Among the different ways to trick yourself into saving, money-saving challenges are some of the most engaging.
They can help you feel connected to finances by requiring frequent check-ins and debunking feelings of inadequacy when it comes to saving.
For Cristina Brown, a self-described savings-challenge designer and founder of the blog Happy Savings, money-saving challenges helped her to transition from spending to saving.
“I recognised the need to save money and I thought that this would be a good way to kind of gamify it,” Ms Brown says.
If saving for tomorrow seems out of reach, the right money challenge can generate excitement, push competitive buttons and potentially increase savings.
Viral challenges that can add up
Before starting a savings challenge, review your budget to trim unnecessary expenses. The amount of breathing room in your budget will determine the level of difficulty that’s possible for a challenge.
Assigning a goal to a challenge may also keep you motivated and consistent, whether it be saving for an emergency fund, a holiday, a wedding or something else.
A few popular challenges to consider include:
1. Keep the change challenges
Beginner-friendly $1 and $5 savings challenges allow for passive saving, which takes less effort and adopts an out-of-sight approach.
For a designated amount of time, both challenges involve putting aside denominations of these bills that are left over from cash transactions.
I think passive is a great starting point and once you get comfortable and consistent with passive saving, you can then add or switch to an active savings model
Ezekiel Waisel,
financial planner at SHP Financial
Ezekiel Waisel, a certified financial planner at SHP Financial, tried the $5 challenge in 2016 and saved about $300 in a year for a round-trip flight.
“I don’t use a lot of cash, so the fact that I even saved that much was pretty surprising to me,” he says.
2. The 52-week challenge
This challenge ramps up the savings by $1 weekly and requires you to actively save by budgeting for each week.
In the first week you save $1, in the second week $2, and so on until the 52nd week. The challenge can also be reversed to start saving $52 in the first week and work downwards, as is Ms Brown’s preference in 2022.
Either way, the challenge can save $1,378 in a year, enough to cover an emergency or a large purchase.
“At the end of the year with holidays — even with all our best efforts of setting up sinking funds for the holidays and stuff like that — things can still get pretty tight, so I reversed the order to save the bigger amounts at the beginning of the year,” says Ms Brown.
A sinking fund holds money that is earmarked for a specific goal or expense.
3. The 100 envelope challenge
This potentially lucrative and difficult money-saving challenge requires numbering 100 envelopes from one to 100, shuffling them and drawing one randomly every day.
The number on the envelope drawn determines the amount of cash that must be saved. Drawing high numbers consecutively can prove difficult, so this challenge is ideal for those with more cash flow.
If completed, it saves up to $5,050, but don’t hold money in envelopes too long. Keep it safe by designating a day every other week or monthly to deposit savings into a high-interest bank account.
4. The weather Wednesday challenge
For thrill-seekers with enough cash flow, this challenge can offer big savings with less predictability.
On every Wednesday, for a year, save cash or make a deposit into a savings account based on the temperature in your city. If it’s 30° Celsius, for instance, save $30.
The challenge gets harder as it gets warmer, so it’s best to start in the winter when it’s more manageable.
5. No spend challenge
It’s as straightforward as it sounds: You commit to only spend on essentials over a certain period to save big.
Some people even clean out their pantries to lower their grocery bills. The level of difficulty is subjective for this challenge, but it’s probably more sustainable over a short term rather than a year, which some people also commit to doing.
6. Customise your own challenge
Modify a popular challenge to fit your needs by shortening or extending deadlines or the cadence of saving.
For instance, you could stretch the 100 envelope challenge over 100 weeks — about two years — instead of days, if that’s more achievable.
Ms Brown also creates her own challenges. In one such challenge, she seeks discounts at the grocery store to stash savings for future goals. She saved a total of $3,560.58 in 2021 by juggling multiple challenges each month, she says.
Learn what motivates you
Mastering a savings challenge involves understanding your motivations. Consider whether you’re motivated by big or small deposits, randomness or predictability, cash or electronic deposits, or active versus passive saving.
If you’re unsure, try a few money-saving challenges to learn what works for you. Passive savings challenges such as keep the change can lay a solid foundation for bigger challenges and savings.
“I think passive is a great starting point and once you get comfortable and consistent with passive saving, you can then add or switch to an active savings model,” Mr Waisel says.
Finding the right challenge may require trial and error, but even as you experiment you’re likely to save money in the process.
ANDROID%20VERSION%20NAMES%2C%20IN%20ORDER
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WITHIN%20SAND
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RESULTS
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
Winner RB Money To Burn, Fabrice Veron (jockey), Eric Lemartinel (trainer).
7.05pm Handicap (TB) $175,000 (Turf) 1,200m
Winner Ekhtiyaar, Jim Crowley, Doug Watson.
7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
Winner Commanding, Richard Mullen, Satish Seemar.
8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m
Winner Benbatl, Christophe Soumillon, Saeed bin Suroor.
8.50pm Handicap (TB) $135,000 (T) 1,600m
Winner Zakouski, William Buick, Charlie Appleby.
9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
Winner Kimbear, Pat Dobbs, Doug Watson.
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
Winner Platinum Star, Christophe Soumillon, Saeed bin Suroor.
10.35pm Handicap (TB) $135,000 (T) 1,600m
Winner Key Victory, James Doyle, Charlie Appleby.
Company%20Profile
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UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
The%20specs%3A%20Taycan%20Turbo%20GT
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3EDual%20synchronous%20electric%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E1%2C108hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C340Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%20(front%20axle)%3B%20two-speed%20transmission%20(rear%20axle)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E488-560km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh928%2C400%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EOrders%20open%3C%2Fp%3E%0A
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright
BLACK%20ADAM
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Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Results
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