5 Money Challenges You Should Try, According to Reddit

These Reddit-approved money challenges are worth checking out.

Reddit is one of the world's most popular websites, in large part because it has communities for practically any subject. Its main personal finance community, or subreddit, is r/personalfinance.

You can find a lot of helpful financial advice on this subreddit. It also has a 30-day challenge series to give people ideas on how they can better manage their money. Here are some of the best money challenges from this subreddit that can help improve your personal finance.

1. Track all your spending

A good starting point is this money challenge of tracking your spending for 30 days. You don't need to make any changes yet, as this one's only about recording information.

Simply select a method to use, whether that's a pen and paper, one of the many quality budgeting apps, or a spreadsheet on your computer. Record every dollar you spend and break down your expenses into categories, such as savings, housing, groceries, and so on. The goal here is to be completely aware of where your money is going.

2. Cut spending meaningfully

Now that you've tracked all your spending, it's the perfect time to cut spending. Pick at least one expense category and set a measurable monetary goal. For example, if you normally spend $500 per month on entertainment, you could aim to get that down to $350.

Your goals are up to you, but they shouldn't be too easy or difficult. Ideally, you want something that requires work on your part, without being so hard that it's practically impossible.

3. Cook more often

Food is an area where spending often gets out of hand. Some people eat out all the time, overspend on groceries, or both. By cooking at home more often, and being strategic about it, you can save quite a bit.

Make a meal plan for the week, look for ways to save on groceries, and prepare enough food to have some leftovers. The goal here is to go an entire week without dining at a restaurant or ordering takeout, and/or to cook at least three new recipes.

4. Get on top of your credit

This money challenge is a little more in-depth than the last ones, but it's well worth it. Your credit history and credit score are important parts of your financial profile. To get on top of your credit, you can:

• Pull a free annual credit report from each credit bureau (Equifax, Experian, and TransUnion).
• Dispute any credit report errors you find.
• Find out your credit score using a free score service.
• Increase your credit score with a goal of reaching a score of at least 720 to 740.

Redditors also recommend signing up for a free credit monitoring service. Many credit card companies offer these services for their cardholders, so check if this is available through any credit cards you have first.

5. Find and participate in a free activity in your area

I love this challenge, because the point is to show that spending money isn't necessary to have a fun, full life. Here are a few tips from Reddit on how to find free activities:

• Check out your local community website or subreddit to see what free activities are available.
• Visit a park to hike or have a picnic.
• Start an in-home game night or movie night with your friends.

To complete this challenge by Reddit's standards, you need to do at least one of the following:

• Participate in two different activities in your community.
• Set up or join an ongoing activity.
• Try a free replacement for a paid activity.

Money challenges like these are a fun way to change up your financial approach, and they're only a 30-day commitment to start. When you find ones you like that bring positive results, it'll be easy to turn them into ongoing habits.