your savings over time.
*We are not financial advisors and only present our findings. Please do your own due diligence and what you feel you can make work in your own unique situation.