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For many people, saving still means sacrificing. And then saving as a challenge, i.e. a sacrifice challenge, so to speak? Does that really make sense? Do we need that? And what consequences does this have on our (financial) well-being?
First off: Saving can be so much more than just putting money aside. Saving gives you the opportunity to achieve your goals, afford something and build up wealth in general.
Whether you want to use savings challenges for this is your individual decision. Ultimately, savings challenges should bring fun, motivation and creativity to the topic of saving. Regardless of whether you're saving up for a dream vacation, a nest egg, or your first investments — these challenges will help you manage your money more consciously and enjoy it or give yourself an incentive to stay on track.
Saving challenges are therefore structured and often playful saving methods that help you achieve your savings goal. The highlight: They set clear rules and goals that make saving manageable and motivating. Instead of focusing on doing without, the focus is on conscious consumption and enjoying the challenge.
Saving challenges are attractive because they serve as a motivational boost. Because they give you a clear plan, enable small successes, which keep you motivated.
In addition, they are also fun, as the playful approach makes saving less a duty and, in the best case, a pleasure. (However, if you're not into “competition” or “challenges,” they may be less suitable for you. Then you can simply use budgets to optimize your finances and identify potential savings.)
They also help you to be more aware of your money. Through the challenges, you become aware of unnecessary spending and learn how to set specific priorities.
However, you should definitely not forget the individual adjustment to your life situation. Because a good savings challenge is flexible, so you can adapt it to your life situation. Otherwise, the experience may be negative, demotivate, or lead to abandonment. In turn, this can also have negative effects on your financial behavior and your personal money mindset in the long term. If you are unable to successfully complete the challenge, be sure to reflect on the reason — to avoid doubts, subconscious blockages, or the like.
There are a few savings challenges you can try out. We've put together an overview of some of the most popular ones for you:
In this challenge, you increase the amount you save every week. You start with 1 euro in the first week, 2 euros in the second and so on. At the end of the year, you saved 1,378 euros.
Tip: If you are particularly motivated at the beginning of the year, you can save the larger amounts first so that it is easier towards the end. — So simply turn the order around.
Set a period of time (such as a week or a month) in which you avoid all unnecessary expenses. That means no shopping trips, no coffee-to-go, no ordering food. Instead, you use what you already have and get creative, for example when cooking.
Why it works: You'll learn how many expenses are really necessary and which you can save yourself.
Every time you get your hands on a 5 euro note, you put it aside. You'll be surprised how quickly a sizeable amount accumulates!
Tip: To make things easier for yourself, you can reserve a separate pocket in your wallet or a glass at home for it.
Do you have an impulse to buy something that you don't urgently need? Wait 30 days. Often the desire for it goes away and you save money for something really important.
Why it's popular: This challenge helps to avoid impulsive shopping and to make more conscious purchasing decisions.
Set yourself a specific goal, such as a trip, a new bike, or setting up a nest egg. Define how much money you need for this and set aside a fixed amount — weekly or monthly.
Tip: Create a standing order for the amount you want to save. In this way, you save automatically and you won't even try to spend the money on something else.
Extra tip: Break down your goal into small milestones to reward yourself in between.
Each challenge has its own appeal, but not every challenge fits every lifestyle. Here are a few questions to help you make your choice:
Try out different challenges and find out which one you enjoy the most and suits you best.
The nice thing about savings challenges is that they are not based on sacrifice, but on a more conscious use of money. It's not about denying yourself things that make you happy, but about setting priorities and spending money where it will benefit you the most in the long term.
Saving means planning for the future — for dreams, security and financial freedom. With savings challenges, you can tackle this path with motivation and ease.
Savings challenges are a fun way to save money without feeling restricted. They help you to manage your money more consciously and have fun doing it at the same time. Regardless of whether you choose the 52-week challenge, the no-spend challenge, or your very own version — each challenge brings you one step closer to your financial goals.
So what are you waiting for? Why not try one out?
