What is the cent challenge? or how to save 3,000 or 5,000 euros in a year without changing your routines.
Whenever a savings method is explained, whatever it may be, a logical warning must be made: everything will depend on the income you have, since, in many cases, it is impossible to save and you have just enough to subsist daily.
Therefore, the trick to save more than 3,000 euros in a year that will be shown in this article will always be at the dawn of everyone's possibilities. Moreover, in virtually all cases they can be adapted to personal capabilities.
The 5 cent challenge
With the 5 cents challenge, which they comment on the financial saver HelpMyCash, you can save 3,339.75 euros in a year without having to change your habits and routines.
It consists of starting to save 0.05 euros and going up 5 cents every day. That is, if you start saving on January 1, you would do it with 0.05 euros, on day 2 you would save 0.10; on day 3, 0.15; and so on, until day 365 in which you will have to save 18.25 euros. In fact, during the whole month of December you will save 542.5 euros.
As mentioned before, this savings system is able to adapt perfectly to the pocket and the possibilities of each person.
For example, it can be transformed into the penny challenge. The system is the same, with the only difference that the first contribution will be 0.01 euros and the last 3.65 euros. In this way, 667.95 euros will be saved in a year.
But there are also options to increase the contribution and, therefore, the savings. If the established base unit is 10 cents, when the 365 days pass, 6,679.5 euros will be had. In case of opting for 20 cents, a saving of 13,359 euros will be achieved in a year. And so on to the maximum of your possibilities.
Cent challenge
3 tips to save 5,000 euros in a year
Beyond specific methods, there are a series of savings tips that can be applied whatever the amount you want to stop spending. Some of them, in a post on how to save 5,000 euros in a year, are referred to in the economics and finance blog of Bankinter.
This is a repeated recommendation and, like many others, it will depend on your funds. They assure in the blog that you can save 1,500 euros in a year by giving up whims and cutting compulsive shopping, or simply changing supermarkets.
To achieve this, it is important to always carry the shopping list made, not go to the supermarket hungry and opt mostly for white brands.
Cent challenge tips
This saving tip is applicable not only to insurance, but also to electricity, internet, telephone contracts, etc.
With regard only to insurance, be clear that you will find a cheaper policy, yes, take a good look at the coverages.
One more recommendation related to mobility. They state in the article that experts put the savings that can be achieved by opting for public transport and not by car at 200 euros per month.
Obviously, everything is relative (it will depend on the use of the car that is made or the possibility of continuing with your life using only public transport, among other things).
This reduction in spending refers to parking, tolls and fines. But there is also gasoline: if you drive at 100 km / h instead of 120 km / h, the expense will be reduced by up to 44%.
Moreover, according to a study by Anfac, the Spanish Association of Automobile and Truck Manufacturers, the annual savings if efficient driving is carried out can be about 300 euros per year and even 900 euros in the case of new vehicles.
Cent challenge summary
- The challenge of the cents is adapted to the economic circumstances of each person, to save 3,000 euros, 5,000 or other amounts in a year.
- There are a number of general recommendations that many people have the ability to apply to significantly reduce their expenses.
