money challenges
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9 Money Challenges to Try

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Money challenges! Have you done one before?

Here are 9 money challenges you can try out. Some of them are for earning money, some are for saving money. Pick one money challenge you want to do for yourself – I’m going to share which one(s) I’m planning to do myself 😀

#1 – Kumpul Hijau Challenge

This challenge is easy to start! Keep all the RM5 notes and see how much it can add up!

I believe the #kumpulhijau challenge was first introduced/popularised by Kewangan Graduan on Twitter, but not sure. Also, you can also easily tweak it to whatever colour you want – I’m partial to the yellows myself!

#2 – No Spend Challenge

One of my favourite types of personal finance content is no-spend challenge write-ups by actual people, like the I Tried a #NoSpendChallenge for a Month and I Didn’t Buy Anything Extra for 3 Months – Here’s How Much Money I Saved articles. They’re just so much fun to read. This type of content usually include:

  • Their ‘rules’ – what expenses are excluded during the no-spend challenge (like medical, for example) (Note: I love the guidelines in this article)
  • How they adjusted their lifestyles
  • How and where they failed or caved
  • How much money they saved
  • How they learn to be more intentional with their purchases after the challenge ends (most, if not all of them became less impulsive spenders after they ended the challenge)

I think I’ve been telling myself that no-spend is my default, but who are you kidding Suraya, you still buy so many things you don’t need. So yes I think I’ll go on a no-spend challenge and report back on Ringgit Oh Ringgit later. Who wants to go on this challenge with me?

money challenges

#3 – Eat Vegetarian Challenge

Just checked my current cost-per-meal. Excluding dates and travel, the cost of my average meal for 2018 so far is RM5.04 (I eat in more than eat out).

Vegetables are cheaper than meat, so going vegetarian should reduce my food expenses, no? It would be really fun to go on this challenge actually, vegetables and non-meat proteins are hella delicious. Plus who knows if I get to lose weight while on it?

#4 – Meal Prep Challenge

I already do this loosely, but would love to improve. Whenever I do meal-prepping for the week, not only my food expenses are lowered, but also I save so much time. I notice that I read more books and complete more work when my fridge is filled with cooked food. Plus, health benefits.

Idea: to combine meal prep challenge with eat vegetarian challenge. Oh my God, brilliant. Yes I’m going to do this!

#5 – Sell Unwanted Stuff Challenge

Simple idea, mafan to execute: set a target amount to reach (say RM1000), and sell whatever stuff you no longer need until you reach that amount.

Looking around my clutter, I definitely have stuff I can sell – mostly clothes, bags, accessories and random knick-knacks. Do you have tips on what I can do to sell these quickly? Seems like a lot of work to do for RM10 and below items.

You know, I just realised how much of the junk is actually conference junk. Ie company-branded cheap stuff the booth attendants give you. I think I’ll make a conscious effort to not take them now – it’s not that I can sell them also right? Plus, they’re really bad for the environment.

money challenges

#6 – Resist the Sales Challenge

There are waaay too many sales nowadays. I mean, there are holiday-related sales, like Raya and Christmas sales. Then there are new year, mid-year and end-of-year sales. And of course seasonal back-to-school and school holiday sales.

As if that’s not enough, we have the ‘imported’ sales holidays, like Black Friday, Cyber Monday and who can forget Single’s Day? THEN we also have spin-offs to 11.11 with 9.9, 10.10 and 12.12 sales. AND there’s that ridiculous ‘payday’ sales (since when is payday considered a celebration??)

That’s not even counting in warehouse sales, clearance sales, weekend sales and whatever else is going on, like new mall/shop launching sales and anniversary sales and members day sales.

My point here is to not avoid the sales, but rather resist impulse spending during sales, because they are SO GOOD with making you think that you’ll never come across the deal ever again. That’s not true.

Also, if you’re the type of person who waits for sales to buy things, you might want to be aware of this phenomenon where some prices are sneakily increased during sale times:

#7 – Flipping Challenge

A money-making challenge. Go to secondhand and thrift shops, buy stuff then re-sell them for higher amounts. The people at r/flipping is so good at this, and some of them made a bunch of extra money from it!

Of course, knowing what items are in demand is another story. That’s the hard part.

I’m not particularly keen to go on this challenge, but might be a good side income for some of you with sharp eyes.

#8 – Quit-a-bad-habit Challenge

Directly or indirectly, ALL bad habits waste money (some waste time, which is money!)

