- 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?
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.
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"
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