Lisa Dudson: 4 money saving challenges to try

Want to save some money? Try one or all of the following simple money challenges and see how much you manage to save.

Challenge One: Track every single cent for the next 30 days

For the next 30 days write down every cent you spend. The easiest way to do it is to have a piece of paper in your wallet that you take out and write on every time you make a purchase. You might be very surprised how much money you spend without even realizing it. The main purpose of this exercise is to become more aware of how much you are spending. Often during this process you end up spending less because you become more conscious of the purchases you are about to make and may make different decisions.

Challenge Two: “No Spend” month

This challenge is similar to Challenge One in that you become more conscious and pay attention to each and every transaction you’re making. With the “no spend” challenge, you’re only allowed to pay for things that are necessities (rent, mortgage, utilities etc), and your goal is to stay away from anything outside of that (such as eating out, shopping, going to the movies etc). Depriving yourself of these luxuries will not only give you a better appreciation for your money, but it’ll save you a tonne in the process. It’s only for a month so give it a go. Many people I've suggested take up this challenge have found this a very powerful exercise as they became aware of how much money they were spending on things that didn’t have a lot of value for them.

Challenge Three: The 52 Week Challenge

This is a bit easier and more fun than the first two. It requires you to put some cash in a jar once a week. All you do is put $1 in a jar on Monday of week 1, then up it by another dollar each week. So, for week 1 it’s $1, week 2 it’s $2, week 3 it’s $3 and so on until you reach the 52nd week, when you will place $52 in the jar. Doing this for 52 straight weeks will net you a whopping $1,378 at the end of the year!

Challenge Four: Spare Change

This one’s also fun and easy. All you do is throw your spare change at the end of every night into a jar and watch it pile up! Some days you’ll have a tonne of it to add to the jar, while others you'll have nothing at all. If you don’t find it challenging enough, up it a level and put all your $5 or $10 notes into the jar as well. By the end of the year you should have a very full jar; just remember not to raid the jar when you are feeling a little short!

Lisa Dudson is a bestselling author and Registered Financial Advisor with over 15 years industry experience. Lisa offers financial advice through www.acumen.co.nz and co-owns New Zealand's leading property investment agency www.ifindproperty.co.nz