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Columns | Go Far With Kovar

Summer
Money Saving Challenge

by Taylor Kovar

Hey Taylor - I want to do a money saving challenge with my friends and family over the summer, but I feel like it needs to be really good to get them to sign on. Any ideas for a challenge that actually works? - Bella

Hey Bella - First off, I think you have a great idea, as a group challenge is easier to commit to than when you're doing it alone. I will give you three options and you can see which one you think will work best for your crew.

1. Food spending challenge. Sometimes the best way to see results is to limit your efforts to one category. If everyone comes up with a certain amount of money they want to spend on food over the course of each week, there are several creative ways to hit those goals. Some of you might try to skip eating out for lunch while others will make more dinners at home. If you're all involved, you can share recipes and even combine your funds to have an affordable dinner out. Try to extend the challenge until Labor Day Weekend and then have a big celebratory cookout for everyone who sticks to the rules.

2. 30 or 60 day challenge. This one can be fun, daunting, and exciting. Pick a certain amount of money to be set aside each day, then everyone has to meet that goal and prove it at the end of the challenge. That means on a day you don't hit your mark, you can make up for it by saving double the next day. It can be $1 or $10 each day, depending on what you guys think is realistic. To make it a little more interactive, you can send out a money-saving tip during each day of the challenge. For example, you can email out links to different budget tracking services on day one. On day two, you can remind people to turn off electronics that aren't in use to save on utilities. On day three you can talk about coupons available at the local grocery store. At the end, you can use some of the money for a fun outing or everyone can invest what they've saved and move on to an investment challenge!

3. Free for all. This isn't actually as chaotic as it sounds. With this challenge, everyone has their own personal goals. For example, if you drive too much, your monthly goal is to cut back on gas spending. If your brother shops on Amazon too much, he has to set a dollar amount and not spend beyond that. If your friend drinks Starbucks a lot, she has to make coffee at home more often. Everyone should look to save the same amount of money and goals can be based on how much was spent in the previous month. You can have weekly meetings where people present receipts and talk about what they're doing to curb their normal spending habits.

I hope one of these will work for you and your friends. Let me know which challenge you guys decide to do and how it goes! Good luck, Bella!


Taylor Kovar June 15, 2018
More "Go Far With Kovar"

Disclosure: Information presented is for educational purposes only and is not an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. To submit a question to be answered in this column, please send it via email to Question@TaylorKovar.com, or via regular mail to Lessons on Wealth, 106 E Lufkin Ave., Lufkin, TX 75901.

"Go Far With Kovar"

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