The first step towards making big money is by saving it and later investing the sum into bigger projects. Savings is the backbone of the middle class but the US households are finding it difficult to achieve the goal. Costs of daily essentials have surged across the country making people hardly save any money. People are loving paycheck-to-paycheck with some even taking on two jobs to meet their lifestyle requirements. In this article, we will highlight a savings challenge that can help you save $5,000 in just 3 months.

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The savings challenge could increase your wealth bit-by-bit and a continued process could help you save much more. The amount can later be used to invest in the stock market index that could grow over the years. The goal is to make enough money to live a comfortable life when the retirement age arrives.

Savings Challenge: $5,000 in 3 Months

1. Try Living Bare Minimum

lets keep it simple scooter
Source: Pixabay

For once, leave out the luxuries for just three months and try living the bare minimum life. The key to the savings challenge is to have only as much as you need. It includes having the regular three to four meals per day with no extra delicacies. Try to survive three months just having food like you did in the 90s, where three regular meals per day was the real deal. You will be surprised to know how much money you can save doing this in the next three months.

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2. Limit Online Shopping

online shopping e-commerce
Source: Pixabay

Online shopping for clothes and accessories is the biggest killer of your wealth. It eats up a major portion of your salary without you knowing it. Try buying online only when it is required and keep off the apps for three months during the savings challenge. Every $100 saved is a bonus that can help you achieve the bigger goal.

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3. Sell Unused Items

Used items thrift
Source: Pixabay

You will be surprised to know the market that’s there for reused items, including thrifts, among others. Keep your denim, jackets, and old clocks for sale online, and declutter your home. Though it brings a small income, it adds up by the end of three months making your savings boost. It is the best way to keep up with the savings challenge.

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  • Savings Challenge