Three money-saving challenges to save you up to $1,475 in a year

AS Americans age – it can become increasingly difficult to save money.

Saving money is important because it helps protect you in the event of a financial emergency including surprise car or house repairs, and medical bills.

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Saving money helps protect your finances in the event of a financial emergencyCredit: Getty

Most importantly, saving money can help reduce your financial stress, provide you with a greater sense of financial freedom, and allow you to meet future goals.

Below we reveal three money-saving challenges that will make putting away money easy and fun.

1. The “pay yourself when you make a money mistake” challenge

The first challenge you can try this year is the “pay yourself when you make a money mistake” challenge.

This challenge is a great way to balance out financial errors, and it is quite simple.

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Every time you do something financially foolish you can put $5 – or another amount – in a savings account.

The term financially foolish can be quite broad, so you should write out a list of things that you consider to fall under that category.

For instance, one of them can be forgetting to pay your credit card bill.

This challenge also will bring some awareness to your financial lifestyle.

At the end of the year, if you have a lot of money saved, it means that you made more than a few financial mistakes – causing you to reevaluate your choices.

On the other hand, if you do not have a ton of money saved, you can feel great about how financially responsible you are.

2. The holiday gift challenge

Everyone knows that the holidays are the most expensive time of year; yet, it seems people are surprised by how much they spend.

This past holiday season Americans spent more than $6billion on just Christmas trees, according to Useline.

But, there is a way you can prevent the holidays from getting…

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