5 Proven Ways to Save Money While Having Fun

Whether you are saving for a vacation, a down payment on a home, a vehicle or an emergency fund, you can have fun doing it. Many people equate savings with sacrifice, but if you approach your savings like a game or activity, you may find that giving up a few extras may not feel like so much of a sacrifice, or you may find you do not really have to give up all that much.

It’s really about finding creative ways to establish good financial habits that help you reach your financial goals. Anyone can start establishing a savings regardless of income; it comes down to desire and putting a plan in place to help you accomplish your goal.

Here are a few practical ideas to start saving:

The weekly savings game: This popular savings method has been floating around the internet for a while. The idea is you save money each week, based on which week of the year it is. The original version of the game requires you to save $1 the first week, $2 dollars the second week $3 the third week of the year and so on, until you set aside $52.

If you think you will not be able to stick it out, consider starting backwards with saving $52 on week 1 and working your way down. This method allows you to get rid of the biggest savings up front. Over the course of a year, you could save $1378, if you stay faithful.

Save all of your (fill in the blank):The idea of this challenge is that you set aside all of a specific denomination. To maximize on this game you should pay for everything (or most everything) with cash. Not only is this is a great way to keep track of your money, it will make this game easier. When you get change from a purchase set aside all of your chosen denomination. For example, you could save all of your $1 bills or all of your change or even all of your $5. Keep it in jar where you can watch your savings grow with each purchase.

Round up: One simple tool that can be fun is to round every purchase up to the next dollar. This works well if you use your debit card to pay bills or make purchases. When balancing your checkbook, simply round each bill up to the next dollar. It may only be a few cents on each purchase, but it adds up and you will not even notice the difference because the money is already spent in your checkbook.

Replace something your spend money on with something free: Enlist the help of your kids, friends or family and find something you currently spend cash on and replace it with something free. Then set aside the money you would have been spending into a savings account. For example, cut cable or movies services and visit your local library instead. Many libraries have DVDs you can rent or you could check out free movie nights in your area. Another idea, ditch the gym payment and opt for working out at home.

Create a naughty jar: Are you trying to kick a bad habit and want to set aside some extra cash? Try a naughty jar. There are several versions of this jar, pick your vice and go with it. If you need to clean up your language; fork over a quarter (or a dollar) every time you swear. If you are trying to quit smoking, toss in a $5 every time you smoke a cigarette. Kicking that bad habit may be easier when you feel it in your wallet too.

In addition to the above saving tactics, budgeting is the key to controlling finances which will keep you out of debt and on the road to savings and wealth creation. Remember, its not about how much money you currently make...everyone and anyone can save, it comes down to finding a tactic that works for you.