10 Money Saving Challenges For A Wealthy 2024
ฝัง
- เผยแพร่เมื่อ 30 พ.ค. 2024
- As 2023 approaches, here are 10 realistic money saving challenges to build your wealth in 2024!!!
If you would like to support my channel!: www.buymeacoffee.com/williamsauQ
Mint Mobile (save on your cell phone): mint-mobile.58dp.net/rn6rJQ
Books I'm Reading
The Dawn of Everything: amzn.to/3DZiaeI
Who Moved My Cheese: amzn.to/3E0TNgF
Outlier: The Story of Success: amzn.to/44gJxvF
Chapters
00:00 Start Here
00:24 The 365 Day Nickel Challenge
01:42 The $5 A Week Saving Challenge
03:03 Subscription Reset Challenge
04:15 The Penny Saving Challenge
05:42 The Pantry Challenge
07:07 The Round Up Challenge
08:07 The Biweekly Challenge
09:34 The Online Shopping Freeze Challenge
10:09 The 100 Envelope Challenge
11:08 The Don’t Be A Quitter Challenge
As 2024 approaches many people have the goal to save money and get in a better financial situation. One way to do this is through money saving challenges. In this video, I share 10 different money challenges you can do for a wealthy 2024.
1. The 365 Day Nickel Challenge
The nickel challenge is when you save a nickel every single day for the entire year. Where on January 1, you save 5 cents. But each day you increase your savings rate by 5 more cents, so on January 2, you save 10 cents. Then on January 3, you save 15 cents. And if you do this consistently for 365, by the end of the year you will have $3,379.75.
2. The $5 A Week Saving Challenge
The $5 challenge is a similar concept where you save $5 every single week for a year. Where on week 1, you save $5. But like before you increase your savings rate by $5 more each week. So on week 2, you save $10. Then on week 3, you save $5. If you do this for all 52 weeks of the year, you will have saved $6,890.
3. Subscription Reset Challenge
We all subscribe to many different services and many of which we don't use.The subscription reset challenge is at the start of the year cancel all of your subscription services and once you want to use a service, resubscribe. This allows you to not pay for services you aren't using.
4. The Penny Saving Challenge
The penny saving challenge is like the previous challenges mentioned that literally everybody can do it. Each day you save a penny and increase your savings rate by a penny each day. By day 365, you will have saved $667.95.
5. The Pantry Challenge
We all have food in our pantry that sits there and we never end up eating. The pantry challenge is when you try to eat up all the food in your pantry before buying new food. This allows you to clean out your pantry and save money.
6. The Round Up Challenge
The round up challenge is when you choose a bank or app that allows you to round up your purchases. For example, if you bought a coffee for $6.26, it would round it up to $7. Then, you would put the extra cents in a savings or investment account. If you rounded up $2 every single day, it would add up to $730 by the end of the year.
7. The Biweekly Challenge
The average person gets paid every other week and has about 26 paychecks a year. The biweekly challenge is when you set aside $10 from your paycheck every paycheck. And just like before, you increase your savings rate by $10 each paycheck. So on paycheck 2, you save $20. On paycheck 3, you save $30. If you do that for all 26 paychecks, you will have $3,510 by the end of the year.
8. The Online Shopping Freeze Challenge
Many people spend too much money because they have easy access to shopping online. The online shopping freeze challenge is for one month do not buy anything online and only shop in person. This will help you change your habits and save money.
9. The 100 Envelope Challenge
The envelope challenge is when you first buy 100 envelopes. Then, label each envelope from 1 to 100. Next, put them in a case and every few days randomly pick an envelope and put the amount of money that corresponds to the number on the envelope. For example, if you pick the envelope 27, then put $27 in it. Once you fill up all 100 envelopes, it will add up to $5,050.
10. The Don’t Be A Quitter Challenge
Many people create New Year's resolutions only to give up after a few weeks. The key to being in a better financial situation in 2024 is to set a goal, create a plan, and be consistent over a long period of time. The key to all of these challenges is to not be a quitter!
**Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. ** - แนวปฏิบัติและการใช้ชีวิต
What's one money saving challenge you're going to do in 2024?
I started one of these challenges for 2023
I have now opened a regular monthly savings account for 2024
Hopefully a more prosperous 2024 here in Manchester England
I did the $5,000 challenge this year. There were a few months when I fell behind, but then caught up and will succeed by the end of this month. Like you said, consistency is the key! It all adds up, little by little!
God willing, my goal for 2024 is to pay down a credit card with: tax return - bam! Extra spring paycheck - bam! If I don't have it paid off by fall with regular monthly payments, then extra fall paycheck-bam! It's not a savings plan but it is a debt-freer plan!
I just bought a car in September (necessity) so I’m doing a $15,000 money challenge and going to apply it to my car payment so I can knock it out in 2 years or less.
When I make a purchase I always round up and save the change. 1st of January I'll be adding up to see how much I saved this year
Investing in the stock market has HISTORICALLY provided higher returns than other forms of investment. According to Morningstar, the average annual return for the S&P 500 index, which measures the performance of 500 large-cap stocks, was approximately 10% from 1926 to 2020.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over $610k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look.
Very much appreciate it Scholars who study the stock market’s historical performance estimate that over time, the payment (and reinvestment, and compounding) of dividends have contributed anywhere from 30% to 90% of the S&P 500’s total returns. I want to spread across $400k into profit yielding dividend equities but unsure of which to get into.
@@maryHenokNft Amazing! I hope it's okay to inquire if you're still collaborating with the same fiduciary and how I can get in touch with them?
Very much appreciated, just inputted *Gertrude Margaret Quinto* on the internet, spotted her consulting page ranked top and was able to schedule a call session. I’ve seen commentaries about advisors but not one looks this phenomenal.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
For the Subscription Challenge, when you cancel a subscription, move that same amount of money to a savings account. If Netflix is $9.99 and you pay on the 15th. Once you cancel it, setup automated payments to your savings account in that amount on the same due date. You weren’t missing the money anyway 🤷🏾♀️
That's what I did after I finished paying off a personal loan 🤗 works wonders!
thats what i did for my 22 year old with adhd! put that into his retirement account
Best way to save is to stop eating out, maybe just once a month that alone would save most people thousands
Agree!!
and you'd be healthier too
I’m moving next weekend so I’m definitely eating what’s in my pantry because I don’t want to move food.
Hi, new sub here 🤩 Another tip is to save in reverse: where you save the most in the beginning and gradually decrease it; making it feel like less of a burden to some people who may have Xmas or tax return money avail at the start of the year. ❤ your channel. Ty
I traded well on my Demo account but when I invested in to my main account i lost all my funds. Please i need an expert to assist me with my trading. It's frustrating how people loss funds in this trading, I really feel so bad.
It's very obvious that forex and crypto trading is one of the profitable money exchange services that elevates investors and their financial status.
I will advise you to seek the help of a professional because it’s really hard to create a strong professional portfolio. This will help you to achieve your goals and long term financial objectives
That's true,. Its really needful for beginners not to settle for videos alone or they will see themselves losing all their money just like me when I newly started trading with this videos here on TH-cam.
I will always recommend Expert Emily Jason to anyone who wishes to invest in forex/crypto trading, her strategy is working for me. I'm making good profits from bitcoin trading
I agree with you. I'm not here to converse for her but to testify just for what I'm sure of, she's trust worthy and best option ever seen..
Some good challenges. I put dates on stuff like laundry detergent to see how long it takes to use, then try to beat the date with new bottles and boxes. By using less.
