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Boost Your Savings in 2024 with These Challenges

If higher expenses are straining your budget in 2023, you’re not alone. Financial stress can be overwhelming when money is tight. Cutting expenses and building a budget are essential steps to alleviate this tension. However, without a savings cushion, achieving financial stability can be challenging.

Whatever 2024 holds, building up your savings can help you weather potential hard times and enjoy the good. Here are eight savings challenges to try in 2024:

1. 52-Week Saving Challenge

Start by depositing $1 in week one, $2 in week two, $3 in week three, and so on. By week 52, you’ll have saved $1,378. This can be a great start to an emergency fund or a way to cover holiday shopping without going into debt. For a twist, try the reverse 52-week challenge: start by saving $52 in week one, $51 in week two, and decrease by one dollar each week.

2. 26-Week Saving Challenge

This variation of the 52-week challenge is ideal if you’re paid bi-weekly. Start by saving $3 in week one, increasing by $3 each week. By week 26, you’ll have saved $1,053. The most you’ll deposit in a week is $75, making it a manageable goal.

3. The No-Spend Saving Challenge

Turn saving into a game by limiting your spending to basic necessities: housing, bills, and groceries. Cook at home, find free activities, and challenge yourself to be as frugal as possible. Start small with a no-spend weekend and gradually extend the duration.

4. Round-Up Saving Challenge

Implement a roundup rule: round up every purchase to the nearest dollar and save the change. For example, if you spend $28.57, save the 43 cents difference. Transfer the rounded-up amounts to your savings account regularly.

5. Dollar Saving Challenge

Save $1 a day to accumulate $365 by the end of the year. Set up an automatic transfer of $7 per week into your savings account. Combine this challenge with another to maximize your savings.

6. Financial Minimalist Challenge

Adopt minimalist practices for a week or a month. Reduce your spending to only what you need or truly love. This could mean cooking more at home or finding second-hand items. Focus on how little you can buy without diminishing your quality of life.

7. Money Mistake Jar Challenge

Every time you make an impulse purchase or go off budget, put a dollar in a jar. This won’t offset the financial impact, but it can help reinforce good habits and unlearn bad ones.

8. No Dining Out Challenge

Save money by not dining out. Start with a weekend or week, and transfer the money you would have spent on dining out into your savings account. Plan meals in advance and stock up on groceries to increase your chances of success.

Make 2024 Your Best Financial Year Yet

Whichever challenge you choose, know where to stash your funds. A high-yield savings account will help you earn interest on your savings. Additionally, consider making other key money moves this year: start a financial plan, set a retirement savings goal, and begin investing a portion of your pay. Set up a budget that supports your savings and investing goals, and monitor your credit to work toward a strong credit score.

For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you achieve your financial goals with confidence.

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