2024 has only just begun but it's already brought a bunch of savings challenges along with it. If your focus this year is to whip your finances into shape, then you're in luck — there are plenty of options.

One of our favorites is the money mistakes jar challenge, wherein you deposit a specific dollar amount into a jar/container every time you make a money mistake. We explore the ins and outs of this latest savings challenge to help you achieve a modicum of financial freedom.

What's The Money Mistakes Jar Challenge?

The money mistakes jar challenge is an effective way of reinforcing healthy money habits, curbing impulsive buys, and building your budget. Implementing this challenge ensures you become aware of your finances, strengthening your budget as a result. Consider it a physical reminder of the impact your choices make.

In other words, it's exactly what it says on the tin. You get a jar. You put money into it when you make a mistake. It's as simple as that!

How To Do The Money Mistakes Jar Challenge In 2024

To take part in the money mistakes jar challenge this year, follow the easy-to-understand steps below:

1. Select a jar/container to be your money mistake jar. 
2. Define the rules for what counts as a money mistake during your challenge. Select anything from impulse buys to exceeding budget limits to unplanned spending. 
3. Choose a fixed amount of money that must be put inside the jar for every money mistake made. You can decide whether it's figure or a fraction of the mistake's cost.
4. Put the jar in a visible spot in your house or workplace. That way, it's a constant reminder of your dedication to improved financial health. 
5. If a mistake is made, put the preset amount into the jar or container as soon as possible.

Look at the jar's contents throughout the year to evaluate your progress and think about your spending behavior thus far. You'll be pleasantly surprised by how effective this seemingly innocuous challenge is.

Should You Open the Jar If Emergency Strikes?

When emergencies arise, it's tempting to abandon all savings challenges and focus on paying medical bills, veterinary fees, home repairs, or whatever else life has thrown at you. But it doesn't have to be this way. 

If you've allocated your money mistakes jar as your emergency fund, you can use it to cover crisis costs. However, if that isn't the case, you do have another "last-resort-esque" option — getting a title or registration loan from us at Fast Auto Loans, Inc. 

A title loan is available to Arizona residents who own their vehicle outright, allowing individuals to borrow between $300 and $15,000, depending on the value of their car, truck, or van. A registration loan, on the other hand, is for Arizona residents who do not own their vehicle outright but have a motor vehicle registration in their name and need to borrow up to $900. These are the requirements for each loan:

• Title Loan Requirements: Driver's license or state-issued identification, lien-free title to your vehicle, and vehicle (only cars, vans, and trucks are accepted).
• Registration Loan Requirements: Valid Arizona driver's license or a different kind of photo ID, valid Social Security number, Arizona motor vehicle registration in your name, and active checking account in your name.

Regardless of the loan you want to get, you only have to complete a couple of easy steps. Complete the online form found on the website. Make sure you're filling in the one that corresponds to the type of loan you wish to receive. 

Wait for one of our loan representatives to get in touch. They'll tell you about the requirements of your desired loan and set up a meeting point. If you're attempting to get a registration loan, you must come to your local branch.

Otherwise, you can meet at a location more convenient for you. When you arrive at the meeting place, we'll go over your documents and vehicle (title loans only) to decide whether you qualify and how much you can borrow. 

If you're happy with the amount offered, we'll help you complete the paperwork. You only need to sign a few forms so it won't take long. After that, you'll receive the money on the same or the following bank business day.

Get A Loan From Fast Auto Loans, Inc. Right Now!

The money mistakes jar challenge is a great way to build your budget in 2024. Thanks to us at Fast Auto Loans, Inc., you don't even need to let emergencies sully your plan. Just fill out our online form and you're well on your way to covering emergency fees of all shapes and sizes.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.