I slay in the subscription challenge. My only source of entertainment is YT, FB...😅
My husband's 2000 pickup didn't pass inspection. The mechanic said it was time to retire it. So we went to Facebook Marketplace. There was a 2007 model Chevy Silverado 2500 for $6,500. It sold before we could get to it, but we did buy a 2003 Silverado 2500 with significantly less miles on it for the same price. My husband got the truck he wanted without taking out a loan. Once again we are saving. The next vehicle to be replaced will probably be mine. Hopefully it will last through 2024. We live well below our means and survive very well. No debt is how you save. We have done the panty (lol) challenge many times.
This is a great video with lots of great ideas! I am going to do the nickel challenge. You know, Austin, you should do a video in February reminding us about these challenges and keeping us on track with them. Like a "check-in" video. Maybe tell us where we should be and tips for staying the course.
Will do!
Hi Austin & everybody. You inspire me on my financial journey, because you are realistic. I now find it exciting that I have money saved. 🎉
I do the pantry challenge once a month. Once a month, I do not go grocery shopping on the weekend and use of whatever is in my pantry I find is not only saves me money, but cleans up my pantry and keeps everything rotated. You’d be surprised how much food you buy and intend to eat, but then don’t.
I want to build wealth and I’ve been trying to learn things like this. I watched this whole video and barely understood it idk if my brain just can’t learn this stuff or what.
As a new investor it's always great to hear from a person who has gone through all the difficult times and come ahead of it. it's unnerving to see your portfolio go from green to red but as mentioned if you have invested in quality names just have to keep adding to them and stay the course.
Becoming a good trader takes time and patience. When i first got into trading i was liquidated twice, and lost my entire mortgage deposit. I could have given up, but decided to let a professional handle trades for me, 4 years later and i am glad i made that decision.
@@Jamesbrown1126 Please who’s this Financial advisor that guides you?
I personally work with “Vivian Carol Gioia” she covers things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk. many things like that. Just take a look at her full name on the internet. She is well known so it shouldn't be hard to find her.
Thank you. I just checked her out now and I've sent an email. I hope she gets back to me soon. I've been thinking of doing this for a long time now, and I've procrastinated enough already.
Loved the surprise guest visit! And his pantry challenge power kick was pure gold. I laughed out loud. But seriously, some fun saving ideas! I agree, consistent small decisions is the secret. Thanks!
I was laughing at that one for days.
@@ElAgustinisn’t it great when you make yourself laugh? I crack myself up
My husband and I really enjoy your channel and wholeheartedly agree with your outlook on life. We’ve been watching for a couple months now. The helpful tips you’ve shared about saving and investing has been such a godsend. We have chosen a life full of experiences rather then stuff. We travel full Time in an RV and work remotely- we haven’t been great with saving so your channel has helped us! Thank you for doing what you do and working so hard on your passion! It truly helps people!
Thanks!! I'm glad it's helping!
This is obviously for people who don’t save or budget regularly, because if they did, they would have every penny accounted for and saved anyway.
Love your content!
I’ve closed almost all my credit card loans.. save for one. In 2024 I plan to take up one of these challenges. The 100 envelope challenge sounds good to me.
Steve McGuire was pure gold.. hilarious.. 🤣🤣🤣🤣
As always lovely video.. El Agustin ❤
In 2023 my challenge was to save 50k cash for HYSA. I finally did it on my own. I cut down expenses, found a much cheaper phone plan (Mint $15 per month), cut out cable, paid off all debt other than a 4% mortgage, cooked healthy food, cut down subscriptions, rarely shopping for materialistic items, took on a 2nd weekend job to better my skillsets, and saved it all. A % of money was also used to invest in 401k, HSA, and ROTH IRA. Onto 100k in 2024 and not looking back. The plan is set. Barring unforeseen issues, I am on a mission to hit this goal.
I love the biweekly, subscription and online shopping freeze challenges! New year, new me 2024!❤
Just a tip; to do a round-up challenge on your own without a participating bank ( because for instance, my bank doesn’t offer this) just do this-every time you pay a bill (like utilities, or insurance etc.) simply make that bill an even amount, and then transfer the difference into your savings. I also do this every time I go grocery shopping. If my tab at the market equals $197.63, I just say it’s $200, and then transfer the $2.37 myself. It’s SO much easier to keep track of a monthly budget using whole numbers anyway, and honestly the amounts are pretty much “unfelt” as you go along.
