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business Thursday 3 March 2022
Millennial Money: Viral savings challenges that pay off

By MELISSA LAMBARENA of out their pantries to lower
NerdWallet their grocery bills. The level
Among the different ways of difficulty is subjective for
to trick yourself into saving, this challenge, but it's likely
money-saving challenges more sustainable over a
are some of the most en- short term.
gaging. — Customize your own
They can help you feel challenge: Modify a pop-
connected to finances by ular challenge to fit your
requiring frequent check- needs by shortening or
ins and debunking feel- extending deadlines or
ings of inadequacy when the cadence of saving.
it comes to saving. For Cris- For instance, you could
tina Brown, a self-described stretch the 100 envelope
savings-challenge designer challenge over 100 weeks
and founder of the blog (about 2 years) instead of
Happy Savings Co, money- days, if that's more achiev-
saving challenges helped able. Brown also creates
her go from spending to her own challenges. In one
saving. such challenge, she seeks
"I recognized the need to discounts at the grocery
save money, and I thought store to stash savings for
that this would be a good In this Wednesday, April 3, 2019, file photo, a tip box is filled with dollar bills, in New York. future goals. She says she
way to kind of gamify it," Associated Press saved a total of $3,560.58
Brown says. in 2021 by juggling multiple
If saving for tomorrow proach. For a designated lenge can save $1,378 in a is ideal for those with more challenges each month.
seems out of reach, the amount of time, both chal- year, enough to cover an cash flow. If completed, LEARN WHAT MOTIVATES
right money challenge can lenges involve putting aside emergency or a large pur- it saves up to $5,050, but YOU
generate excitement, push denominations of these bills chase. don't hold money in enve- Mastering a savings chal-
competitive buttons and that are left over from cash "At the end of the year with lopes too long. Keep it safe lenge involves under-
potentially increase sav- transactions. holidays — even with all by designating a day every standing your motivations.
ings. Ezekiel Waisel, a certified of our best efforts of set- other week or monthly to Consider whether you're
VIRAL CHALLENGES THAT financial planner at SHP ting up sinking funds for the deposit savings into a high- motivated by big or small
CAN ADD UP Financial, a financial plan- holidays and stuff like that interest bank account. deposits, randomness or
Before starting a savings ning firm , tried the $5 chal- — things can still get pretty — The weather Wednesday predictability, cash or
challenge, review your lenge in 2016 and saved tight, so I reversed the order challenge : For thrill-seekers electronic deposits, or ac-
budget to trim unneces- about $300 in a year for to save the bigger amounts with enough cash flow, this tive versus passive saving.
sary expenses. The amount a round-trip flight. "I don't at the beginning of the challenge can offer big If you're unsure, try a few
of breathing room in your use a lot of cash, so the year," says Brown. A sink- savings with less predict- money-saving challenges
budget will determine the fact that I even saved that ing fund holds money that's ability. On every Wednes- to learn what works. Pas-
level of difficulty that's pos- much was pretty surprising earmarked for a specific day, for a year, save cash sive savings challenges like
sible for a challenge. to me," he says. goal or expense. or make a deposit into a keep the change can lay a
Assigning a goal to a chal- — The 52-week challenge — The 100 envelope chal- savings account based on solid foundation for bigger
lenge may also keep you : This challenge hikes up lenge: This potentially lucra- the temperature in your challenges and savings.
motivated and consistent, the savings by $1 weekly tive and difficult money- city. If it's 50 degrees, for in- "I think passive is a great
whether it be saving for an and requires you to active- saving challenge requires stance, save $50. The chal- starting point, and once
emergency fund, a vaca- ly save by budgeting for numbering 100 envelopes lenge gets harder as it gets you get comfortable and
tion or something else. each week. In the first week from one to 100, shuffling warmer, so it's best to start consistent with passive sav-
A few popular challenges you save $1, in the second them and drawing one ran- in the winter when it's more ing, you can then add or
to consider include: week $2, and so on until the domly every day. The num- manageable. switch to an active savings
— Keep the change chal- 52nd week. The challenge ber on the envelope drawn — No spend challenge: model," Waisel says.
lenges: Beginner-friendly $1 can also be reversed to determines the amount of It's as straightforward as it Finding the right challenge
and $5 savings challenges start saving $52 in the first cash that must be saved. sounds: You commit to only may require trial and error,
allow for passive saving, week and work downward, Drawing high numbers spend on essentials over a but even as you experi-
which takes less effort and as is Brown's preference in consecutively can prove certain period to save big. ment you'll likely save mon-
adopts an out-of-sight ap- 2022. Either way, the chal- difficult, so this challenge Some people even clean ey in the process.q

Trade group settles GMO-labeling case

for $9 million

By GENE JOHNSON held a penalty twice that ington Attorney General
Associated Press much. Bob Ferguson, who sued
SEATTLE (AP) — A trade The Consumer Brands As- the group in 2013, an-
group that represents some sociation, which represents nounced it was dropping
of the biggest U.S. food companies including Pep- its appeal and would in-
companies has agreed to siCo and General Mills, said stead settle the case for $9
pay $9 million for violations in January it intended to million, including $3 million
of Washington campaign appeal the state ruling to in donations to two chari- Washington Attorney General Bob Ferguson talks to reporters,
finance laws, after the the U.S. Supreme Court. ties that fight hunger.q Monday, Aug. 26, 2019, during a news conference in Seattle.
state Supreme Court up- But on Wednesday, Wash- Associated Press