A 30 Day Save Money Challenge

As the mornings get progressively cooler, we know that fall is coming and the holiday season will be coming close on its heels. Many of us are prone to overspending during the holiday season, 36 percent of individuals overspend during the holidays by 5 – 30%. Wow.

Now, is a good time to start saving up if you haven’t started already. If you’ve been following the recommendations and have been stockpiling all year then you’re in better shape and less likely to overspend during the holidays. However, if you’re waiting for black Friday and Cyber Monday, then at least start stockpiling your money now. I invite you to participate in a 30 Day Save Money Challenge.

The challenge: not to spend any money for the next 30 days.

This is a variation of another little save money game I play (check out this previous post). During the challenge don’t neglect your bills.

Items that are necessities or fixed expenses are excluded, e.g. gas/transportation, mortgage, student loans etc. The goal is to bring awareness on where you spend money and to save money. It’s also good, if you did a little splurging over the summer, to get you back on track.

At the end of the challenge, how much money did you save by not spending? Any money you would have normally spent, transfer that amount to saving. For example, if you normally grab a coffee and bagel in the morning and lunch in the afternoon, add up what you would have spent and put it in savings. Would you normally head to the mall or the movies out of boredom? Well, not during the challenge. Calculate your savings and then actually transfer them to savings.

As you go through the challenge let me know any epiphanies, feelings you have about spending, saving, your thought process or anything else you want to share. I’d love to know.

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Photo credit: Mike