For most people, saving money is nothing more than an unfulfilled new year’s resolution. Every time a paycheck comes in, they consider putting aside some money for future use. However, this thought is seldom put into action. Their expenditures always remain high while their budgets continue to be mismanaged. As a result, the habit of savings is never really inculcated.
In fact, this general attitude has been corroborated by a new survey conducted via the National Bonds Corporation. This survey has revealed that almost 85% of the UAE residents are not saving enough for their future. To put it simply, more than 3/4th of the UAE population is not prepared to meet any unforeseen financial exigency! In such a scenario, treading a path that facilitates monetary security becomes extremely important.
52 Weeks Challenge
Considered to be one of the most famous saving challenges, the 52 weeks challenge begins and ends in 52 weeks. You start the first week by saving AED 1 and continue this habit by saving AED 2 in the second week, AED 3 in the third week, and so forth. By the time this challenge comes to an end, you would have amassed a wealth of AED 1,378!
Monthly Savings Challenge
If you tend to get paid on a monthly basis, this challenge might prove to be quite suitable for you. Here, you need to save a specific amount of money each month – first in an increasing and then a decreasing order. For example, you begin with saving AED 25 in January, AED 50 in February and so on, up to AED 150 in June. From July onward, this amount decreases by a count of 25, until you reach AED 25 again, in December.
Spare Change Challenge
One of the easiest saving challenges to include in your financial itinerary is the spare change challenge. For this, all you have to do is purchase a piggy bank and put all your spare change into it, throughout the year. If a coffee costs AED 5.21, you put AED 0.79 into the piggy bank. By following this tactic, you will end up saving a decent amount of money, which will help finance your short-term or immediate goals.
No Spend Challenge
The ‘no spend’ savings challenge requires complete dedication for at least a month. Within this set period, you have to ensure that you do not spend money on anything other than bare essentials. This simply means that you have to slash your restaurant, shopping and entertainment budgets. If the routine suits, extend it for six months to one year.
Last but not least, you can try to save money by linking your saving habit with the weather! Pick a day every week, when you save an amount corresponding to the highest temperature of that day. For instance, if you are based in Dubai, you’ll get to save AED 45 once a week in July while this amount would reduce to AED 30 in November.
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