Sure, we all know that saving money is a good habit. However, putting aside money each month can be very difficult to do, especially since spending it is so much more enjoyable. Try to make saving a little bit more interesting by challenging yourself to one of these fun money-saving methods today.
1) Project 5
Every time you receive a RM5 note, take it out of your wallet and put it straight into your savings jar. This fun little challenge isn’t meant to be your primary saving method, but it is a simple and painless plan to get yourself to save a little more. It’s also a great way to set aside some money for a long-term purchase you’ve been eyeing to make. A 12-year-old Malaysian boy did this with RM1 notes and saved enough to pay for half of his PlayStation 4!
2) 52-Week Savings Challenge
Start 2019 by saving RM1 in your first week and increase the amount you save by RM1 each week after that. At the end of the 52 weeks in a year, you’ll have RM1,378 saved up. The challenge starts off easy but builds up to about RM50 a week being set aside in December – which is when money is tight for some people. If saving at the beginning of the year is easier for you, try the Reverse 52-Week Challenge where you save RM52 during your first week and minus off RM1 every subsequent week.
3) The Denda Jar
Your denda jar can be punishment for any of your worst habits – smoking, swearing, biting your nails, and so on. Decide beforehand on the penalty amount you will have to pay every time you lapse into your bad habit and enforce it strictly. For example, charge yourself RM20 every time you say you’ll go to the gym and then end up staying home instead. Not only is the denda jar a good way to collect some savings, it can also help you to improve yourself by kicking a bad habit this year.
4) Make It Competitive
A lot of resolutions fail due to lack of accountability. If you have someone who knows you’re on a savings challenge or better yet, a friend to carry it out with you, there’s a higher likelihood you’ll stick to it. Pick one of the initiatives above and do it with a friend or create your own challenge as part of a competition between the two of you. Try a "no-spend challenge" where you’re only allowed to spend on necessities for a set period of time and the loser has to make an extra savings deposit.
5) Grow Your Savings With Interest
Putting aside money through various challenges is all very well, but there’s a way to make saving even more rewarding: by earning interest. Once you’ve started to save a substantial amount of money, don’t just leave it in your savings jar in physical form. Put it into a separate savings account or even a fixed deposit. A fixed deposit offers higher interest rates and can be started with as little as RM500. Earning interest this way can help to grow your savings in the long run.
Start A Money-Saving Challenge Today
So, if the old-fashioned saving method of simply "putting money aside each month" just isn’t working out for you, try one of these money-saving challenges instead. Start off 2019 right and look forward to better saving habits this coming year!