This month of january 2024 I paid everything in cash. Let all my cards at home. Used what I had in the pantry. It works.
You’re a brave man! 😂 Food in your pant-trees…
I try. I still feel like nobody is watching so I'm comfortable with doing weird things. haha
oooh we are watching ;) :D @@ElAgustin
Another Great video, Austin, full of easy to implement, practical ideas. I think the last point is the best. Don't quit.
Omg, I was just mentally scolding myself for making excuses at the very second you just called me out and said "Karen and Chad". My name is actually Karen. 😂 Thanks for the great tips as always!
haha, thanks!
Hey Austin, in my country the Philippines, Spotify Subscription cost $2.69USD/month, I think I will retain it since Im listening to reggae and usually radio stations does not play that genre regularly. ❤❤
I'm going to find a way to round up my spare change. I'm pretty good at saving, but I'd like to save more. Thanks for the entertaining content 🙏🏾
bro please, leave the character, you're brilliant enough
I started to write down on a ledger booklet my expenses at night no matter how small this year. I just did my January month end tally. Although i cut out shopping after mid month, my first two week’s discretionary shopping was over $700; nothing i bought was over $40. It was sobering how easy small expenses add up.
It's amazing how small amounts of money add up over an extended period of time.
Thanks Austin 😀 Another great video. Will definitely do one of these next year! Really love your channel, it's the best I've found for changing our ways with money and it's so inspirational too! Love your humour 😂 x
Great episode. Financial independence gives you freedom. Like a guy in a movie Hannibal told the guy in wheelchair: " I like you the way you are eating through straw. Why I would like you to be fired when you look half dead from all stress on the job. Stay where you're and maybe more stress will do more damage to you. Right. And do not forget to order healthy food for pennies." Austin is great as always.
Really enjoy your channel. Thanks for the tips!
Keep spreading the good word, Austin.
Thanks for sharing these. I like the nickel and envelope challenge
Genius. My savings goals now seem feasible. Thank you!
Thank you for the video!! Entertaining and educational as always ❤
Great video! I’m going to do several challenges.
I really value your videos and advice!
Thank you for helping me to be a better man!
Agustin you are a hoot!! Woot woot!!
Love, LOVE these challenges. I will definitely do the Subscription and the 26 week challenges!
very good video; kudos
These are good ideas!
Excellent ideas!!!!
Fabulous challenges! All are easy, and achievable with any income level! No more excuses people! Let's save! Your future self will thank you!!! Nice job on this video!😊
I was waiting for you to upload a challenges video. 🎉 I already had 10 challenges I was doing but I will add some of yours to the list
I really enjoy your content - you bring so much value! One thing I do is buy monthly and quarterly dividend yielding stocks, a little here and a little there for the long term. I've been doing it since 2020 and it really does pay off for the long term but of course a person needs to do their due diligence and likes the responsibility of managing their own portfolio. I understand you promote investing in index funds which is good, too. Thanks Austin!
Thanks Austin, amazing video as always 👌
i tried my own fun challenge with my grocery bill. At the bottom of each bill, it states how much you saved. i took those savings amounts and put them in an envelope. In 1 yr, i saved enough for 1 month of free groceries,according to my monthly budget amount. It made buying in december a lot easier for those special goodies.
Great video
Outstanding - thank you.
feeling more hopeful i like the idea of making it a fun challenge/game thank you austin :)
Such cool and creative ideas!
I want the $5 week challenge 😊 and I will definitely start in January 1st.
Why don't you start now? On January 1 you will one month ahead already.
That's a good idea.tnx for the suggestion I would just probably start this week and start the $5 or $10 bi-weekly. This will help me alot by the end of the year.
Then, i will do add every week for 52 weeks.ilke this saving challenge.
Right on!
