Blog post written by Eric Patrick, founder and chief educator at Black Market Exchange, LLC.
1. 365 Day Money Saving Challenge
How to Do It: Save one penny on day 1, two pennies on day 2, three pennies on day 3, and so on every day until you save $3.65 on day 365.
Ending Balance: $667.95
Things to Know: This money saving challenge is a great way to get younger people in the habit of saving since the amount per day to save is extremely low, which proves to be easy and affordable. Specifically, this is a perfect challenge for high school students for each year they are in school. That way, when they get to college they already have money saved up for books or other essentials they may need. You may not have pennies to save on hand every time, so a good idea is to keep a running record of your savings and record the total somewhere in your phone. At the end of every week or month, move that total from your checking account to your savings account.
2. Two Liter Dime Money Saving Challenge
How to Do It: Save every dime you receive and place them into a two liter bottle.
Ending Balance: Approximately $550 to $700
Things to Know: At first glance, this money saving challenge will take a long time to complete. However, if you become proactive and request dimes at checkout counters when you receive change, then the process will speed up exponentially. Cars and couches are great resources for spare change. Believe me, I know!
3. Receipt Money Saving Challenge
Requirements: Spare change
How to Do It: Every time you purchase something, calculate the difference to bring the total to a whole dollar value and save that portion. (e.g. If you pay $7.28 for lunch, then you would add $0.72 to your savings.)
Ending Balance: Unlimited
Things to Know: Some financial institutions do this automatically with your accounts upon enrollment. Although you may not have the exact change to save on hand every time, try keeping a record of your savings and record the total in your phone. At the end of every month, move that total from your checking account to your savings account. Better yet, open up a free high-yield savings account to move that total into an account that will work for you!
4. $5 Bill Money Saving Challenge
Requirements: $5 bills
How to Do It: Similar to the 2 Liter Dime Challenge, save every $5 bill you receive.
Ending Balance: Unlimited
Things to Know: If you become proactive and request $5 bills at checkout counters when you receive change, then your savings will grow immensely. Make sure to keep these bills in a secure place that you can easily find. Better yet, make an old fashioned Valentine’s Day shoe box type of storage container and instead of love notes store bank notes. Celebrate at the end of the year by opening the box and SURPRISE!
5. 52 Week Money Saving Challenge
How to Do It: Save $1 during week 1, $2 during week 2, $3 during week 3, and so on until you save $52 during week 52.
Ending Balance: $1,378
Things to Know: Many people struggle with this challenge as the year goes on and deposits get larger, especially when you consider the end of the year holidays. By all means, tweak it to fit your budget. Maybe cut the deposits in half or my personal favorite, start the challenge backwards (i.e. $52 during week 1, $51 during week 2, etc.), so the deposits become easier as the year progresses. If you successfully complete it one year, try bumping up the deposits 25%, 50%, or even 100% the following year.
6. Cash Back Money Saving Challenge
Requirements: Receipts + Bank/Credit Card Statements + Cash + Change
How to Do It: Every time you purchase something and receive an instant savings or cashback reward, deposit that amount into your savings account. The thought is that you would’ve spent that money anyway, so go ahead and pad your pocket of savings.
Ending Balance: Unlimited
Things to Know: Many people may think that the savings is why they purchased the item or service to begin with, but that’s not always the case. A typical example of this is a grocery store rewards program in which you don’t know the savings until you get to the checkout counter. Either way, the goal is about savings. Once you gamify the challenge, you’ll be eager to save more and more at the retail stores so you can save more and more in your bank account.
In summary, there are many different money saving challenges out there for us to take advantage of, but may not have been aware of their impacts. Budgeting and saving is a process and takes discipline. Some of the aforementioned money saving challenges may or may not fit your budget, but two things are for sure—you must change your money mindset and habits if you truly want to build wealth. Now take that to the bank!
BankMobile Contributor Bio:
Eric Patrick is founder and chief educator at Black Market Exchange, LLC. He has been deemed the “Hip-Hop Stock Doc” because of the way he incorporates music and modern media into investment education. He’s also a licensed pharmacist.
Photo 1: http://adamngoodlife.com/saving-for-that-rainy-day-is-easier-than-you-think/
Photo 3: http://springsbargains.com/2010/01/how-to-read-your-grocery-receipt-sale-discounts-and-regular-prices/
Photo 5: http://cleverlychanging.com/2015/01/3-savings-plans/
The views and opinions expressed by the author are not necessarily those of BankMobile. The blogs are intended as general financial knowledge that may or may not be applicable to your individual needs. Always contact your accountant for tax advice.
All company/product/service mentions in this post are not intended as an endorsement and the views of that company do not represent the views of BankMobile or Customers Bank.