Wanna achieve a goal? Challenge yourself! Write down a money challenge goal, set a time to achieve it and create a fun tracker that will let you track your progress.
It is that simple. At least in theory, it should be. Whether you’re a professional money manager or struggle to save regularly, a money challenge can be just what you need to reach your money goals.
This post may contain affiliate links. Please read our disclosure policies for more details.
Her we go:
Money Challenge 1
Save $1000 a year. I have seen many trackers that are broken down into 52 increments (one for each week) and each line has a different amount.
When all 52 lines are totaled they equal $1,000. At the end of the day, it does not matter how often you save as long as you make a plan and follow it.
Since I get paid 26 times a year, $40 dollars per paycheck would get me to $1,000 at the end of the year.
Get out a piece of paper and plan how you can save a thousand dollars in 12 months.
Money Challenge 2
Cut your utility bills by 10%. If you look at electricity, heat and A/C, cell phone, water and cable as utilities, you should have not problem get these down by 10%.
Reducing your utilities should be easy if you just take a look at where the money is going. Cable and cell phone bills have the greatest potential for savings.
List your bills and total the amounts. Figure 10% and start slashing. If you can cut $80 a month, you just saved another $1,000 over 12 months.
Money Challenge 3
Increase your income by $500 a month. There are many ways you can add $500 to your bank account each month.
It may be as simple as working an extra 10 hours a week at a job you already have or taking on a part time job. Get creative and find something you really enjoy doing and turn it into a business.
There are people that make good money at their own businesses and they started out by just trying to make a few extra dollars.
Money Challenge 4
Max out your 401K. Wanna retire early? Or leave the 9-5 and make money on your terms? Try maxing out your 401K contribution.
If you think there is no way you can get there, give yourself 6 – 12 months to work your way up to the maximum contribution.
Nothing will give you more freedom than financial security.
Money Challenge 5
The penny a day challenge. You have no doubt heard the saying “a penny earned is a penny saved.”
Well those pennies can add up in no time. On day one start out by saving one penny. Add a penny each day to the amount you save the day before.
At the end of 365 days, you will have saved $667.95.
Money Challenge 6
Sell an item a week (or a day) on eBay, Amazon or Craigslist. Our homes are usually full of items that have outlived their usefulness.
But that does not mean that you don’t have value to someone else. Start with the things that you no longer use or need.
After that, aim for living a minimalist lifestyle by getting rid of things that are creating excess or clutter in your life.
Money Challenge 7
The survey a say challenge. There are many survey sites that pay you for your opinion. If you are looking for a few hundred (or more) dollars each month while you watch TV.
Login in to these survey sites and pick the highest paying survey and complete it. Here are some survey sites to get you started.
Money Challenge 8
No spend weekend. A no spend weekend is just what it says. Live an entire weekend without spending a penny.
There are plenty of great things you can do that don’t cost anything. Make a list of 100 fun things you can do for zero dollars.
Take one weekend each month and work your way down through the list.
Money Challenge 9
Cash only month. Buy everything in with cash. I am not necessarily talking about paying your mortgage or utility bills on cash.
No one is ever going to overspend on these things. Pay all other expenses (food, clothing, transportation, entertainment, etc.).
Money Challenge 10
Max out a Roth IRA. Roth IRAs are funded with after tax dollars. Individuals over under 50 can contributed $5,500 a year and individuals over 50 can contribute $6,500 annually.
The money in a Roth IRA grows tax-free. If you can complete this challenge for 38 years at a 7% ROI, you will have over a million dollars.
There are income limits for contributing to a Roth IRA.
Money Challenge 11
This is a stretch challenge. It is a challenge that will take your saving to the next level. Take money challenge 1 and multiply by 2 or 5 or even 10.
If you can save 10 times challenge 1 you will have banked an extra $10,000 by the end of the 12-month period.
Money Challenge 12
Let’s call this one stretch challenge 2. If you can accomplish this one, you will be well on your way to create a life of financial security.
Challenge 3 challenges you to increase your income by $500 a month. The challenge goal is to create an additional $1,000 a month in sustainable income.
You can accomplish this by getting a job that pays $12,000 more annually. Or you can do this with any one of several side hustles that can make you an extra $1,000.
If you can get to $1,000 a month, what’s to stop you from getting $5,000 or even $10,000 a month.
A Final Note…
Do you feel you should be saving more money, reducing your expenses or increasing your income? Why not do it with a challenge?
Start with an easy one, but it is not a challenge unless it takes at least a little bit of work to achieve it. Don’t like any of the above challenges?
Think about one of your financial life goals and create a money challenge that will help you achieve that life goal ahead of schedule.