52 Week Money Challenge – Week 4
It’s another week in the 52 week challenge! How are you doing so far? Are you keeping up with putting the money in your jar or bank each week? If you need help with weekly reminders, then sign up for our 52 week challenge newsletter!
This week you are depositing $4 in your money jar. Or if you’re doing the challenge in reverse, then $49. Or if you’re making up your own challenge, then be sure to deposit that money!
Here’s this week’s savings tip:
The waiting game is simply a tactic to avoid spending money on impulse buys. It allows your brain to make the adjustment from a rush of excitement over something you think you have to have that is on sale or that you simply saw in a store to reasoning, “Do I really need this?”
Many couponers know all about this rush. When we buy something, we often get a rush from it. This rush is especially big if the item was at a super discount. While shopping can be fun because of this, it can also lead to money troubles if not reigned in.
Even if you are the type of person who hates shopping, there is some satisfaction from getting a good deal on something.
So how does the waiting game help you save money? The waiting game is simply waiting it out on purchases you had not planned to make while you were out shopping. If you have ever gone to a store for one thing, planning to spend $25, and walked out after blowing $100, or even $50, you know what I am talking about.
Here is how it works:
If the item is something you did not intend to buy but is not seasonal (such as BBQ equipment, Christmas trees etc), wait a month on it. I know this sounds like a long time, but after a month, if you still want it, you should have been able to budget for it and it might actually be something you really need.
If the item is on sale for less than 2 weeks, Give yourself 3 days. If you still want it after that time, go back and get it.
If the item is only on sale until tomorrow or less than 3 days, give yourself at least overnight. This gives you time to process it. Is it something you really need? If so, go back and get it.
This strategy allows the brain to reason when it is not in a rush as well as makes it less likely for you to go back and get it because of the hassle of doing so.
Not only will you not be making impulse buys as much anymore and end up with stuff you thought you needed but didn’t, you will save yourself a lot of money. Stores are designed to make you want to impulse shop. Outsmart them with this simple rule or waiting.
Did you miss a week of the 52 Week of Saving Tips? You can find them HERE!
It’s not too late to join the 52 Week Money Challenge.
Why should You join the 52 week money savings challenge?
Most families are on the constant look out for ways to save more money. This challenge is easy and doesn’t require you to do a lot each week. It starts out with just saving a $1 on the first week. Or, if you’re doing the challenge in reverse, then $52 bucks.
It’s an easy way to save money and it does work if you apply just a little self-discipline and you are determined to save money. And having a goal is a good way reach your saving objective. Below are a few saving goal:
- You can use the money you saved to pay for your Christmas at the end of the year.
- Go on a vacation
- Jump-start a college fund
- Pay off debt
- Buy a car
- This could be your first time actually saving money in a bank account
The reasons for saving extra money are endless!But the key is getting started!
People tend to do better when faced with a challenge (of any kind).
- You will receive a weekly email reminder telling you to make your deposit into the bank or jar
- You will also receive a weekly savings tip on a way that you can save that week.
- You will receive inspiring stories and ways to save money each week!
- Many people and blogs start out doing this challenge within their communities. But by March, most have fallen off the band wagon. As you can see,by just looking at our 52 weekly challenge archive, you can see that we kept up with it each week.
- I’ve personally and successfully completed this money saving challenge two years in a row! I am doing this challenge right along with you and to encourage you along the way. And if you need to tweak it to fit your families needs, save more , etc. then I am here to help you with that too!
- You can find out more about the 52 Week Challenge HERE
So, let’s get started! Sign up today to start receiving the 52 week money saving challenge newsletter!
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