Money Saving Challenge for Small Budgets

By | May 7, 2019

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How are you going to save when you have a small budget? You’re already trying to get by as it is. I’m going to show you it’s possible using this money saving challenge.

Using my Life Changing Money Saving Challenge, I have been saving more than $40,000 in just 2 years on a small income. My smaller successes motivated me to get better at saving.

Why use my Life-Changing Money Saving Challenge?

My Life Changing Money Saving Challenge has been proven to work. I’d like to share it with you so you’ll save well too.

To get an idea of how you can start a realistic budget, find out How to Budget and Become Rich where you’ll find tips on how to make your budget sustainable.

You don’t need to have exact figures right down to the last cent, but you do need to have a good idea of how much you spend and on what things you spend on.

Use my Budget Success Planner to find this out. You can download it when you subscribe.

It’ll give you an idea of your spending and what you can potentially cut down on. You’ll also get additional FREE gifts including my Life Changing Money Saving Challenge.

My Take on different Money Saving Challenges:

There’re many types of money challenges ranging from incremental sums to those that reverse the amounts of money to be saved over the months.

In fact, I love the idea of saving more as each month passes, but I find it hard to keep increasing the amount every month.

In theory, it sounds good. But in practice, it’s hard to keep up.

The reverse money saving challenge is attractive. It forces a person to save a large amount and over time, you save less and less.

I’m just worried that this challenge is training me to save less as time goes by. To me, it’s not an ideal habit to form over the long term.

Besides, it’s painful to put aside a huge sum right at the beginning and it may well put me off saving, to be honest.

Why not consider My Life Changing Money Saving Challenge?

It has changed my finances and it’ll help your finances too.

Who is this Money Saving Challenge for?

This Money Saving Challenge is for you if you:

-have tried other money challenges and they don’t work for you.

-have small budgets.

-are confused by different money challenges and don’t know where to start.

– have a low family income and you’re the main breadwinner.

-are just about to start your savings journey.

-need some flexibility built into your savings plan.

Why are you starting on a Money Saving Challenge?

Write down your ‘whys’. Why do you want to save?

Do you want to build an emergency fund? Go for a vacation? Pay off your debts? Pay down a deposit for a house?

Write your reasons down. On a scale of 1 to 10 with 10 being the strongest, write this number next to your each of your ‘whys’.

For example, “I want to go for a vacation” 2
“I want to save money for an emergency fund” 9

Clearly the need to save for emergency fund is a very strong reason.

The highest number reveals that saving for that reason will be your strongest motivation and that will give you the strength to continue when the going gets tough.

Subscribe to download my Free Life-Changing Money Saving Challenge now.

money saving challenge sample

How does Life-Changing Money Saving Challenge work?

It has 2 parts: Fixed Savings and Flexible Savings

Fixed Savings

I’ll assume that your payday is fortnightly like mine.

Every time you get paid, automate a deduction of $20 into a savings account where you won’t be able to access.

$20 for every 2 weeks is very workable. That’s only $10 a week.

But that means a saving of $40 per month. This adds up to $520 a year.

Flexible Savings

There’re 2 ways to do this.

#1 Reduce your spending

Using my Budget Success Planner, see where you have been spending your money on non-essentials.

Of course, you won’t be able you reduce on items like rent or mortgage unless you move or organize a refinance.

If you have debt, refrain from buying new ‘toys’ like cars. Aim to always pay off credit card debt as possible as you’re paying money for nothing.

Now for the non-essentials.

Is it on clothes and shoes? Premium brands of food?

Are you eating out a lot?

You can actually buy heavily discounted takeaways like sushi in malls near closing time. Read 12 Surprising Ways Thrifty People Love to find out more.

You can save by not spending on new clothes for a month. Or try reducing the number of times you eat out by one per month.

How about buying generic brands of food from the supermarket?

I have 61 Amazing tips to cut your grocery bills in half and learn to avoid the shocking traps supermarkets don’t want you to know.

You can save at least $40-$50 a month just by doing one of these things.

As you get more confident, try to add one more money saving hack and see if it works for you.

If it’s too painful, get used to one tip first and add on another later on.

Don’t rush or overwhelm yourself with too many saving tips.

Add this flexible amount you’ve saved each month under the flexible column in the Life Changing Money Saving Challenge.

#2 Increase your earnings

Increase your earnings by selling your unwanted stuff. Check out these 14 places where you can sell your stuff for more money.

Need help to convert your clutter into cash? Find out how I made more than $700 with almost no effort.

Have a spring clean and organize a yard sale with these 19 tips. You can earn $500-$1000 from a yard sale alone.

You can also take up side hustles that can make you $1000+ a month. They’re so handy you can start almost immediately as they don’t require you to have special skills.

Pros of Life-Changing Money Saving Challenge


What I like about this is there’s a guarantee of at least $520 of savings a year.

Any extra amount you save is a bonus. Your motivation will grow stronger as you see your savings increase.


When you save in this way, there’s really no limit to your savings.

It’s flexible. You can choose to save more or less.


Every bit of success helps you gain back control of your finances. This in turn increases your self-esteem and self-confidence.

And this is the stepping stone you need to propel your finances to a whole new level.

Wrap Up

I know You CAN do it. You CAN and You WILL succeed.

The most important thing you can do now is to MAKE A START.

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Subscribe to get your exclusive FREE gifts from More Money Tips including

Life-Changing Money Saving Challenge,
Budget Success Planner,
SMART Goals Planner,
100 Frugal Ways to Enjoy Life to the Fullest and
Best Yard Sale Checklist

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