Money Saving Challenge: challenging Saving Plan for Everyone!

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money savings challenge

Are you looking for a savings challenge ?

Because it helps you save more money ?

Then you've come to the right place.

We not only give you the challenge, but also smart tips to challenge you even more !

In this article:

Before you start the challenge ...

You are about to start with our challenge, but we first want to agree two things with you to make sure you get as much out of it as possible, in the right way:

1. Choose the best savings account

When you start saving, or want to save for a specific purpose, it is advisable to open a good savings account for it. Do not just choose a standard account at the bank where you are already located, always go for the highest interest and best conditions! This can save you a lot of extra money. Or cost a lot of money if you don't bother to choose and open the best account.

In the overview above you always see the highest savings interest rates at the moment. You can go directly to the providers for more information and to open the account online. You can also make more specific comparisons for a certain type of savings via “all savings interest”: for example deposits, savings with conditions or accounts for children.

2. Don't overdo it

It's very good that you want to do your best to get as much savings as possible in a year, but you shouldn't go too far either. By this we mean that you should not sit down and eat dry bread, just so that you can transfer a few quarters more to your savings. Life has to be fun. We will therefore not give you tips where you have to leave things. No, you have to make sure that you save in order to achieve your dreams!

The Savings Challenge

There are many saving challenges and challenges on the internet. In addition, you usually have to deposit a fixed amount per week into your savings fund according to a certain schedule.

But the tricky part is that everyone has a different financial picture, so those challenges for weekly savings do not apply to many people. It can quickly be too easy or too difficult. So we come up with another proposal, a tailor-made challenge, as it were:

1. Calculate what you have left over per month

You probably know what your monthly income is (approximately), but do you also know where that money goes? Not many people anyway. Look up the debits from your bank account of the past 3 months: are you shocked ?!

Try to figure out what you spend in about a month on everything you spend. Subtract this from your income and you will know approximately what you should be able to save each month.

Example: Suppose you earn a net $ 1,700 per month, and you have spent $ 1,650 on all your costs (rent, insurance, subscriptions, clothing, food, gifts, small expenses, etc.), so you can save 50 US dollars. save in a month.

2. Set your goal

So you now know what you should theoretically be able to save in a month. Try to make the calculation as realistic as possible. The more months ago you look up the costs, the more accurate your estimate will be. You prefer to search a whole year back, although that is a lot of work.

Your goal is to save the amount you have left over. Ideally, you would like to transfer this at the beginning of the month and do not worry about it anymore. So 12 times that amount becomes your goal to have saved in a year.

Example: if you have 50 US dollars left per month, then your goal from now on is to have saved 50 x 12 US dollars = $ 600 in a year.

3. Exceed your goal

But we're going to make it harder for you! The motivation is to save more than your goal, to exceed this. To get the most out of it. To make a good start, we invite you to read our tips carefully below.

How do I save as much as possible?

You have to make sure that you CAN save more money and that means that you have to keep as much as possible of the money that comes in. Or rather, that you have to make the difference between your income and expenditure as large as possible. In a positive sense, hey… and there are roughly two ways:

1. Save on (unnecessary) expenses

A good way to keep more money is to make sure that less goes out. Especially when it comes to costs that may not actually be necessary at all! There are an incredible number of good smart things that can save you money. But then you just need to know.

We have collected a lot of this kind of wisdom on this site. And because there are so many, we have summarized those tips for you in a handy Money Saving Test . This will save you a maximum of $ 10,000 on an annual basis! And that while in fact there are only 15 short yes / no questions, covering all the common burdens of a normal Dutch household.

For all those costs, we always give you one or more options on how you can lower them, without you having to give up anything. Simply by knowing where you can get a discount or the same quality for a lower price. You can always click directly to the site or institution to arrange it immediately, because why leave free money?

2. Earning money on the internet

Saving is a good thing to do, but it has maximum potential. You can never save more than what comes in. So it is also good to ensure that more will come in on the other side. Every bit helps.

Anyway, small amounts: nowadays you can earn quite serious amounts online! And that's pretty easy too. For example, you can add a few hundred US dollars per month just by completing online surveys . And what about internet savings programs or earning cashback .

But with some effort you can earn a complete income with it, for example by earning with affiliate marketing . However, there is a bit more work to do, but then you may never have to work for a boss again! You can read all about the 6 methods that we recommend in our article reliably making money on the internet .

More tips for saving extra

Is this not enough of a challenge for you? Or are you completely motivated to continue even further ?! That's good, because there are even more tips about saving. You can read about that in our aptly named article 10 tips to save more money .

And do those tips work well for you? Super! But then you should also read our article 10 tips to get the most out of your savings . Because great if you have a cool savings account, but if that money is just lazy doing nothing there, it is of no use to you either. That money can work for you and become worth more too!