How our community is saving and earning extra cash each month.
If you’re looking to supercharge your savings and grow your wealth, the “$100 Challenge” might be just what you need. Join the community and learn how to save and earn an extra $100 each month, potentially accumulating over $350,000 in 40 years through the power of compound interest. Need a refresher? Check out our compound interest calculator here to understand just how compounding helps build your wealth.
Here’s some ideas from our Instagram community:
Avoiding Online Shopping and Takeaway Meals
“I bought a coffee machine and make my coffee each day. Initially, you outlay money, but eventually, you save.” A simple yet powerful approach to cutting back on daily expenses. It’s why we recommend tracking your saving for a month, so you understand how you spend your money – and can look for ways to cut back. Don’t say no to coffee, just find the most cost-effective path for you. Small changes can add up to significant savings.
Sell Unwanted Items and Flip Purchases
“I’ve gone the ‘trash to treasure’ route, streetside council pickups, making $80-$100 a week.” Sometimes, treasure is where you least expect it. The community has successfully turned unwanted items into cash. Someone else wrote: “I just flipped a few portable air cons that I bought during winter, making a $170 profit!” She shares more details of how she came to reselling and flip items in the episode.
Review and Reduce Expenses
“Quitting extras health insurance” is a step towards optimising your budget. Cutting down on non-essential expenses is a smart move, and the community encourages it.
Strategic Transportation and Shopping
“Cut down on driving.” It’s a small change that can save you money and contribute to a greener planet. Making a shopping list is also a practical way to prevent impulsive purchases.
Negotiate for Better Deals
“Calling banks and insurance providers asking for a better deal.” Don’t be afraid to negotiate for better rates. This simple action can lead to substantial savings over time.
Economical Food Choices
“Buying ready-made meals seems more expensive but saves.” Choosing convenience can sometimes be cost-effective in the long run. Buying kids’ meals when dining out is another way to cut costs and avoid food waste.
Building a Stockpile of Essentials
“Buying multiple quantities of non-perishables (toothpaste, deodorant) when on special” is a savvy way to ensure you never run out of essentials while keeping your costs low.
Then there’s options that don’t always make you money straight away, but reward good behaviour. Like strategic saving and investing.
“Transfer directly into my Raiz account on pay day so I can’t spend it.” Taking control of your finances right from the start of the month can prevent unnecessary spending. This strategy encourages you to invest your money wisely, making it work for you.
The “$100 Challenge” is all about making small yet impactful changes to your financial habits. These strategies from our community members demonstrate that you can save and earn an extra $100 each month, gradually accumulating substantial wealth through the power of compound interest. By embracing these practical tips, you can take control of your financial future.Join the “$100 Challenge” podcast series and learn how to achieve your investment goals. Visit our website here for more information and resources.