May 13, 2017 naturallyfrugaldoc 0Comment

In the beginning of this year I realized I did not have enough money to make it through August. As a full-time graduate student, taking medical school courses, it is difficult to find time to work. Until… my class load decreased to 2 classes in early March. Now I am able to work a part-time job. If you are a student without a job or an adult with a job, there are many money saving challenges out there for you to save money.

There is the:

  • No Spend Challenge
    • You are pretty much not spending money, except on the fundamental things of life like food and shelter. You are cooking your own food instead of eating out.
    • This may seem a bit extreme so try it for a week and extend it as it gets easier.
    • Anyone can do this challenge
  • 52 Week challenge
    • Pretty much you are putting aside bills equivalent to the week of the year. For example, the fifth week of the year will have 5 dollars added to the container. But this number increases as the year goes on. To prevent the risk of quitting, try investing the $50 in the first week, that way with each week you are putting aside one dollar less. So when Thanksgiving and Christmas comes you will not be putting aside so much money.
      • You will save about $3,178 if you complete this challenge. You can use this money to make a big purchase at the end of the year or buy gifts later
    • Piggy Bank:
      • The classic childhood savings plan can be used for adults too! At the age of 23, I can say I still use a “piggybank”( its more like an owl).
      • As I find change on the floor, streets or stores I pick them up and put them in my piggybank.
      • As I receive tips from my job, I put them in the piggybank.
      • When paying bills and other categories of living with cash, try putting the coins in a jar/ piggybank.
        • If you want to take it up a notch, you can designate each month a bill you want to put in your piggybank. For a while, I have been doing dollar bills. So each time I receive a dollar bill in my change at stores that goes into the piggybank.
      • This piggy will hold hundreds of dollars by the end of the year. Just try it