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!
— EntensehenE (@entensehene) December 31, 2016
— J ! (@jxhxrx) April 8, 2018
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?
#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.
#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:
True. My friend sent me this, before and after they “push” their marketing, he said not all products, but this one is. Btw this is before 11.11. you can see the countdown 🤣 pic.twitter.com/NZJU5UoN6O
— ナウファル (@naufalmatakhir) November 13, 2018
#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?
#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 😀