Only 2 years later we are standing at over 40,000 members and the focus of the group is so much more than the savings challenge - it's a fantastic supportive community of like-minded people living on a budget - with a wealth of knowledge and information being shared amongst members.
However, it is obvious from recent posts that many members are still interested in participating in a Savings Challenge so I decided to pull together some of the great suggestions and ideas we have had sent to the group ready for the 2018 SAVINGS CHALLENGE.....
1) Choose whichever Savings Challenge you think will REALISTICALLY best suit your familiy - CHALLENGE YOURSELF BUT BE REALISTIC!
2) We can all join in no matter which one we decide to choose. Even starting small can make a huge difference and give you a boost if you have the mindset that you are not a saver! Now you can be!
3) Each week on the group I will post up a HOW YOU DOING? post to check in with everyone and hopefully that weekly check in will help keep people focused and motivated to keep going or if there has been a blip, it will be the encouragement needed to get back on track. You can join in at any time throughout the year. The weekly posts will have the hashtag #savingschallenge2018 so it's easily searchable.
4) If it makes saving easier, have a goal to aim for. Such as Christmas, a special birthday, a holiday etc and keep that in mind when you are finding things challenging. Focussing on a goal can have a big impact on your success.
5) Check out the Adelaide Families on a Budget group regularly for budget tips to help with your ongoing budgeting which may help saving a bit easier. Search for #budgettips in the group. Please also share your own budget tips to help others and use the hashtag #budgettips in the post so people can easily find them at a later date.
SAVINGS CHALLENGES TO CHOOSE FROM:
1) THE $5 CHALLENGE
There's a few variations to the $5 Challenge....
a) The most popular being where you save ANY $5 notes you receive. Some weeks it could be just 1 x $5 but some weeks it could be a lot more. There's been many success stories shared in our Budget group from people undertaking the $5 Challenge.
b) Another variation is transferring $5 a week into another bank account (probably one that isn't currently used) - you may need to put a reminder in your diary or an alarm on your phone until it becomes a habit. Or set up an automatic transfer and forget about it. Yes, it could be any amount but $5 is small enough for lots more people to succeed which then gives them the confidence to continue saving when they realise they CAN do it.
c) Another variation is each time you go shopping, get a $5 note as cashback. If you go shopping a lot then maybe just once a week will be enough.
2) THE 52 WEEK CHALLENGE
There's a few variations to the 52 Week Challenge too....
a) It's as simple as saving the dollar amount that matches the week number. Week 1 = save $1, Week 2 = save $2 and so on....
b) Another variation is do the same challenge but backwards. Apparently this is popular as some people prefer to pay less the closer to Christmas it gets.
3) THE BINGO CHALLENGE
The Bingo Challenge is a slight variation of the 42 Week Challenge but you are in control and there's more flexibility based on what is happening with your budget each week. Just tick off one per week. But if you do tick off the smaller weeks first you need to stick with the challenge during the tougher weeks!
4) THE LOOSE CHANGE CHALLENGE
The two variations of this challenge:
a) Just chuck any loose change in a tin. Simple as that. Either at the end of each day or the end of the week if you think each day will be too hard and you will need the coins during the week. It's surprising how much you can save with just this challenge! The fun of it is not knowing how much you have - because who wants to sit and count it out every week!
b) Through your bank account - each week log onto your phone banking app and any "loose change" you have transfer to another dedicated account. For example, your balance is $26.75 so transfer $6.75 to your savings account. Or if you prefer do this daily but transfer just the cents if your bank allows this. For example, on Monday your balance is $123.75 so transfer 0.75c to your savings account and on Tuesday your balance is $87.55 so transfer 0.55c to your savings account.
5) THE $2 COKE BOTTLE CHALLENGE
Apparently (and I haven't actually done this to check), a 600ml coke bottle fits $1000, a 1.25l bottle fits $1900 and a 2l bottle fitts $2960. Try one or try them all.....
6) THE GIFT VOUCHER CHALLENGE
A lot of people have had success with this challenge. Quite simply, each time you go shopping for you major shop, purchase a gift voucher to save for Christmas (it's usually Christmas that people save gift vouchers for). You do need to check that the expiry dates aren't going to run out BEFORE you need to use them of course!
So.....which one will you choose?
Remember to join us over at Adelaide Families on a Budget group and join in the challenge - search for #savingschallenge2018 and #budgettips and remember to use those hashtags if you are posting about the challenge or sharing budget tips.