{"id":19805,"date":"2019-12-30T14:22:09","date_gmt":"2019-12-30T19:22:09","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=19805"},"modified":"2023-06-05T14:46:53","modified_gmt":"2023-06-05T19:46:53","slug":"7-money-saving-challenges-to-try-this-year","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/7-money-saving-challenges-to-try-this-year\/","title":{"rendered":"7 Money-Saving Challenges to Try This Year"},"content":{"rendered":"\r\n

Want to save more money this year?\u00a0 We hope the answer is yes because we have some money saving<\/a> challenges that can boost your bank account.\u00a0 Money saving challenges are popular because they give you a goal<\/a> and a plan for success.\u00a0 All you have to do is follow through.\u00a0 So, put on your game face and let\u2019s get down to business.<\/p>\r\n

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Save 10% of your income per month<\/strong><\/h2>\r\n\r\n\r\n\r\n

Sixty-nine percent of Americans have less than $1,000 to their name.\u00a0 Let\u2019s strive to change that.\u00a0 From this day forward, aim to save 10% of your salary every month.\u00a0 Do the math to see how much you’d need to set aside each paycheck<\/a> then set up automatic transfers with your bank.\u00a0 Every so often, you can increase the percentage so your savings grow faster.<\/p>\r\n

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$5 bill challenge<\/strong><\/h2>\r\n\r\n\r\n\r\n

For people who still rely on cash for everyday purchases, the $5 challenge is right up your alley.\u00a0 Basically, all you do is save every five-dollar bill you come across.\u00a0 You\u2019ll be amazed by how quickly the bills add up.\u00a0 If you\u2019re working with a very tight budget, you can modify the challenge by aiming to save your singles instead. The important thing is to save every bill.<\/p>\r\n

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Set aside $50 per week<\/strong><\/h2>\r\n\r\n\r\n\r\n

Commit to saving $50 per week for the entire year.\u00a0 By the end of 2020, you\u2019ll have $2,600 in your bank account.\u00a0 Easy ways to reach your goal include eating out less, using coupons\/promo codes and cutting out services you no longer use.<\/p>\r\n

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Save $1,000 in 3 months<\/strong><\/h2>\r\n\r\n\r\n\r\n

Want to save $1,000 quickly?\u00a0 Try this 3-month saving challenge.\u00a0 Each week you\u2019ll set aside between $60 to $100.\u00a0 You can hit your weekly goals by cutting back your expenses, selling things you don\u2019t need or working a side gig.\u00a0 If you stick to the plan, you\u2019ll have $1,000 by the end of the challenge.\u00a0<\/p>\r\n\r\n\r\n\r\n

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No spend challenge<\/strong><\/h2>\r\n\r\n\r\n\r\n

Reports show that Americans spend $1,497 per month on nonessential items.\u00a0 That\u2019s almost $18,000 a year being thrown down the drain.\u00a0 If your budget is out of control, a no spend challenge is a great way to get back on track.\u00a0 How it works is you\u2019re not allowed to spend any money on wants, only needs.\u00a0 This includes your rent\/mortgage, utilities, insurance, phone, gas and groceries.\u00a0 Everything else gets the ax.\u00a0 Typically, the challenge lasts anywhere from a month to a full year, the time frame is up to you.\u00a0 Here are some tips for success.<\/p>\r\n\r\n\r\n\r\n