5 Best Money Saving Challenges for 2024

Introduction:
With the rising cost of living, finding extra money to save can feel impossible. But automated savings transfers let you effortlessly put away over $5,000 this year!

I’ll explain 5 of the most effective money saving challenges perfect for Australians in 2024. Each structured tip only requires small consistent actions that compound over time.

1. No Spend Challenge
   Pick one week a month to only buy true essentials like groceries and medicine. Check your average monthly discretionary spending in dining out, shopping and coffees – let’s say that’s $800. For that one no spend week, avoid those expenditures. Then transfer the $200 you would’ve spent into savings – that’s $2,400 extra savings this year without sacrifice!
2. Auto Save Challenge
   Set recurring $15 automatic bank transfers from your checking account into a separate high yield savings account twice a week. That conveniently moves $1,560 into your nest egg this year without any effort.
3. 52 Week Money Challenge
   Start by transferring $1 the first week of 2024. Increase the amount by $1 each week so you save $52 in the last week. By methodically building savings deposits each week, seamlessly squirrel away $1,378.
4. Quarterly $100 Savings
   Save $100 every financial quarter by automatically transferring $25 weekly into a investment account. In just 12 short weeks per quarter, grow your wealth by $400 each quarter and $1,600 annually.
5. Birthday Money Challenge
   Minimally celebrate your next birthday. Take any monetary gifts and allocate 90% straight into your savings account via your banking app. If you receive the average birthday spend of $100, quickly transfer $90 to hit savings goals faster.

Conclusion:
Develop automatic and consistent money saving habits all year long to bank over $5,000 extra through these 5 challenges! Consistently save small amounts which add up through the power of compounding.

Which challenge will you tackle first? Share your savings wins and ideas in the comments!