Some things to quit:

  • Smoking (I need to do this)
  • Drinking (excessively)
  • Going to the mall just because you’re bored
  • Saying yes to everything

What other bad habits would you add in here?

budget update october 2018

#9 – Tracking Expenses Challenge

I’ve been doing this challenge for a couple of years now 😀

I’m a big fan of tracking my expenses (my monthly budget updates). I find it easy but many people told me they find tracking expenses is hard to sustain? They semangat do it for a few days/weeks then forget for a few days and give up.

It’s okay to pick up where you left off, you know? If you don’t have the receipts and can’t remember the amounts, just make a guesstimate of what you spent and log that in. I do this sometimes too – as Sheryl Sandberg said, done is better than perfect.

Which money challenge are you going to do?

Rather than waiting until 2019, you can start now – let me know which of the money challenges above you’re most keen to do for yourself.

As for me, I want to do all but #7 kot (Flipping), unless I come across something cheap that I know I can sell for a higher price. Look forward to my reports on Ringgit Oh Ringgit! Let me know which of these challenges you want me to report on first 😀

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  1. Force yourself to put money aside, and save them while earning interest.
    Monthly challenge, place a RM2K fixed deposit at 12 months maturity, and continue doing it for 12 months. What you will realise is after 1 year, you’ll have passive interest every month (not much, but better than nothing – and it forces you to save money). Well, RM24K is a good amount to keep as a start. and you can start increasing the amounts year by year – and it compounds!

      1. Just adding on a bit to Edison’s tip, which I used to build up savings too. After that, can try looking out for promotional FD rates. Promo rates usually need a high minimum placement (5k or 10k) but offers good interest rates, up to 4%+ for short-to-mid term tenures.

      2. Hi Suraya,

        So far so good. Yes I’m doing it now, for 4 months consecutively. It takes a lot of like determination to like, yes I’m gonna start it now, but always procrastinate because like this is so troublesome.

        Anyhows, after 2 years of procrastination, I realise that I could have done it already. So, here i am officially doing it (a tip – would be challenge your close friends to do it, so we would remind each other).

  2. A mini challenge I do: shop the pantry/ fridge. Use up whatever ingredients and odds and ends to put together a meal, before they expire, go bad or get buried by new groceries. Sometimes yield some creative dishes..

    I’ve been doing #9 and it’s been a great help with achieving my savings goal for this year. Will definitely continue it for 2019, and maybe attempt #2 based on what I’ve learned about my spending through expense tracking!

    1. Hi Jo,

      I love your idea on shop the pantry/fridge! You’re right with the creativity – I’ve made some weird dishes myself lol

      All the best with #2 and #9 challenges next year!

  3. Hi Suraya! OMG it’s been awhile since I last read AND commented your posts. I finally have time now, doing this while on my bed lol

    Anyhow, just sharing, I’ve been on no spend challenge since september this year. It was so tough but im glad i got through it successfully 70% of the time 😂 but the challenge really makes a difference because i have saved about RM700plus since I started and if my iman cukup kuat and i dont buy that neelofa sometime bag that is on 30% discount as I wrote this, i wouldve saved around rm1k-ish? I hope i can resist the temptation though 😂😭 i really want it but i already have too many bags but i dont have that kind of bag. But then, i also dont need it so… (you see my problem here? Lol 😭)

    I’ve also been on tracking spending challenge since a couple of years too but only took it seriously early this year, like religiously tracking because #hidayahsampailambat

    Would love to try selling the unwanted stuff because i wanna let go all my duckscarves since i dont really wear them anymore but i am so malas wanna go post out the stuffs 😂🤦🏻‍♀️ haih

    Wanna try the meal prepping too but im at my in laws so restricted sikit i think 😅

    Anyhow, great post as always! Thanks for sharing =)

    1. Hi Nisa,

      Well thanks for coming back! You’re swell <3

      I'm glad your hidayah to do expense tracking came lmao. Keep it up!

  4. Oh ya! Since you’re going to do all except #7, maybe you can report about resist sales challenge first? Because i might learn one or 2 from you because i am SO weak when it comes to sales 🤦🏻‍♀️ i’ve tried the tips i found on the internet like uninstall zalora (but ive recently installed it back?😅), unsubscribed to newsletters etc. But yeah…. #imantakcukupkuat lol

  5. Great article, as always Suraya!

    #5 Selling unwanted junk is an ongoing process. Been cleaning up a bit and I’ve listed some stuff I haven’t been using but malas to load on Carousell :/ ‘Returns’ from last month is RM410 and RM50 vouchers which was not bad.

    Working on #2 & #6 but they’re tough! I’ve reduced shopping on my wants significantly but I did get things I needed. Tried #1 before but I’d rather stick to putting a certain amount into my savings account because I don’t withdraw much to begin with so need the cash at hand LOL

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