RICHMOND, Va. (WWBT) - Now’s a good time to start tackling any holiday debt you’ve maybe accumulated. One good way to do that is to free up as much cash as you can to throw at the debt. Here are your fun money challenges.
One good one, the 52 week savings challenge. This one is simple you’re just putting cash in a jar every Monday for a year. The first week its a dollar. week 2 it’s two- dollars and so on. Do this for 52 week straight weeks and you’ll end up with a whopping $1,378 in that jar at the end of the year.
Another fun one. Save EVERY five dollar bill you get back in change after a while all of those 5′s add up!
Going on a one week-long money fast is also a good way to get a handle on spending. For one week, your only spending is what you need cover your necessities like your mortgage and utilities. No eating out, no coffee runs, no impulse buys from AMAZON. If you manage a week, give some thought to trying it for two or even a month.
And of course there’s the tried and true, set up regular transfers from your paycheck to your saving or your retirement fund too.
These fun little challenges are a good way to get the whole family involved.
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