We’re always told how easy it would be to save if we cut back on take-out coffee or pack our lunch instead of buying it daily.
But even with this discipline, some people still struggle with remembering to put that spare cash aside as savings.
Well, today’s money guru Effie Zahos has come up with some tried and tested tips that can help you save thousands of dollars if you stick with them.
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One popular challenge is the Coke Bottle Challenge where at any time you find yourself with $2 in your wallet, you can put it into a 600ml bottle of Coca-Cola.
“You can save $880 with this,” Ivey said.
Another lesser known one is savings bingo where each week you choose a number on your bingo card and that is the amount you set aside as savings.
“You look at it, and if you’re feeling down this week, you might find $7,” Ivy said.
“On days when you feel good, choose the higher number.”
The trick, Effie said, is to enjoy your savings and not feel like a choirboy.
One way to do this is to use a weather app or pay attention to Tim’s weekly forecast when he’s out for the day in the morning.
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It’s called the Wednesday Weather Challenge, and basically, you look at the weekly weather forecast and pay attention to what the temperatures will be like in the middle of the week.
If the low is 19°C and the high is 27°C that day – you choose one or more dollars to put into savings.
“It’s about saving a little bit and getting that alert, getting excited about seeing the weekly forecast,” Ivey said.
See what other saving challenge tips Effie has in the video above
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website, you should consider the appropriateness of the information taking into account your objectives, financial situation and needs.
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