Advertising
Advertising

How to Save a Bunch of Money Easily With This Simple Challenge

How to Save a Bunch of Money Easily With This Simple Challenge

Do you find it hard to save money? If so, you’re not alone. A recent survey found that 62% of Americans have under $1000 in savings.[1] This can be disconcerting when we think about the future – buying a house, car, or even much-needed holidays – our desire to be successful in saving money is important to our peace of mind and security. But could there be a simple and easy way to encourage our saving habits?

Video Summary

What is the 52-Week Money Challenge?

A new concept has become increasingly popular that does just that – the 52-week money challenge.

The idea is to focus on each week, starting small, and gradually building up the amount of money you save. It’s not only consistent, but it takes away the pressure of taking big chunks of income each month which, let’s face it, never feels great. Intrigued? This is how it works.

Advertising

You start by saving just $1 in week 1. The next week it’s $2, the third week it’s $3 and so on. The idea is that by week 52 when you’ve saved $52 in that weekly period, you will have amassed $1,378.

What Are the Pros and Cons?

The best thing about this 52-week money challenge is anyone can do it. It’s doable and you can adapt it to your needs.

For example, you can reverse the process by saving $52 in week 1 and working backwards. This is particularly beneficial for people worried about having to put away $52 during the end of the year holidays.

Advertising

You could even mix the amounts up according to how much or how little you have each week, making smaller contributions when the purse strings are tighter or choose a higher amount when you can afford more. Either way, it’s a solid, simple way to save up a sizeable chunk.

There are potential cons to this challenge. One is that it can be hard if you’re used to handing over your debit card instead of using cash. But setting up a bank transfer could help here.

Want to Try the 52-Week Money Challenge? Here’s How to Get Started

Whether it’s saving for a holiday, putting more towards your mortgage or other monthly or yearly bills, starting this challenge will get you motivated to putting aside those all-important dollars.

Advertising

Write It Out

Write out (or print out) a list of each week and the amount to save. Having it as a reference will allow you to see your progress. Cross off each week or each amount you’ve managed to achieve.

Set Up Reminders

Once you’ve reached a few weeks it can be easy to start forgetting to put your money aside. Make sure you set up a weekly reminder on your phone or desktop to help you keep on top of it. Keep the cash jar in a place where you can see it and will serve as a reminder. Alternatively, set up an automatic bank transfer so you don’t have to think about it at all.

Make a List of Ways You Can Save

There are literally hundreds of ways you can save dollars here and there. The first weeks will be easy but as it progresses, finding ways to tuck away $40 or more can get tricky but it’s not impossible.

Advertising

Think of ways to cut back or generate money – these could include:

  • Selling unwanted items
  • Making gifts for people instead of buying
  • Switching off your heating for longer periods
  • Car sharing to save petrol
  • Walking instead of driving
  • Negotiating a better contract for your phone, heating or water supply
  • Switching off unneeded lights
  • Cooking big meals and freezing them for future meals
  • Looking for deals or discounts at your grocery store
  • Choosing shop brands over big brands
  • Making your lunch instead of buying it

Once you have a list of practical ways you can save, estimate how much money could could potentially save for each one. For example, buying lunch every day could cost $5-10 so ultimately saving you around $30 a week if you made your lunch instead.

Be Competitive

Why not turn this challenge into one with your friends or spouse? Having someone there to motivate you will spur you on and keep you on track. Have an incentive going like the person who saves the most money gets to choose the next big vacation.

Every Little Helps

The main importance of the 52-week money challenge is that it’s encouraging you to save. If 62% of Americans are not regularly saving then it shows that anything that’s getting you to put a few dollars aside every week is better than not saving at all.

Remember, it’s the small steps that lead to the big progression. Don’t feel discouraged if you can’t fulfil an amount in a particular week, just know that your willingness to put a strategy in place is good enough. Keep a positive mindset and see how it’ll reflect the money you’ll ultimately save in a year.

Reference

More by this author

Jenny Marchal

A passionate writer who loves sharing about positive psychology.

How to Be More Knowledgeable Science Says Guitar Players’ Brains Are Different From Others’ Success In Reaching Goals Is Determined By Mindset How to Save a Bunch of Money Easily With This Simple Challenge 11 Killer Ways To Get Rid Of Roaches Without Harming You

Trending in Productivity

1 Find out How to Study Effectively With These 6 Tips 2 How to Complete Any Task in the Most Time Efficient Manner 3 How to Organize Your Tasks With Weekly To-Do Lists 4 7 Steps to Help You Start Living Your Dream Life Right Now 5 How to Take Personal Responsibility and Stop Blaming Circumstances

Read Next

Advertising
Advertising
Advertising

Last Updated on October 9, 2020

Find out How to Study Effectively With These 6 Tips

Find out How to Study Effectively With These 6 Tips

Learning is a lifelong endeavor and one that we can all hopefully learn to enjoy. One way to boost learning is through effective study techniques and habits. Once you learn how to study effectively, learning will get significantly easier, both in the classroom and out.

