What is a money saving challenge?

Check out these 11 free money saving challenge options to help you come closer to the financial freedom you deserve! A money saving challenge will help you save money to reach your short or long-term financial goals. A savings challenge should be challenging but doable.

How to set up a money-saving challenge?

There are four kinds of plan you can choose from: Monthly savings plan (e. g., 6-month saving plan). Then you need to set the length of your money-saving challenge. With this option, you need to set how much money you would like to put aside and optionally the amount you would like to increase it periodically by.

Should a savings challenge be challenging?

A savings challenge should be challenging but doable. That means that you should set a savings goal that you can reach if you make some effort but you must take your essential expenses into account when you determine the amount that you can potentially save. Where should you keep the money you are saving?