There are quite a few viral savings challenges that you can implement in order to pay off. Keep the change challenges are great because you can start by saving just as little as one dollar. The challenges involve putting money that’s left over aside from different cash transactions. The 100 envelope challenge is when you number envelopes to one hundred. You then shuffle them and draw one random envelope each day. Obviously each envelope has a different amount of money in it.
Key Takeaways:
- Money-saving challenges are an engaging way to help you feel connected to your finances.
- For a passive approach, $1 and $5 challenges don’t require that much effort.
- The 100 envelope and the weather Wednesday challenges add an element of unpredictability.
“Assigning a goal to a challenge may also keep you motivated and consistent, whether it be saving for an emergency fund, a vacation or something else.”
Read more: https://www.nerdwallet.com/article/credit-cards/viral-savings-challenges-that-pay-off