Most people want to improve their spending habits and save more money. If you feel like you need to optimize your budget and learn to save more money, you can join the more money challenge.
You may also feel guilty about finding your bank balance lower than expected, creating negative emotions. It may be time to push yourself out of your comfort zone and try a difficult challenge that forces you to change positively.
Let’s learn about joining the more money challenge.
What is the More Money Challenge?
The more money challenge is a whole month of changing your money-spending habits. YNBAers have an advantage over others because they already track their spending to know where their money goes.
The challenge involves only spending money on your essentials each month. These include your bills, groceries, and other crucial expenses. You cannot spend money on your wants, making this challenge sort of a detox. Many people struggle with not spending money on takeaways and restaurants, which can surprisingly save them a lot of money.
The point of this challenge is to test your self-control. We all have varying degrees of it and can do with some improvement. Many people have reported saving over a thousand dollars doing this challenge, which is an incredible result. So, this challenge can be used as leverage to make more permanent changes in your life by knowing what is possible.
Other Benefits from the More Money Challenge
The primary benefit of this challenge is that you save money on things you don’t need. Since most people recklessly spend a significant portion of their paycheck on random things, the more money challenge can improve their monthly savings.
However, there are other benefits from this challenge. For example, you learn more about the mindset behind saving money, which carries over to other aspects of financial stability. You may begin to sell things you don’t need by holding a garage sale and convincing your partner to join the challenge for accelerated savings. You may even push yourself to see how far you can go without spending money on non-essentials.
This challenge can prompt you to start cooking more often. Most people quickly realize that eating out is how they overspend so much each month. Not only do you learn how to cook, but you can also learn about meal prepping and becoming healthier. You may lose a few pounds if you stop eating out completely during this challenge.
You also learn to question the assumptions behind your spending habits. You may convince yourself you need certain things when they are a luxury. As a result, you can change your behaviors and look more closely at your impulsive reactions and the assumptions behind them.
Final Verdict
The more money challenge can help you increase your savings each month. One month is enough to propel you in a positive direction. Once you see the results, you may be inspired to make more permanent changes in your life.