Buddy Up With Friends For a Savings Challenge

CO-OP Friend Savings Challenge

Having trouble cutting down on your spending? Worry no more. A great way to get going on a savings goal is to start a “savings challenge” with your friends. Whether it’s dumping debt, lowering bills, or curbing impulse buys, “money buddies” can help you stay on track. Here are some pointers on enlisting your friends for a savings challenge:

Turn Savings Into a Game. Set some basic rules like the time frame, spending categories, and amount you would like to ideally save. You can even toss in a few “Get Out of Jail Free” cards for slip ups. Create teams or come up with an entertaining name for the challenge. For example, financial bloggers Sofia Durrani of caviarandquarters.com, Janine Eccleston of mypenniesmythoughts.com, and Athena Lent of moneysmartlatina.com challenged one another to a 60-day no-spend challenge that they cleverly called “Nospendver.”

Keep It Positive. Congratulate yourself on your wins and forgive yourself if you slip up. “If you slightly fall off the wagon or something comes up, keep moving on,” 29-year-old Lent suggests. Once you’ve hit a milestone, come up with rewards that are specific to your friends, such as sending memes with inside jokes, homemade treats, or a bike ride to your favorite spots.

Link It to an Event. For instance, if you want to make a short film or record an album with as little money as possible, sign up for the No Budget Film Festival or participate in the annual RPM Challenge to give yourself added incentive to save. How cheaply can you pull it off?

Involving your pals in a savings challenge not only keeps you on course, but you can also share insights and be each other’s cheering squad during rough patches. While trying to save may sometimes feel like pushing a donkey up the side of a mountain, with a little help from your friends, you’ll keep things entertaining while making headway toward your savings goals.