There are several study habits that are pivotal to know in order to study effectively and properly. These techniques could be the deciding factor as to whether you pass or fail or, more importantly, learn. These 6 techniques will help you learn how to study effectively.

1. Take Notes

In order to study, a person is required to understand what he or she is learning. A great way of understanding/learning is by making notes of the content you are reading[1]. Note-taking may including making linear notes, diagrams, charts, etc.

The key to taking notes when learning how to study effectively is limiting your notes to the most important and complex information, and making it all as simple as possible. Trying to write down everything you hear is a recipe for disaster, as you will simply become overwhelmed when looking back at what you’ve written.

An exceptional note making style is using summaries. Summaries are a written record of all the important points in a short and concise version. They’re excellent for using when an exam is fast approaching. However, if this doesn’t work for the subject matter or if you’re more creative, try mapping instead[2].

Advertising

Use mind mapping when learning how to study effectively.

    2. Practice

    Studying is meant to enable you to apply your learned knowledge to real life situations, so if you want to learn how to study effectively, focus on practice.

    The best way to study is by practicing with realistic examples and questions. As one TED article points out, “Practice is the repetition of an action with the goal of improvement, and it helps us perform with more ease, speed, and confidence”[3].

    For example, if you have a big interview coming up, how will you prepare for it? You’ll likely study types of questions typically asked in interviews. The most effective next step would be finding a friend to do a mock-interview with you. One article points out that “a mock interview helps you learn how to answer difficult questions, develop interview strategies, improve your communication skills, and reduce your stress before an actual job interview”[4].

    Placing yourself in these kinds of practice testing situations will help you recreate the emotions you’ll likely feel in the actual situation, so you won’t be taken off guard when the time comes.

    Advertising

    3. Improve Your Study Area

    Often enough, we study in a place that we feel comfortable in, but this has both pros and cons. Make sure that the room you’re studying in is not too cold or too warm. A cold room will make you feel uneasy, whereas an overly warm room will make you feel lethargic and lazy.

    Ensure that it’s not in an area with a lot of traffic that will work to distract you. If there is a lot of distracting background noise, consider putting on some relaxing music to drown it out[5].

    Furthermore, ensure that your study space is free of clutter. Research shows that clutter significantly increases chances of procrastination[6]. Other studies have suggested that having excess clutter can increase stress and levels of cortisol. Therefore, if you really want a productive study hour, make sure your workspace is clean first.

    4. Eliminate Distractions

    You may need to decipher between a distraction and an interruption when learning how to study effectively. A distraction can come in the form of open social media pages or a crying child, whereas an interruption can be anything from a phone ringing to an unexpected visitor showing up.

    While interruptions are nearly impossible to control, it is possible to eliminate the majority of distractions for certain periods of time. Choose a time when you’re alone or it’s quiet enough for you to study. It takes a lot of concentration to study properly, and there’s no guarantee that you can focus again once your train of thought is disturbed.

    Advertising

    If you have to use your computer to study, close out of all social media pages. If you have small children, ask your partner to keep them occupied in the meantime. There is often a solution for the distractions that each of us have to deal with in life, so get creative.

    5. Set Goals

    In order to make progress with your studies when learning how to study effectively, it’s great if you set mini goals or objectives for yourself. Set out an allocated amount of work you want to complete for a day and make sure you do it. Every time you accomplish a mini goal, reward yourself with some free time. This will assure that you’re properly motivated and certainly won’t suffer from a burn out from over-studying.

    Deadlines can be hugely helpful in motivating us to get things done. One study suggests that “as we approach a deadline, or get near to completing a task, this has the effect of reducing ‘opportunity costs’ – essentially, the lure of all the other things you could be doing instead”[7].

    If you know you have a big exam coming up in a day or two, make a deadline for yourself. For example, tell yourself: “I will read these three chapters before 10 pm tonight.” You can even set a reward for when you complete your goal on time.

    You can read more on creating effective deadlines in this article.

    Advertising

    6. Follow a Healthy Routine

    When learning how to study effectively, a healthy routine is important to your success. Your body needs to brace itself for intense studying, which is why you should get at least 8 hours of sleep, keeping in mind that the amount of time you sleep before 12 counts the most.

    Have a proper diet, including not living off energy drinks or takeout. A proper diet consists of 3 to 5 meals a day with average portions. If you need energy, opt for whole grains instead of processed grains to ensure your body is able to slowly process the food, offering consistent energy for the study session ahead.

    The greatest obstacle to face is having a balanced lifestyle, as studying is very time and energy consuming, which is why an overall healthy lifestyle is highly recommended.

    Final Thoughts

    Whether you’re studying for a big interview, a final exam, or a certification, learning how to study effectively is crucial to your success. Follow the tips above to ensure that the time you spend studying is time used well.

    More Tips on Studying Effectively

    Featured photo credit: Windows via unsplash.com

    Reference

    Read Next