5 Money-Saving Challenges to Take in 2021
Among the most common financial-related New Year's resolutions that people make, 49% of people say that saving more is their priority while 33% aim to focus on improving their credit score. Whatever your goal is, saving more money in 2021 is a fantastic way to bolster your financial future and set yourself up for success.
You can aim to save more this year by using your Cheese Debit Card as a way to earn more cashback while spending on everyday purchases, but what about other easy ways to save money? Depending on your goals, we’ve got seven money-saving challenges for you to take this year. Let us know which ones you love the most!
7 Ways to Save More Money in 2021
1. 52-Week Challenge
If you’re really intent on saving money in 2021, we suggest the 52-week challenge as your first money-saving challenge to try out! It’s great because it’s incredibly simple. During week one of the year, you save $1, and during week two, you save $2, and so on. By the end of the year, you’ll only have to say $52 that last week, which isn’t a lot considering some people aim to save hundreds of dollars each month. Following this method, you’re able to save a total of $1,378 a year!
2. Pick a Bill Challenge
Usually, savvy savers refer to this as the $5 challenge, which is when you never let a $5 bill go. Instead, any time you come across a $5 bill, you stash it away in savings. It’s a low-stress way to save a lot over time, but we want to increase the stakes a bit! Each week, draw a number out of a hat (or generate a number online) that’s either $1, $5, $10, or $20. Whatever number you draw is the bill that you have to save that week. This helps switch things up and makes it easier to save more or less each week depending on which number you draw.
3. No-Spend Sunday Challenge
This famous money-saving challenge is a fantastic way to gain control of your spending. If you think about what you spend weekly, you might find that you unnecessarily spend money on something each day, whether that’s a quick little coffee, Uber Eats, or something else that’s probably not totally necessary. This year, make it a point to observe “No-Spend Sundays.” Basically, you don’t spend any money on Sundays (or whichever day you choose). Not only do you save a bit of cash, but you learn to cut back on unnecessary spending over time and select which purchases are truly worth it.
4. Meal-Prep Challenge
One of the best ways to reduce spending on groceries is to follow a strict budget and stick to a meal plan. Start by taking a look at the kinds of deals that your local grocery stores are offering on certain foods and produce. Then, plan a menu based on the cheapest options for food choices. When you go to the store, go with your meal plan in hand and only purchase the food on your list. If it helps, combine this savings challenge with another savings tactic where you only take exact change to the store. Leave your debit card at home and take $100 with you in cash. You won’t be able to overspend!
5. $1 a Day Challenge
Looking for the easiest savings challenge of them all? Simply focus on saving $1 a day! There are numerous apps that will allow you to funnel money from your checking account into your savings account weekly or monthly, so you can do it that way if it’s easier ($7 a week or $30/month). While this might not sound like a lot, at the end of the year you’ll have an additional $365 in your account that you wouldn’t otherwise have. Take that $365 and put it into a high-yield savings account or make a larger payment on one of your student loans or credit cards.
EXTRA: The Cheese Challenge
This year, take the Cheese Challenge! All it requires you to do is sign up for a Cheese Debit Card. You’ll enjoy zero fees when spending and also get a cashback and saving bonus. While it’s not a savings account, it’s an easy way to manage your money and earn cashback without taking a proper challenge or changing any of your savings or spending habits.
And, it offers you the chance to earn cashback than most credit cards. Count on perks such as:
❌ No Monthly Fee 🧀️ $5 cash bonus
❌ No ATM Fee 🧀️ Up to 10% cashback with every purchase/transaction
❌ No Overdraft Fee 🧀️ Potential Double Cheese Cashback
❌ No Insufficient Fund Fee 🧀️ Up to 3% Deposit Bonus
❌ No Minimum Balance Requirement 🧀️ Early Paycheck
❌ No Int. Incoming Wire Transfer Fee 🔐 FDIC Insured