Savings Challenge: Match Fun Spending to Savings Each Week
I love reading about new ideas for ways to save money. This one came to me in an article a few weeks ago, and it made me pause in my reading and question whether or not I could do it. The idea:
Match your fun spending to savings each week to increase your savings account total.
Okay, we’re not talking entire vacations; we’re talking small splurges, like stops at the coffee shop or lunch out.
How it Works
…this concept is a good one, because small amounts do seem manageable and it might be just the ticket to get a real savings habit moving forward.
If you spend $10 per week on coffee out, put $10 per week away in savings.
At the end of the week, put this added money into your savings account.
The idea: If you can’t afford to put that much away each week, then you should cut back on your spending.
I love the concept. It’s hard to say “I’m going to put $100 in saving per pay period” but might be easier to say “I spend $25 per week on something I enjoy and that’s how much I will save.” Also, it might be easy to keep everything in check if it’s just small amounts here and there.
On the other hand, is it doable?
My issue with this would be –
Totaling up my spending each week. I’m not a regular coffee buyer or go to lunch eater; my ‘fun’ spending consists of a dollar here, a dollar there. This week it was a $3 hoodie on sale!
I could carry extra cash and tuck the matched amount in an envelope each time I made a fun purchase, or tally the amount each week and make a small transfer to my savings account. But, would I follow through with this? We know how crazy things get as parents; while this sounds doable, I'm not sure I would make it happen simply because it would be too easy to let it go for “later”. However, this concept is a good one, because small amounts do seem manageable and it might be just the ticket to get a real savings habit moving forward.
Is it doable? Would this work for you?