Agustin 🎉😊Thank you for this money changing challenges❤
I am going to do the 100 envelope challenge. Starting 1 January.
Good luck!!
What an incredible video ,thanks for your great tipps. So happy that I found your here
Loved this! You have really motivated me to save more next year.
I left a like for the first tip alone. Seems little at first but over some time you'll see how much it can evolve into.
Thanks! It's pretty incredible how much the small things add up!
Thank you Austin for the challenges most of these I have done but you came up with some great one for 2024 iloveo yourvideo keep up the great work. Blessing and peace to you 😁😊😀
Thanks for bring back Steve!!!! The pantry challenge is so easy in my household as I have WAY too much food in my pantry. I will save a ton of money doing this so thanks!!
What a great idea.. challenge yourself to build savings.. it sets boundaries most likely to stick to because it acts as a saving plan 👏🙌
I love these saving challenges ideas. I'm going to do the 360-day Nickel Challenge. Great video! Just what i needed.
Funny Austin, full of ideas and super frugal living I ever know! Bravo !!
Loved the video. I am going to do the 5 dollar challenge but I also liked the paycheck challenge. Thanks Agustin!
Great saving inspo, and very funny too:)
Very interesting. As an example, you can reach 100k in 3 years by doing the $25 per week challenge, and restarting the cycle annually, 3 times. Thanks for the content.
Great video!
Thanks!!!
Of cours about money save i listented your presentation 10ways i understanded all of your showing and thank for sharing
It's the pantry challenge *side kick* for me LOL😂
Great ideas on how to save money ❤I love how you are adding humor 😂to your videos 🎉
I like the subscription reset idea, will be giving that one a try!
The pantry challenge looks like a good one. Often we do forget we buy something and it just sits there. For the rest, good pieces of advice. Low income people cannot do many of them, but there are a couple attainable for everybody and that's really good.
Agustin I love it that the savings targets in your challenges are very modest and achievable. Many of us don't earn a lot of money and savings goals that are too ambitious are unlikely to be realized.
I try to keep it relatable!
This was some excellent money challenges. Thanks 😊
Hola, Agustin! I was the winner of consistent practice in my Flamenco dance class this year! the teacher asked us to text her every time we practice. Consistency is really the key!
Está muy bueno el canal, Felicidades!
Luv these savings challenge ideas. Gonna try the penny challenge. ❤ every penny counts!😊
I did the $1 challenge in 2022 and managed to save about $350 in about 3-4 months.
Hahaha!! The shirt/halter top! We did that in grade school thinking we were so cool! That brought back memories! And laughs! :D Yes, some commitment to a savings challenge is needed.
😂
We cancelled all of our subscriptions, except for TH-cam. We did cancel it for one month and needed it back. lol feels so good to only pay $23/ month. We used to have Amazon, Hulu, Spotify. Cut out so much money. :)
TH-cam is the best in my opinion!
There's something about your diction and tone of voice that is genuinely pleasant to listen to. I could be listening to a recitation of the dictionary and I'd like it. Is there anything public-speaking related you have done in the past ?
I appreciate it! I taught before so sort of!
Thank you for sharing all these helpfull tips. I am going to try to do the 5 dollar (euro) for me challenge. Goodluck to you all!!
Austin I just love this video .my grandson is a special need person but he works.I thought him to budge an save money every year he does the 1 dollar challenge an he has save quite a few dollars .I just finish showing him you video and he is going to start the 1 pennies challenge.And I am going to do it with him.Thank you
LOL OMG I was almost in tears with Mr Mcguire. I have set up a budget to save next year, but I would love to do a no spend January
Haha, thanks!
