Financial Challenges To Try Out4 min read

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There are a ton of financial challenges out there. Today, I am going to feature a few that I feel would be great for you to look at and possibly try. Challenges are great and allow for us to focus for a certain amount of time on a goal. I don’t think that going through these is ever going to result in someone being worse off then when they started. Take a look through the list and make sure to click over to get more info from the websites I’ve linked. I would love to know if you’ve taken these challenges and how they have worked out for you. Drop me a comment below or email me at !

The No-Spend Challenge

Summary: This is not an easy challenge, but a fun one. For a whole month, you will try your hardest not to spend any money outside of your essentials. This is a great way to reset your spending patterns and flesh out your buying patterns to make you aware of how you are spending your non-essential money. This is a great way to kick-start your budget and also get some great ideas to save you some money while still being able to do fun things.

How Long Does It Last: You can do it for as long as you want. Most of the challenges that I’ve seen run about a month, but you could do this yourself for a day, a week, a month, even 6 months if you wanted. The point is to sacrifice spending habits that you’ve made and try to save the money for a goal you are working towards.

Where To Find Out More:

• EagleSoaringHigher.com – This is a month long challenge
• IWillTeachYouToBeRich.com – This is a 1 day challenge

Save $1,000 Challenge

Summary: This is no easy task for some, especially when you don’t have any money knowledge or budget in place. This is a great challenge because it shows you that when you have a goal, you can sacrifice things and create savings on a budget. I would recommend this one over any challenge on this page just because, if you can do this, you can tackle just about any challenge after this!

How Long Does It Last: Depends, there are some that do it in a month, a week, or it’s just part of an overall program.

Where To Find Out More:

• IWillTeachYouToBeRich.com – This is a course that’s done in a week’s time. Due to how he runs his courses, it may or may not be available.
• The $1,000 Challenge: How One Family Slashed Its Budget Without Moving Under a Bridge or Living on Gov ernment Cheese by Brian J O’Connor – This is a book on Amazon about budgeting and saving money using common sense principals.
• Dave Ramsey’s Financial Peace University – Baby Step 1 of his 7 baby steps is to save $1,000 in your starter emergency fund.

52 Week Money Challenge

Summary: The 52 Week Money Challenge is a challenge that is always popular at the beginning of the year because of the nature of it’s length being a year long. You save money each week, starting with $1 the first week, $2 the second one, and so forth all the way up to week 52, where you save $52. Over the course of the challenge, you will save around $1,378.

How Long Does It Last: As it blatantly states in the title, it lasts 52 weeks or 1 year.

Where To Find Out More:

• TheSimpleDollar.com – This is an awesome write up on this challenge and even throws in some twists to different ways to approach the challenge.
• LifeHacker.com – Another straight forward post about completing the 52 week money challenge.

Save Money On Your Monthly Bills Challenge

Summary: This challenge is all about assessing your current monthly bills and finding ways to reduce them. You can use less to save money, call and negotiate a deal with one of your bills, among other things. I know that we do this from time to time with our AC and heat by trying to sweat it out in the summer and wear extra layers in the winter. We also try to shop around for deals with auto, life, and homeowner’s insurance periodically.

How Long Does It Last: Varies, but most people focus it into one month to be intentional.

Where To Find Out More:

• TheSimpleDollar.com – 40 Ways To Save Money On Monthly Expenses
• ManVSDebt.com – How to Slash Your Bills: 4 Steps to Paying Less Each Month

Does your site feature one of these challenges or a different challenge that relates to personal finance? 

Want to have your link here? 

Let me know and I’ll review it and add it if I think it would be a good resource.