We may all think we know a thing or two about finances, but do we really know it all? There’s always more you can learn to better yourself and that includes money management skills. Today, we’ll give you five challenges to test your money management in order to whip your finances into shape!
1. 52-Week Money Challenge
This is a fun one! This occurs weekly for a whole year, so it will really hold you accountable. Start with saving $1 for week 1, $2 for week 2, and so on. By week 52, you’ll be putting away $52. The 52-week challenge adds up to total savings of $1,378! You can choose what you’ll spend that money on if you make it all the way. Will it be for vacation, child’s college fund or emergency fund?
2. No Spend Challenge
We know this sounds scary, but you can still buy groceries and pay your recurring bills. Try not spending money on any unnecessary items for one week or one month. Yes, we know that coffee may feel necessary, but make your coffee at home instead of buying it. You’ll be surprised at how much you save when you don’t buy extra items here and there.
3. Change Challenge
Save any change you accumulate. This could be a fun game to play with your kids as well. You can give any change from the day to your children, have them count it then put it in a jar or a piggy bank. Do this for one month or a full year to see how much you accumulate! Some of our branches have a free coin machine for members to exchange coins for bills or a deposit into your savings account.
4. No Online Shopping Challenge
We know that more shopping is being done online now than ever before, which makes spending easier since you aren’t using physical cash for purchases. Challenge yourself by not buying anything online for a whole month – besides your groceries and essentials.
Pick one or more of these challenges to test your money management skills. You won’t regret it when you see how much money you save! Then, store your new savings in a savings account with us. Keep your hard-earned money safe and sound at American First Credit Union.
