Savings challenges: methods that save money – and are fun

Guest Contribution – Want to save money in the new year, but don’t know how? Why not try a playful approach? These savings challenges can have a big impact on your next input on the nationalcasino.com. 

Do you find it difficult to save money? Try to make it fun ,and you’ll be able to stick with it for longer. The nice thing is that you don’t have to set aside huge amounts of money. Evena  small change can add up to a larger sum over time. Here are seven savings challenges you should know about.

Save money with the 52-week challenge

With the 52-week challenge, the amount you save increases by one euro each week. Specifically, this means: “In the first week, you save one euro, in the second week two euros,” says Kathleen Altmann from the Association of German Banks (BdB). This continues from week to week – until you have to save 52 euros in the 52nd week. If you persevere and manage to put that much money aside, you will have 1,378 euros in the bank at the end of the year.

One thing to keep in mind with the 52-week challenge is that the savings amount becomes quite significant toward the end of the year. “The 52-week challenge is easy to implement, but it requires self-discipline,” says Altmann. A reminder in your smartphone calendar can help you remember to save. “As the amounts increase over the course of the year, you should check beforehand whether this fits into your budget,” says the bank spokeswoman.

Five-euro trick

Every time a five-euro note flutters into your wallet, sort it out and put it in a piggy bank. “This trick can be flexibly adapted to your own budget,” says Altmann. The same approach also works with other bills, such as 10- or 20-euro bills, or even coins.

One thing to keep in mind with the five-euro trick: with this type of saving, it remains unclear how much money will end up in the piggy bank at the end of the year. Among other things, it depends on how often you pay with cash and receive change. Either way, according to Kathleen Altmann, you can save a lot of money over the course of a year.

Save money with the Hot or Not Challenge

How cold or warm is it outside? A glance at the thermometer will tell you. If you check the temperature once a week on a fixed day—for example, Sundays—you convert the temperature displayed in your head into money, i.e., “At seven degrees, you save seven euros; at 35 degrees, you save 35 euros,” says Markus Latta from the Bavarian Consumer Service at KDFB.

And when the temperature is below zero? If the temperatures are below zero, convert the temperature displayed into Fahrenheit. Or ignore whether it’s above or below zero. That means that at minus ten degrees, you still save ten euros.

Please note when participating in the Hot or Not Challenge: The amount you save each week varies greatly throughout the year. “You usually save more in the summer than in the colder months,” says Latta.

No-Spend Day

This version of saving involves not spending a single cent on a specific day of the week. This means refraining from any spontaneous purchases, such as buying a sweet treat from the bakery in the afternoon, and not ordering anything online. “For every No-Spend Day on which you haven’t spent any money, you put five euros aside,” says Latta. The amount can be higher or lower depending on your individual circumstances.

Things to keep in mind on No-Spend Day: On the one hand, you save money with an average of four No-Spend Days per month. “On the other hand, you become more aware that you often spend money on lots of little things that could be avoided,” says Latta.

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