Finance

5 money-saving challenges everyone should try in 2024

Working professionals in Tier-I cities in India have a growing problem – rising prices and the effect they have on their savings. According to a 2024 survey, only 51% of individuals living in Tier-I, II and III cities earning an amount lower than ₹ 50,000 monthly reported higher savings. Know more about the money-saving challenges you can take if you wish to grow your savings consistently in 2024.

5 money-saving challenges everyone should try in 2024 1

Five money-saving challenges that you should try in 2024:

Growing your savings starts by adopting a savings mindset. Here are five challenges ordered in the increasing order of difficulty, that can help you considerably grow your savings in 2024:  

  1. Start the “no dining out” challenge: Food delivery apps in big Indian cities account for a large percentage of everyone’s expenses. You must budget regularly to assess if you have been spending too much on dining out. The easiest challenge that you can start with is the “no dining out” challenge. Start cooking at home or in your hostel and walk to nearby grocery stores instead of ordering groceries online. Doing so could significantly reduce your daily expenses.
  1. Save ₹100 every day: It is very important for you to start small while starting your savings journey since you need to be consistent over a long time period. Start by saving at least ₹100 every day for the entire month. Set a target of saving at least ₹3000 monthly. This target could be more depending on your salary.
  1. Prepare yourself for the “round-up saving” challenge: The “round-up saving” challenge requires you to round up to the nearest rupee and pocket the change while making a purchase. For example, if you spend ₹55.5 on a given day, the difference comes to ₹0.5. Keep track of these small savings over a day or a week and transfer it to your dedicated savings account. You must also open a digital savings account that offers a high interest rate to grow your savings.
  1. Prepare for the 26-week saving challenge: Suppose you start your savings journey in the 1st week of July with ₹50. The next week, you increase your savings to ₹100 (an increase of ₹ 50), and the week after that, you increase it to ₹150. If this goes on for 26 weeks, you will have saved ₹ 17,550 in half a year’s time. You can take this 26-week challenge and start with a fixed savings amount of your choice.
  1. Take on the 52-week saving challenge: The 52-week challenge is the ultimate savings challenge. It requires you to continue the 26-week challenge for 26 more weeks. If you started the 52-week challenge with a savings amount of ₹ 50 on 1st July, you will have saved ₹ 68,900 by the next 1st of July.

To save efficiently, you must also have a high-interest savings account. You can open a savings account online and access it through a mobile banking app to obtain insights on your spending patterns and increase your savings.