While many retired clergy choose to enjoy their well-deserved season of rest, some seek ways to continue nurturing their spiritual calling.
Last month we began a two-part series on lesser-known or unconventional ways to grow your savings. In part one, we shared tips involving technology, the sharing economy and living frugally. We conclude the series with guidance on a handful of lifestyle choices that can add up to big savings in the long run and innovative, fun ways to set aside more of your money.
Make Clever Lifestyle Choices1
You know the old saying: “Every little bit helps.” Even saving pocket change can be a start to increasing your nest egg. Read on for more ideas on changing your habits to grow your money.
Use Fiscal Fitness Fun and Games3
Saving money doesn't have to be a monotonous task. By incorporating game-like challenges into your money-saving strategies, you can make the process more enjoyable and rewarding. See some examples below:
1. Take the 52-Week Challenge. Start by saving $1 in the first week, $2 in the second week, $3 in the third week, and so on. By the end of the year, you will have saved $1,378.
2. Try the $5 Strategy. Every time you receive a $5 bill, whether it be the change from a purchase or a withdrawal from a cash machine, put it away in a container in your house -- no matter what. If you don’t use cash, use an app that allows you to transfer change from purchases to your savings automatically. A Detroit blogger who tried this approach, saved $1,200 within three months.
3. Go on a no-spend vacation or take a no-spend challenge. Choose a day each week or one whole week every few months to avoid spending any money on anything but bills, and mark those days on your calendar. The money you don’t spend can go into your savings account. You can reward yourself with an inexpensive gift at the end of the year for the day-a-week challenge or at the end of the week for the non-spend week challenge.4
The suggestions mentioned above are just a starting point. Consult your financial planner to adapt them to your individual financial circumstances Remember, even modest changes in your habits and lifestyle can significantly enhance your savings over time. So, get creative, explore new avenues, and watch your savings grow.
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Translations of any materials into languages other than English are intended solely as a convenience to the non-English-reading public. We have attempted to provide an accurate translation of the original material in English, but due to the nuances in translating to a foreign language, slight differences may exist.
Las traducciones de cualquier material a idiomas que no sean el inglés son para la conveniencia de aquellos que no leen inglés. Hemos intentado proporcionar una traducción precisa del material original en inglés, pero debido a las diferencias de la traducción a un idioma extranjero, pueden existir ligeras diferencias.
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