No gimmicks! No Cap! This is what happened...
I used to dread saving money. Don't get me wrong, I saved it in the end, but it was out of anxiety and fear instead of confidence and an investment mindset. My attitude about saving money transformed and evolved as I became comfortable with my finances. I started looking for ways to save more by making it fun by challenging and betting on myself. It was a fun competition I had going on. I was the audience and the star of my show. It was perfect and had no pressure attached. When I failed, which I did, I restarted and bet on myself again.
Saving money is a crucial step toward achieving your financial aspirations. This post offers practical and creative saving techniques to help you build a substantial nest egg or fulfill short-term goals. Whether you're saving for a dream vacation, a down payment on a home, or retirement, these fun ways will set you on the right path while making it fun.
Let's start from hard to easy on how to save $5,000 without effort...
The toughest one to conquer was the 52-week savings challenge. I knew I wanted to do it, but it felt impossible- or so I thought. Somehow, I saw "save weekly" as "daily," and my mind refused to listen to the difference. So I broke it down and made my own. Below are the instructions and the weekly savings of $ 2,000 a year. You can customize this however you want, so don't worry. It is meant to be fun, not scary ^_^
I have more of these tips and templates in my Money Matters: An Interactive Budget Planner. Get your copy here.
Another fun way I use, which is probably my all-time favorite way, is the daily challenge using a platform called Acorns. Acorns is an investment platform, but I use it as a savings account. I set my portfolio to 100% bonds, but you can use it to buy stocks and invest. There are other platforms, but this is my favorite one. With Acorns, I set the daily, and the platform automatically saves that amount without fail every day. No hustle at all.
I save $2,555 if I save $7 daily for 365 days. If that is too high for you, drop it to saving $5 a day for 365 days, and you will cash out $1,825. You can pause it at any time. Below is how my profile is set up. I automated the amount daily and left it alone. And that is how to save $5,000 without effort.
I will add that this is not a high-yield savings account, so when I pull out my money (whenever I want without penalty), I either put it in my high-yield savings account or use it for what I need. Either way, I love this effortless way of saving, and I'm addicted to how much cash I stash doing this.
Another feature I love is the "Round-Ups." With Round-Ups, Acorns rounds up any purchase made from a linked account, debit, or credit card to the next dollar. Add that to your daily savings, and you will effortlessly save way over your targeted amount.
P.S. It costs $3 a month to use this platform, and for me, it is worth it. Want to give it a try? Click here to get started.
So there you have it. And that is how to save $5,000 without effort. Saving is easy and fun. Let your creativity run wild when it comes to saving. Create a fun way to save and bring others on a journey!
Get a Financial Coach Today. As a Financial Coach, I approach this topic with empathy and acknowledge the diversity and complexity of financial situations across different African regions, beliefs, and communities. Like I tell my clients, I learned by fire, so you don't have to. Reach out, and let's work on a tailored financial plan focusing on budgeting, saving, and debt management.
Be gentle with yourself,
Celestina ^_^
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