2023 Money Saving Challenges and Tips to Gain $5,000
Saving money is a common New Year’s resolution, and people find new and creative ways to reach their goals each year. However, despite the many reasons it is difficult to save, it is possible to save up to $5,000 a year.
According to a published post by The US Sun, with the popularity of contactless payments, fewer and fewer people are withdrawing cash. But this trendy savings challenge is driving people back to ATMs. Cash stuffing starts with identifying a total monthly, bi-weekly, or weekly budget that works best for you.
Then label the envelopes with the name of each category you want to save. B. Rent, gas, groceries, and utilities. Next, decide how much to put in each envelope. This helps you track how much you spend and what you are spending it on.
Four Money-Saving Challenges To Earn $5,000
Running out of money before you even start planning is a sign that you’re spending too much. If you have cash left in the envelope, you can add it to your savings account as an added bonus.
This is similar to cash stuffing, but with a twist. The idea was illustrated by TikTok’s Invest with Mon. He said he would write the numbers from 1 to 100 on separate envelopes.
Choose how often you could withdraw envelopes. Maybe once a day or once a week. Whatever envelope you pull out is the money you’ll put in it. So if you pull out an envelope that says 15, you put $15 in it. At best, you can save $5,000 in just 100 days, or spread out over the year.