Happy New Year from Allegius! If your new year’s resolution is to save more money, you’re in the right place. We have a list of five ways to help you save even more this year!
1. No-Spend Challenge
Try going a whole month without any unnecessary spending. There will always be necessary expenses, like utilities, groceries, and gas, but avoiding unnecessary spending can save a lot in a short period of time if you’re an over-spender.
Decide for yourself what’s considered necessary and unnecessary. Maybe you even go as far as trying to stick to a stricter grocery budget for a month – shopping at a different store or even buying store-brand items versus name-brand. Keep in mind that some purchases may be deemed necessary by others that you may not feel are necessary for yourself. This challenge should be personalized to your wants and needs.
2. 52-Week Challenge
The 52-Week Challenge is pretty straightforward and also quite popular! Starting at the first week of the year, deposit $1 into your savings account. The second week, deposit $2, the third $3, so on and so forth. By the end of the year, you’ll have saved $1,378!
And, with an Allegius Share Savings Account, you’ll save even more with our competitive dividends paid out on balances over $50. The best part? If you’re an Allegius member, you already have a Share Savings Account!
3. Nickel Challenge
Looking for another challenge? The nickel challenge will help you save over $3,000 by year-end! Start on the first day by saving one nickel, then add another on day two, another on day three, so on and so forth. By the end of January you’ll be adding 31 nickels (or $1.55). For example:
Day 1: $.05
Day 2: $.10
Day 3: $.15
Day 4: $.20
Day 5: $.25
Day 365: $18.25
By the end of the year, you’ll have $3,339.75!
4. The Pantry Challenge
If you’re looking to save on your grocery budget and flex your creative cooking muscles, the pantry challenge is for you.
Make it a goal to stop grocery shopping for an entire month. Use what you already have on hand in the refrigerator, freezer, or pantry, and see what kind of creative meals you can come up with. The best part? You’ll also save money! The average grocery budget for a family of three is over $900, which means you’re looking to save a significant chunk of money by taking on this challenge.
5. The Unsubscribe Challenge
At the beginning of each month, go over all the monthly services you pay for. Things like streaming services, drink clubs, gym memberships can often go unused, but you’re still paying for them. Make it a challenge to unsubscribe from anything you’re not actively using over the course of the month. Could you swap your paid subscription to a free alternative?
With these easy, money-saving challenges, you’re on track to save a lot of money in the new year!
