Savings are an important aspect of your life that prepares you to reach your financial goals. However, for most people, saving money can be a boring task. This is the main reason why most of us are not able to save as much as we want.
But you don’t have to worry about it because we are going to make it an easy and rewarding endeavor for you. Keep reading this blog as we list down the top 6 fun and effective ways to boost your savings.
These effective strategies will help you increase your savings and reach your financial goals quicker.
1. Start Saving Pennies
If you want to start saving small, even on a low income, this can be your go-to fun saving way. All you have to do is accumulate spare change every day. Set up a jar or a small piggy bank and make it a habit to put all the loose coins in it at the end of the day’s end.
It may not seem like a bigger contribution, but over time, you will start seeing these small, insignificant coins grow into a considerable amount of money. This may not contribute much towards your savings but will make you adopt a savings habit that can then help you save big.
This fun way will then lead to bigger savings in the future, which will help you reach your financial goals.
2. Turn Monthly Savings Goal into a Game
If you want to save money, you might have thought about setting monthly goals to save a particular sum at the end of each month. But the problem is that you might be unable to continue this venture for a long time. What you can do to make it work is add a fun element to it.
You can set some monthly savings goals and then turn them into a game. Doing this will add some excitement to your savings routine so you don’t get bored along the way.
For example, you can start by challenging yourself to save a certain amount by the end of the first month. If you are able to do that successfully, you can reward yourself with something you like. It can be a small treat or any activity you enjoy.
This technique will not only make the savings enjoyable but also make you habitual in saving money for short and long-term goals.
3. Start Automating Your Savings
Most people complain that they spend everything they earn as soon as their accounts get credited. One way you can do that is by automating your savings. To do this, you will have to open a savings account in a bank or credit union.
Be sure to opt for an account that provides you with the highest interest rate out there. Explore all your options and list down some of the best high yield savings accounts you can consider. After analyzing all these accounts, you can choose the one that suits your financial needs.
Once you have opened this account, make sure to set up a monthly automated transfer from your current or salaried account. This way, you will have a portion of your money transferred to your savings account on a specific date of each month.
This is one of the most effective ways to start saving money without worrying about the hassle of separating it from the monthly expenses. Moreover, it will eliminate the temptation to spend more than you need.
4. Setting Financial Targets
As mentioned above, challenging yourself is the most effective way to start saving money, even if it is a small amount at the start. In this approach, you will need to create customized savings challenges for you that are tailored to your specific financial goals.
For example, you can challenge yourself to save on your monthly bills by a specific percentage. This challenge can also be about cutting back your non-essential expenses for a certain period and then rewarding yourself if you succeed in achieving that.
This approach will not only help you over that designated period but will also improve your overall saving habits.
5. The No-Spend Weekend Challenge
Whether you are a family man or a friends’ person, you would have noticed that most of your money is spent on weekends while having fun outside. This can include activities like eating out, going shopping with family, or watching a movie at the cinema with your friends.
All these activities lead to overspending and can disturb your budget. Instead of going out for these activities, you can focus on having free or very low-cost activities like reading, hiking, going to a picnic with home-cooked food, or hosting something at your home.
Whatever you do, your goal should be to spend the whole weekend while having the same fun but not spending a single penny. You will see how much this challenge will help you save.
6. The Reverse 52-Week Savings Challenge
You might have heard about this one before. The reverse 52-week challenge, as obvious by the name, starts with you saving a larger amount in the first week of your challenge and then gradually reducing the money each week. Let’s take an example to explain it further!
Let’s say you have started by saving $52 in the first week. You can then reduce this money each week, and the next week, you will have to save $51 and so on. This whole challenge will go on for the whole year, thereby leading to a considerable amount of money being saved.
This challenge is very effective for people who lose motivation easily along the way. This is because as more and more weeks pass, you will have to set aside a lesser and lesser amount. At the end of the year, you will have saved a big amount without getting overwhelmed or demotivated.
By following all of these fun ways mentioned above, you can easily save a substantial amount of money without getting demotivated or distracted. This money will then help you meet your future financial goals.
