5 MONEY SAVING CHALLENGES TO START YOUR NEW YEAR
Every year at the beginning of the year for the past 10 years I have enjoyed beginning a new money-saving challenge. This year I have decided to challenge you as well to select a money-saving challenge to participate in and see how much you can save. As you save I also challenge you to consider a giving challenge as well where you set aside a small amount to give to missions, a ministry of your choice, or even a local homeless shelter.
What is my favorite money-saving challenge?
My favorite money-saving challenge over the last few years has been the 52-week money challenge. This challenge is not one that I created myself but is one that I love to participate in. The 52-week money challenge allows you to start small and gradually save over $1300 throughout 12 months. Below I have suggested 5 different money-saving challenges that may help you this year.
Where to find more money-saving challenge ideas?
Pinterest is a great place to discover more that may work for you better such as larger challenges if you are looking to save more money. I would love to hear which challenge you decide to participate in this year and how it goes.
As with any New Years' resolution, I challenge you to start with a plan and to make your goals attainable. Make sure the challenge is something you can afford and that you can be successful. Another caution I will present is this..... if you find yourself having a bad week or set back in some way during the challenge just keep going. You can fail and still be successful. The goal is to do better than you normally do and to improve your finances not to beat yourself up or seek perfection. Remember a successful person is just someone who fails many times and yet does not give up.
Money-saving challenges
$5 bill challenge - save every $5 bill you receive all year. The amount saved can vary greatly based on the amount of cash used and the frequency of receiving $5 bills.
52-week money challenge- a bit more complex but easy to complete and very beneficial
20 dollar weekly or biweekly challenge - You will ultimately save $520 if you save $20 biweekly or $1040 if you choose to save $20 weekly.
Save your change - Save all of your change throughout this year and vow to use cash more frequently to cut back on overspending and also so the change grows faster.
Drink more water challenge - This challenge is a bit different but can save you a lot. Do you frequently purchase beverages at the store or in restaurants? Why not cut back or eliminate all other beverages this year. You can save so much money and will save you a lot of unnecessary calories. This might be quite tough for some people, but I encourage you even if you don’t eliminate them to try drastically cutting back and experience the difference it can make.
My 2024 Giving Challenge
Giving challenge - Finally I want to propose a giving challenge. This year I am challenging myself to give more to a couple of missionary families that we support. As I save I will also make sure that at least once monthly I give an extra gift to these missionary families. It is important to never forget to give because the Lord has blessed us with so much. Saving money is important but giving money is also extremely important. Whatever you choose to give to I ask you to consider this bible passage.
2 Corinthians 9: 6 Remember this: Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously. 7 Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver. 8 And God is able to bless you abundantly, so that in all things at all times, having all that you need, you will abound in every good work. 9 As it is written: “They have freely scattered their gifts to the poor; their righteousness endures forever.”
As we begin 2024 let us always remember that although we make plans and save money God is always the one in control of our finances. As Christians may we save as we try to be good stewards of what He has trusted us with but may we also pray and leave our financial situation in His hands. Tithe faithfully and give to the ministries you decide to bless this year and remember that whatever happens in 2024 our faith is not in our money or in our ability to earn or save more money but in Jesus Christ who promises to always provide for all of our needs.
Matthew 6: 25-34 says:
25 “Therefore I tell you, do not worry about your life, what you will eat or drink; or about your body, what you will wear. Is not life more than food, and the body more than clothes? 26 Look at the birds of the air; they do not sow or reap or store away in barns, and yet your heavenly Father feeds them. Are you not much more valuable than they? 27 Can any one of you by worrying add a single hour to your life?
28 “And why do you worry about clothes? See how the flowers of the field grow. They do not labor or spin. 29 Yet I tell you that not even Solomon in all his splendor was dressed like one of these. 30 If that is how God clothes the grass of the field, which is here today and tomorrow is thrown into the fire, will he not much more clothe you—you of little faith? 31 So do not worry, saying, ‘What shall we eat?’ or ‘What shall we drink?’ or ‘What shall we wear?’ 32 For the pagans run after all these things, and your heavenly Father knows that you need them. 33 But seek first his kingdom and his righteousness, and all these things will be given to you as well. 34 Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.
