You just need to try the savings challenges in this article, and you’ll be well on your way to stacking cash soon.
What are the two biggest excuses people come up with when it comes to saving money? The most popular one is that they probably don’t have enough room in their budget to do so. And another commonly used excuse is that they lack the financial discipline to stash cash for a rainy day.
Well, if you’ve used either or both of those excuses in the past, guess what? Today’s the day they end. Because as long as you give one of the challenges in this list a go, you’ll start saving money instead of spending it.
The $5 Challenge
The next time you pay for something with cash and get a five-dollar bill as part of your change from the cashier, save it. Do this for an entire year, and you will have completed the Five Dollar Challenge.
Will this challenge give you enough money to put a down payment on a house at the end of the year? Probably not, but it can add to your vacation fund or emergency fund.
If you manage to save a pair of five-dollar bills per week, you’ll end up with $520 once the challenge is over.
The 52-Week Money Challenge
This challenge has you save a certain amount for 52 weeks. While it’s quite simple to follow, you can end up with a solid sum of $1,278 once it is finished.
To do the 52-Week Money Challenge, start saving as follows:
- Save $1 in week one.
- Save $2 in week two.
- Save $3 in week three.
- Save $4 in week four.
- Save $5 in week five.
- And so on…
The largest deposit you’ll have to make is $52, which isn’t too bad. By the time you get there, you should be used to putting a bit of money away per week, so $52 should be doable in your quest to become a savvy saver.
The Penny Challenge
If the 52-Week Money Challenge seems a bit expensive for your taste, try the Penny Challenge instead.
With this challenge, you’ll be saving money daily instead of weekly. Here’s the pattern it follows:
- Save $0.01 on day 1.
- Save $0.02 on day 2.
- Save $0.03 on day 3.
- Save $0.04 on day 4.
- Save $0.05 on day 5.
- And so on…
By increasing the amount you save by just one penny per day, you can end up with $667.95 once the challenge is over.
As for what your biggest deposit will be, it’s nothing more than $3.65 on the final day, making the Penny Challenge quite simple to conquer.
If you give your kids an allowance, do the Penny Challenge with them. It will teach them the value of the dollar and show how powerful putting a bit of money away can be.
Section 8 Assist