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8 challenges to help you save money

Check out these 8 challenges that will help you save money, spend less and take control of your finances, all while having fun.

1. The VND20,000 challenge

Tuck away VND20,000 every day for a year. It may not seem like a lot now, but in 365 days, you'll have saved VND7.3 million. You could make it even easier for yourself by setting up a weekly or monthly standing instruction to transfer the money into a savings account.

Depositing your salary as soon as you receive it will keep your money safe, and it's convenient to shop online or pay the bills. You'll also receive discounts on loan interest rates and free services if you register with the HSBC Payroll Offers.

Find out more: HSBC Payroll Offers

To get a better idea of how much you need to save and how long it’ll take you to achieve your financial goal, explore our savings goal calculator.

2. The VND1,000 savings challenge

Increase the amount you save each day by VND1,000. Start by putting away VND20,000, then VND21,000. The next day put away VND22,000, then VND23,000, and so on. Keep at it for a while and you may be surprised at the amount of money you've saved in total! This just shows that even small changes can lead to big results. 

The lesson about the power of small choices is especially important for new investors learning to leverage the compound effect. The simple equation of a little bit of money, time and consistency can help you create a fortune in the long-term future.

If you want to invest but don’t have the time or experience, you can find out more about mutual funds. A mutual fund is a type of investment operated by professional fund managers. It's structured and maintained to match your investment objectives and risk appetites.

3. The 1-month challenge

Review your transactions once a month and see where you can curb your spending. Make this a habit every month so you know how much you need for your daily expenses and how much you can save.

If you don’t know how to start budgeting, you can refer to popular budgeting methods like 50/30/20. With this, you allocate 50% income for needs, 30% for wants and 20% for saving or investment. Another popular rule is the 6 jars money management. This is essentially the same as the 50/30/20 method but more detailed in allocation.

Look into putting your savings, which you might not need for a long time, into a time deposit. It could help you grow your money safely. An HSBC Time Deposit lets you do exactly that and choose a deposit term that suits you, from 1 week to 36 months. What's more, we offer attractive interest rates to help meet your saving needs.

If you still want to budget better, learn more about Steps to personal financial management

4. The 12-month challenge

Take each month as a number, multiply it by 100,000, then save that amount each month. For example, save VND100,000 in January (month 1); VND200,000 in February (month 2); VND300,000 in March (month 3). In 12 months, you'll have saved VND7.8 million!

5. The health and wealth challenge

Get inspired by HealthyWage, a leading provider of outcome-based corporate and consumer weight loss programmes. Their evolving programmes combine weight loss challenges with financial incentives tied to specific goals and timeframes. Using a mix of both loss aversion and reward motivation techniques, their consumer programmes such as 'weight loss challenges + cash prizes' have already helped nearly half a million people lose weight.

So why not make a 'bet' on your weight loss? If you're trying to lose some weight, you could put away VND100,000 for each kilogram you lose. This way, you'll have more incentive to keep going on your fitness journey. Or if you're trying to quit smoking, you could put away the money you would've spent on cigarettes. This way, you'll improve both your physical and financial health in one go!

Plus, it will help you hold yourself accountable, understand and manage the obstacles you face, and give you strong personal motivation for reaching your goals. The reward you'll get from completing this challenge will definitely be worth your efforts, both in the short and long-term future!

6. The quit your bad habits challenge

Try giving up your 'little vices' – this could be your daily coffee or food deliveries. Give it a go for a month or wean yourself completely over an even longer period. Small things do add up, so you'll find that you'll have saved quite a bit of money by the end of the challenge. It will also help you become more mindful of your spending.

7. The wear your clothes 30 times challenge

Challenge yourself to wear an item of clothing at least 30 times. If you're an avid fashionista, this may have an obvious effect on your savings. This practice will encourage you to stop splurging and start thinking about how you'll use something before you buy it.

Getting into the habit of mindful shopping can also help protect the environment by reducing waste. And if you're really up for a challenge, you can try upcycling your old clothes to refresh your style affordably – make your own clothes, redesign them, or mix and match your accessories. A little creativity can go a long way!

8. The shop around challenge

From your groceries to your banking, you can save money by shopping around for the best deal.

Before you hit the supermarket, put together a shopping list. It will help you stay focused on buying only the things you need in the quantities you need. You'll be saving both your money and the environment.

You could also save yourself the time and hassle of going out to the stores by using your HSBC debit or credit card to shop online. This way, you could make use of any discounts offered when you buy products in bulk, without worrying about how to lug them back home.

It may also be worth it to shop for appliances with higher efficiency ratings. These can save you money on your electricity bills in the long run, so make it a habit to check your energy labels.

You can manage transactions for your purchases easily on the HSBC Mobile Banking app or in HSBC Online Banking. What's more, you could earn cashback rewards, redeem e-voucher gifts or mileage offers to make the most of your money. Check out our range of credit cards and see which one suits your lifestyle best.

So why not make this year your year? Start getting into the habit of saving money with these challenges, and watch your savings grow.

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