What is the 52 Week Money Challenge?
Do you find yourself at the end of the month wondering where all your money has gone? While we don’t like throwing money away, we sure do spend it on items that are relatively unimportant in the grand scheme of things. The 52 week money challenge is designed to help you map out your savings for an entire year, with the end game being $5,000 sitting in your savings account. Wouldn’t that be nice?
Have you ever thought about how much money you are really spending?
To be honest, who really does? That’s why being well versed in personal finances is so important! We live in a generation that spends beyond their means, thus increasing their personal debt, and decreasing available valuable funds.
While some of our purchases do make our lives more convenient, others find their way into our homes and bank accounts by cultural habits. It comes down to the want, versus the need.
Spending now or saving for the future?
One point we would like to make here at Buck Academy is this; spend now or save for the future? You could go to the mall, and grab that new purse or pair of sneakers, or what about saving up for something you REALLY want? Such as a new set of tires, a new bike, or something else you have had your eye on for a while now. Is your want stronger than your need?
BUCK Academy has put together 14 ways you can cut spending to increase your savings nest:
Keep track of what you are spending your money on, find what are your unnecessary expenses.
Creating a budget when laying out your personal finances is essential. Here is your chance to cut the unnecessary spending habits, and allocate them to your savings.
- Consider using cash as your primary source of spending currency
It’s been noted that using cash as your primary source of currency, versus your debit or credit cards has improved the relationship we have with our finances. Cash disappears as we spend it, we can see it diminishing as we make purchases. As for cards, we cannot and are more likely to swipe it more than pulling a $20 out everytime we want to purchase something that we want.
The envelope system is essentially keeping your money separate from one another. Creating multiple envelopes labeled for their usages.
For example: “Bills” money is for only bills to be kept in this envelope. “Fun” money is for only entertainment and extra curriculars.
- 24 Hour rule for purchases
The 24 hour rule is an evaluation period when making a large purchase. When thinking of spending more than $100 on something, evaluate the benefits of your purchase and make a reasonable decision on if that purchase is an asset or a loss.
No spend days? You did read that correct! No spend day’s meaning you go without spending money on anything, all day. This is a lot more difficult that many think. Step back and think for a moment about how many days you have gone without making a purchase? Food, coffee, or other? All the little things add up to an impactful conclusion.
- Utilize discount codes and coupons
Who doesn’t love to save money on the items we like? Here at Buck Academy, we know that we sure love discounts! We are sure that you have signed up for your favorite stores subscription newsletter, that’s great! Now, utilize those coupons and offers. Shop their sales, and if it isn’t on sale – don’t buy it!
- Don’t shop when you’re hungry!
We said it, don’t go shopping when you are hungry. How many times have you thrown out that bag or chips, or tossed those now rotten Bananas in the trash? We waste so much food, and money when doing this.
- Create shopping lists to decrease overspending
This and number 8 above go hand in hand. Creating a shopping list before you go to your local grocery store will help you stick to the list, and stick to your budget. Creating a list of items you know you need, helps you from straying away and making purchases on items that you don’t.
- Remove credit or debit cards from online account
Removing your credit or debit card from online accounts will also help you save big money over the course of a year’s time. Doing this helps from unused accounts auto drafting your finances from your bank account.
- Out with the old and in with the new
This is a great opportunity to not only save money, but to be resourceful too. When you buy a new pair of shoes, throw an old pair away.
- Cancel subscriptions you are no longer active with
We have all been guilty of click bait. Signing up for a subscription on an item to save money, give it a try, or just out of curiosity. With subscription purchases, we often forget what we signed up for, and when they take that money out of our account.
- Look at your total cost for a year on purchases and spendings
Don’t just look at the price of your $4 cup of joe on a daily basis. Doesn’t seem like much, but when you add that up everyday, for an entire year, that’s an average of $1,460 A YEAR just on coffee alone!
There are TONS of free activities to do with your family. Our number one recommended free activity is being outdoors! Camping in the backyard, movie nights at home, board games, the possibilities are endless.
Savings at a glance
So, how much can I really save by cutting back my spending habits? Well, here at Buck Academy, we have put together a visual of a few common spending habits and what they really cost you.
- Eat at home: Save on average $1,000 per person/yearly
- Stop buying water bottles: Save on average $180 per person/yearly
- Cut back on eating out: Save on average $800 per person/yearly
- Unnecessary Shopping: Save on average $500 per person/yearly
- Cable & Unused TV subscriptions: Save on average $400 per household/yearly
That’s $2,880 that you are currently spending, that could be in your savings account!
How can the 52 week money challenge change your life and the life of your youth?
You and your family don’t have to deprive yourselves of what you really need, or even the fun stuff. This 52 week challenge is meant to improve the lives of you and your family, through being responsible in our personal finances, we teach our children to do the same.
Check out our FREE printable PDF download of our 52 week money saving chart!