I dare you to save a few thousand in a year.
Think it can’t be done? Yeah, when you think about how much money that is, it does seem a bit scary. But it can be done.
Creating a challenge to save money can not only be fun, but it’ll definitely help you reach those financial goals a lot sooner!
Enter the 365 Money Challenge. The idea is simple: set aside a small amount of money every day for 365 days and watch the savings grow. There’s also another component to it: you have to double the amount each subsequent day. So for example, you save 1 cent today, then the next day it doubles to 2 cents, and so forth.
Believe it or not, just starting out with a penny a day actually equates to $667.65 in 365 days!
Let’s Try a Bigger Amount
Instead of a penny a day, can you do a dollar a day? Two dollars a day? If so, you’ll end up saving thousands that way!
Before you dismiss the amount, go ahead and calculate out how much it is you’ll need to save each day. The advantage to taking this challenge on is you don’t have to look at the entire amount you’re saving over a year, you’re simply looking at how much you save on a certain day. So if all you’re doing is setting aside a few dollars, it’s way less intimidating that, say, a few hundred. The idea is that it’ll motivate you to set aside even more money.
And the even cooler part? It’ll become a habit long after the 365 days are over. Doing something like this daily will become second nature and it’ll seem like nothing to save a few dollars here and there.
How to Stick With the Challenge
If it looks doable, then you’ll need to post your goal somewhere where you can see it often, like your bathroom mirror or your door. That way, you won’t miss it. There’s something really powerful about just seeing your goals on a daily basis that will help you achieve them. It’s true.
Once you do that, you actually have to put the money aside! A good idea is to create a special savings account just for this purpose. You can even do something fun, like creating a nickname for it. That could get you even more in the mood to save during those 365 days.
Ways to Make it Easier
One way to help you save money is to collect change (If you use cash) and use that to as your savings goal. You most like won’t miss the change and you’ll be achieving your savings goal in no time. There are also a ton of apps that can automate this for you, making it so much easier and dare I say hassle-free. You can even partner up with someone so you get that extra accountability factor.
No matter way, the whole idea of a 365 savings challenge isn’t to deprive yourself, but to better your financial future. Think about putting this money aside as an emergency fund, a vacation fund, or even as a way to purchase Christmas gifts.
Will you be trying this savings challenge anytime soon?