Each year, one of the most common resolutions people set in January is to save more money in the new year. Many Americans try to focus on their health and wellness with resolutions, so it’s no wonder that financial health is so important too. The challenge, like with any resolution, comes in the execution. Saving money is often difficult, and staying motivated and on track for 12 straight months can feel downright impossible.
But we’re here to help. Saving money doesn’t have to feel so daunting. Instead, it can be an engaging and positive experience! We often encourage readers to try saving and spending challenges to help motivate them and establish clear goals for saving.
For 2021, we have a simple but effective savings challenge for you to try that can really help your financial health. All it takes is one dollar per day!
The $1/Day Savings Challenge
This challenge is pretty self-explanatory, but the benefits can be huge. As the name suggests, the goal is to save $1 every day over the course of the year. How you approach the challenge is entirely up to you. You can set aside $1 bills each day, or transfer money weekly, monthly, etc. Just make sure to stay on top of your savings so you can stick to the plan.
If you have extra money to move around, you can up the ante too. Try saving $2 or $3 each day, as long as you can afford it.
Regardless, if you set aside at least $365 by next New Year’s Eve, you’ve completed the challenge! The dollar-a-day strategy is easy to follow, affordable, and really adds up over time.
The savings may seem insignificant on the surface, but even a few hundred dollars stashed away can really impact your quality of life. Roughly four in 10 Americans say they couldn’t afford an unexpected $400 bill, whether it be a medical cost, car repair, or broken household appliance. This savings challenge can help you stay prepared for when things pop up without damaging your financial health or future.
It’s more important now than ever to make sure your finances are in order. This savings challenge won’t fix all your money problems, but it’s an easy way to build your savings and protect yourself against unforeseen expenses.