Boost Your Savings by $500 With The 30-Day Savings Challenge

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Is saving more money one of your goals? Most likely it is, as that is a common goal for most of us. So, how are you doing with that? Hopefully, you’re crushing it, but if your goal is as general as “save more money,” without a specific dollar amount or deadline, then you may not be making much progress. Or it may be difficult to gauge how you’re doing because you don’t have a defined target.

I want to encourage you to take things up a notch and to save $500 in the next 30 days by accepting this savings challenge.

Save $500 in the Next 30 Days

Attempting to save $500 may seem daunting, but if you break it down to a daily amount, that’s only $17 per day. Do you think you can cut your spending by $17 a day? I think know you can!

If you grab lunch on the go and swing by Starbucks or indulge in some other pick-me-up every day, that’s pretty much $17 right there. And if you don’t do those things, there are plenty other ways to save, which we’ll cover.

Before we get into the “how,” make the decision now to accept this savings challenge. Do you commit to saving $500 over the next 30 days?

Okay, great! Truly commit to it and make it your focus, and you’ll see that saving $500 is easier than you think!

How You Can Save $500

There are many ways to go about this savings challenge. I’ll highlight a handful, but don’t let these suggestions limit you. Brainstorm other ways you can save $500 and be as creative as possible in your thinking.

1. Skip Eating Out

For one month, put a pause on dining out, whether it’s the weekend dinners you usually partake in, the occasional take out, or the bagel and coffee you grab every morning. Depending on your regular habits, this one step could save you the entire $500. (Oh and vending machines and impulse items in the checkout line count too!)

2. Save Your Spare Change

Start a change jar, and invite everyone in the family to participate. Those coins add up!

3. Cash in Your Redeemable Cans and Bottles

If you live in a state where you get a refund on cans and bottles but never turn them in, you’re wasting money—your money! Gather the cans and bottles you have around the house and cash them in.

4. Give up a Habit (or Two)

For the next 30 days, consider forgoing alcohol, your weekly manicures, or any other indulgence you typically engage in.

Related Reading
•   How to Squeeze $500 Out of Your Budget
•   8 Tricks to Help You Save More Money

5. Automate Your Savings

Sign up for Digit, and let this cool app “force” you to save. Learn more about Digit in 8 Tools to Help You Manage Your Money.

6. Do a One-Month Money Fast

For 30 days, cut back all non-essential spending by going on a Money Fast. This alone would pretty much take care of the $500. Read more about how a Money Fast works.

7. Save $1 on Day One and Increase It by a Dollar Each Day

Start by saving $1 on the first day of the challenge, $2 the next day, $3 the next day, and so on. By the end of 30 days, you would have saved $465!

8. Save on Groceries

Try your hand at couponing or use these cash-back apps to help you save at the grocery store.

9. Get a Boost with a $25 Sign-up Bonus From Capital One

Don’t blow your savings by keeping it in your checking account or a savings account that you can access in seconds. Get $25 immediately when you open a new Capital One 360 Savings Account with a $250 deposit.

10. Download 51 Ways to Save Money Every Day

For more money-savings ideas, download 51 Ways to Save Money Every Day.

Tips to Help You During the Savings Challenge

Go into this savings challenge determined to succeed. Keep the following in mind as you work towards your goal.

Let Others Know What You’re Doing

If you have a shopping buddy or a co-worker who always invites you on a Starbucks run, preemptively tell them you’re participating in a savings challenge. You’ll be less likely to give in to the temptation of spending, and they just might join you in the challenge!

Chart Your Progress

Nothing helps your chances of reaching a goal like documenting it. Download the $500 in 30 Days Savings Challenge Worksheet to chart your progress over the 30-day period. Put it on your fridge so the whole family will see it, or put in your wallet so you’ll have a reminder when you’re tempted to spend!

Share Your Progress

I would love to know how you’re doing with this challenge. Come back and share your progress by leaving a comment. You can start this savings challenge at any time, regardless of when you come across this post, and at any point during the month (no need to wait for the 1st of the month)! Let me know how you’re doing. I’ll be taking this challenge myself!

Put the Money Where You Won’t Spend It

If you think you’ll spend your savings before it reaches $500, remember Digit and Capital One, which were mentioned earlier can help you. Another great tactic to help you is to purchase a Postal Money Order once you’ve accumulated a small chunk. For a nominal fee, having your savings “locked up” will prevent you from spending it!

So are you with me? Follow these tips to give your savings a $500 boost in the next 30 days. Again, you can start this challenge anytime, even if you’re reading this in the middle of the month. Don’t forget to chart your progress and come back and share how you did!

Good Luck!

Are you up for the $500 in 30 Days Savings Challenge? If you’re in, let me know in the comments, and include the date you’re starting!