I'm already such an extreme minimalist that unfortunately I can't really participate in these kinds of challenges, because there are hardly any areas where I spend money for anything at all. I live on just 14 square meters, including the bathroom. I barely have more stuff than can fit in a huge 100-liter military backpack and a sizable handbag. I don't have to spend money on soap and shampoo because I get it for free from my employer. Toilet paper too. He also pays for the electricity. I follow the raw carnivore diet, i.e. I eat raw meat and raw offal, without spices. So I practically don't have to spend on anything besides the meat, but I also like the most the fatty offal from the meat, which other people wouldn't eat, i.e. I can buy these very cheaply, and I even recently got 12.5 kilos of them for free.
There were only two areas where I was able to save recently: I gave up buying lemons - this was an exception in my carnivore diet - and on the other hand, I used to buy a lot of Bragg Apple Cider Vinegar, but now I don't buy it anymore, because it's much cheaper if I buy real apples instead, and I make apple cider vinegar from it myself, and it's even MUCH DELICIOUS!
All this also saved me money, although not that much.
Another thing: I don't pay for software, I don't use Windows, I use Linux, which is not only free but also much more reliable!
Unfortunately, I'll have to spend a lot of money soon... :( I want to make (or have made) a "portable house" that will be my home! I want one that is mounted on a custom designed heavy cargo tricycle and without electric drive, which I can be able to drive anywhere with the strength of my legs only, even if slowly. It must have a closed structure to protect me even on cold winter days. According to my plans, the floor area will be approximately 6 square meters, but with 2 levels, although these levels will be low. However, a second floor, on which the bed will be, it will be foldable, etc...
Well, that's going to cost a lot. But what freedom it will give me!
It is also certain, however, that even if it will cost a lot, I already have money saved for it, in abundance!
How good and useful that I have been an extreme minimalist for at least 4 years...
Ford Mustang ad played for me before this video.
Hey, austin, this one is just amaing especially the Steve Mcguire part😂.
I appreciate it!!
Very interesting topic Austin
Thanks!!
I really enjoy You channel
Will start the $5 weekly challenge on January 1st! Another great video, thanks Austin. Have been on a binge here!
Right on!!!
The importance of a Pennie; I was buying groceries at a store self checkout, because I was missing a Penny I couldn’t get my groceries. True story. Someone end up given me the Penny n I got my groceries..
These are excellent, Austin, particularly the no-shopping-online challenge. That's a big one for me as I always look forward to getting a special gift from "Jeff B" -- my own personal Santa Claus. Nice to see Steve back and better than ever!
Thanks! Steve was long overdue!
The envelop challenge, most definitely the pantry challenge and going to try to do the nickel challenge.
I love this video! I might do the nickle challenge and go on a vacation to Turkiye next year!
I apply this concept to working out. It’s gotta be consistent. 🧡 🐪
This was your best video - very practical and helpful for those who think they can't save money.
I appreciate it!
This might be your best one yet. Wonder how many of us are gonna watch it over and over. 🙋♀️
Thanks!
lol…I watched it twice.
I have done the round up before and at the end of the month paid it towards my CC balance I'm getting down too zero - eventually, well it's my goal.
Re pantry challenge. Every 3 months I clean out the pantry and give any items that need using up to my husband. Let me explain. I don’t cook, he does, but I shop! So I give him the ingredients and he creates……. Including any items that are close to use by or best by dates.
Every day we encounter novel challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
Despite hearing that insider trading secrets could lead to making millions in the financial market, I hesitated to invest as I lack the required skills and a sound strategy to surpass the market and achieve profitable returns. Additionally, although I possess $160,000, I find it challenging to take the plunge due to a shortage of funds.
It is advisable to steer clear of cons that appear improbable. Seeking guidance from a fiduciary advisor can be helpful as they are highly skilled in their field and can provide tailored advice based on an individual's risk appetite. While there may be unscrupulous individuals, there are also remarkable ones with a positive track record.
How can I reach this adv-iser of yours? because I'm seeking for a more effective invest-ment approach on my savings
My consultant is Natalie Lynn Fisk I found her on a CNBC interview where she was featured and reached out to her afterwards. she has since provided entry and exit points on the securities I focus on. I basically follow her trade pattern and haven’t regretted doing so
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.