Did you find this article useful?
But the more you put away, the more exciting your future can be. Whether you’re saving for a down payment on a home, planning your children’s education, or just building a safety net, having goals makes saving more rewarding.
So, here are 10 challenges to create a spark to start your money saving journey, and help you stay committed along the way.
The health and wealth challenge
The necessities only challenge
Try putting away AED 5 every day for a year. It might not seem like a lot, but it’ll add up to AED 1,825 if you stick with it for 12 months.
You could do this by setting up a weekly or monthly Direct Debit or standing instruction into your savings account.
Take each month as a number - January would be month 1, February would be month 2, and so on. Then multiply this number by 10, and save that amount in AED.
For example, you’ll save AED 10 in January, AED 20 in February, and AED 30 in March.
By the new year, you’ll have saved AED 780.
If you’re currently on a weight loss journey to improve your physical health, a fun way to tie it into your financial health is to save AED 10 for every kilogram you lose.
Or, if you’re quitting smoking, make a point of transferring the money you would have spent on cigarettes into a savings account – it’ll help you visualise the difference you’re making to both your physical and financial health.
Explore: Financial wellbeing
No matter how much you’re able to save each month, make sure it’s at the top of your priorities.
If you’re paid monthly, set up a Direct Debit going to your savings account for the day after you’re paid, so there’s less chance you’ll spend it instead.
Save 1 fils on day 1, and increase the amount by 1 fils every day for a year.
On the last day of the year you’ll save AED 3.65, and you’ll have saved AED 667.95 in total.
This is a great way to gradually get used to saving money – you might not notice such a small amount at first, but by the end of the year you’ll be accustomed to saving a healthy amount on a daily basis.
This challenge involves only spending money on absolute necessities – food, bills, travel, etc.
It might sound a little hard-core, but even doing this for a week will help you quantify just how much you’re spending on things you might not necessarily need.
How much could you save if you cut out those guilty pleasures you spend money on regularly? Challenge yourself to see.
It could be a daily coffee, a weekly takeaway, or a shopping habit. If you commit to cutting it out for a few weeks, you might get used to life without those indulgences and be able to save towards the things that mean the most to you.
With switching services and comparison sites, it’s easier than ever to compare your service providers and swap them for better deals.
From your insurance policies, to your mobile phone contract, you might save plenty by getting a better deal elsewhere.
Even just cancelling any Direct Debits and subscriptions you no longer need and redirecting the money to a savings account could make a big difference over time.
This challenge involves committing to wearing any new items of clothing you buy at least 30 times.
Not only does mindful consumption reduce waste and help the environment, it can also save you money in the process and at least make you more conscious of your spending habits.
The common theme among all these steps is taking responsibility for your finances, and taking action.
It feels good to make positive steps towards better financial health. It can be difficult to start, but once you do, the momentum can develop from small steps into big life changes.
Explore: Savings accounts
You can build a savings habit if you embrace it and, most importantly, stick to it. Here are some key takeaways:
Our Savings Account is a great way to get into the savings habit.
Did you find this article useful?
Everything you need to know about savings accounts to help you find the best one for you.
