Reflections on the Gain a Grand Challenge

financial goals

$738.54

This is my total gain from the Gain a Grand challenge.  It’s not bad considering I got sick and didn’t do much towards it for half of the month!

However, it’s not as great as it looks either.  My four biggest savings came from:

  1. Shopping around for travel accommodation ($348.80)
  2. Cashing in rewards ($116.88)
  3. Waiting before buying ($100)
  4. Going without ($100)

With the exception of going without, these are not true savings. 

When shopping around for accommodation, I usually stick to my budget, using the savings to get more for my money.  That is, I spent $500 on $850 accommodation, rather than spending $500 on $500 accommodation.

The rewards that I cashed in had been accumulating before the month started, and the items that I waited before buying will now need to be bought.

Because the month got so busy, I also didn’t reconcile the savings against my budget.  It’s likely that I also had unplanned expenses to offset against this.  However, if I had been able to focus on this more, I would have had the opportunity to make more gains.

A general theme seems to be that the biggest savings came from the biggest expenses.  As such, this wouldn’t necessarily help if you’re already living on a tight budget.  However, it’s definitely worth re-visiting.  I can usually use one or two of these tips to help me through a particularly lean month.  For those of you who don’t generally budget or think about what you’re spending, there’s potential to gain far more than a grand.

The GoalGetters Gain a Grand challenge provides suggested daily activities to help you save or make money, helping you towards your financial goals.