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5 Money Challenges You Should Try, According to Reddit – The Motley Fool

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These Reddit-approved money challenges are worth checking out……..

Image source: Getty Images

These Reddit-approved money challenges are worth checking out.


Key points

  • The personal finance subreddit is dedicated to helping users get on top of their finances.
  • It offers a 30-day money challenge series designed to promote good financial health.
  • Challenges include cooking at home more often and finding free activities in your area.

Reddit is one of the world’s most popular websites, in large part because it has communities for practically any subject. Its main personal finance community, or subreddit, is r/personalfinance.

You can find a lot of helpful financial advice on this subreddit. It also has a 30-day challenge series to give people ideas on how they can better manage their money. Here are some of the best money challenges from this subreddit that can help improve your personal finance.

1. Track all your spending

A good starting point is this money challenge of tracking your spending for 30 days. You don’t need to make any changes yet, as this one’s only about recording information.

Simply select a method to use, whether that’s a pen and paper, one of the many quality budgeting apps, or a spreadsheet on your computer. Record every dollar you spend and break down your expenses into categories, such as savings, housing, groceries, and so on. The goal here is to be completely aware of where your money is going.

2. Cut spending meaningfully

Now that you’ve tracked all your spending, it’s the perfect time to cut spending. Pick at least one expense category and set a measurable monetary goal. For example, if you normally spend $500 per month on entertainment, you could aim to get that down to $350.

Your goals are up to you, but they shouldn’t be too easy or difficult. Ideally, you want something that requires work on your part, without being so hard that it’s practically impossible.

3. Cook more often

Food is an area where spending often gets out of hand. Some people eat out all the time, overspend on groceries, or both. By cooking at home more often, and being strategic about it, you can save quite a bit.

Make a meal plan for the week, look for ways to save on groceries, and prepare enough food to have some leftovers. The goal here is to go an entire week without …….

Source: https://www.fool.com/the-ascent/personal-finance/articles/5-money-challenges-you-should-try-according-to-reddit/

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