Cowrywise Savings Challenges are a great way to competitively save money! Recently we relaunched Cowrywise Circles which makes it even easier to take part in Savings Challenges. In this article, we’ll discuss:
How Savings Challenges work
Have you ever tried to work towards a money goal and realized that somehow, you always end up spending that money? Yup, the chances are we’ve all experienced this at some point or the other. Which is where savings challenges come in.
Money challenges are a way to slowly but strategically meet your goal while competing for the top spot on the leaderboard! Savings challenges aim to help the members of the challenges save a certain amount of money over a stated duration. It also has an added element of competition too and you’ll know you’re not alone in saving.
Why should you join a Savings Challenge?
There are many options open to you when it comes to saving money. But why should you opt for a Savings Challenge?
1. It’s a fun way to save. You can have personal savings plans and also be a part of a Money Challenge which adds a bit of diversity to your savings. Yup, it’s pretty fun knowing you’re achieving big things with other members.
2. You’ll know that you aren’t alone and it definitely gives you a little motivation to save those funds!
3. Everyone wants to be a winner and why not win and achieving your money goals at the same time? It’s a win-win situation.
4. Challenges are savings plans that are already structured for you so you don’t need to worry about any details to set it up.
5. It’s automated so you never have to worry about missing another savings day!
Savings Challenges on Cowrywise
We have some interesting Saving Challenges on Cowrywise that anyone can join.
1. One Million Naira in 1 Year
The goal of this Challenge is to save one million naira in a year. If your goal is to join the millionaires club, then this is a super great start. Every month you’ll be automatically debited N83,000 to keep you on track to achieve this goal. You can join other members of this challenge here.
2. 52 weeks challenge
Saving can be pretty tough to do, yes we know it is and the famous 52 weeks challenge is a good place to begin. With this challenge, you’ll consistently save just N2,000 every week for a year. It’s pretty easy to get started, all you have to do is link your debit card and you’re well on your way to stashing those funds! Ready to challenge yourself? Begin here.
3. Single Ladies’ Mint and Bachelors’ Saving Drive
Being single is a good time to invest in yourself and make great financial decisions. You know, like that PS5 that is going to be out soon or an all-girls trip to somewhere nice. These Money Challenges not only help you save money but you do it with other cool people too! Ladies can join the Single Ladies’ Mint here and the Bachelor’s Saving Drive can be joined here.
4. Freelancers Can Save
There’s a myth that goes around about freelancers being unable to stash funds away because of how irregular their income is. With this money challenge, all those myths stay myths while you begin your financial journey. It’s super easy to save and keep on track towards those big money goals. Work towards the top spot on this leaderboard alongside other freelancers by joining the challenge here.
5. 5K, 10K, 20K, 50K Saving Challenges
Want to be part of a Money Challenge but don’t find any of the others appealing? You can visit Cowrywise Savings Circle page. We have simple Money Challenges that have no frills or fuss. You can choose to join any of these challenges that suit your income and financial goals and get started. The trick is to start small and slowly get into the groove of savings. Soon you’ll be confidently joining the 50K challenge with no worries at all.