It is 2023 and if you are finally ready to get financially fit – this 2023 Savings Challenge is a great place to start!
When it comes to saving money, it doesn’t matter how you do it, it just matters that you do it.
Whether you’re saving to pay off debt, build your emergency savings or saving for a large purchase such as a down payment on a house or a new car, money savings challenges are a fun and easy way to help keep you on track.
That is why I love the 2023 savings challenge so much. It’s extremely easy and very doable. There is no time limit on how long it’ll take to save and you can do the challenge again and again to continually add to your savings.
How to Have Money to Complete Money Savings Challenges
I know right now it is extremely hard to save when you’re just trying to keep up with inflation, bills and keep your head above water.
However, I believe this is the most important time to start putting away savings for a rainy day.
With that being said, there are a few things you can do in order to have enough money to complete money savings challenges like this one.
Start with a budget – I like to say, the only way to know how much money you actually have is to sit down and have that painful meeting with yourself and your partner (if they help contribute to your household finances). Write down your income, every expense and see if there is anything left. Numbers matter so be truthful!
Get rid of any expense you don’t need – Look, having a small amount of savings is worth more than any Netflix subscription or Starbucks drink, trust me. So, cut out any expenses that are not necessary. Yes, that includes the gym membership you’ve been paying for months and haven’t actually been going!
Be extra mindful of your money – Once you’ve gathered your income, expenses and cut anything out, now it’s time to be extra mindful of your spending. If you know you typically overspend while grocery shopping, walk into your grocery store and buy a gift card for the exact amount you want to spend that way you know that’s all you have rather than putting it on a credit card or using your debit card.
Increase your income if possible – Is it time for a raise? Need a side hustle? Now is the time to increase your income in any way you can. That means selling things, picking up side jobs, etc. Anything that will help you increase your income. Oh, and make sure this income is being saved, not spent.
What is the 2023 money savings challenge?
The 2023 money savings challenge is designed to help you save money in the year 2023. It actually even uses the same amounts as the numbers in the year imply.
You are simply going to save $20 a total of 23 times which amounts to $460!
You can also save $23 a total of 20 times and get the same result.
I even made an easy 2023 Money Savings Challenge printable tracker for you here.
Good luck and I hope this is a great way for you to jumpstart your savings in 2023!