One of the most common resolutions people set in January is to ring in the new year by saving more money. 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 with 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 money saving challenges to help motivate them and establish clear goals.
For 2022, we have a simple but effective money saving challenge for you to try that can really help your financial health. All it takes is one dollar per day!
The $1 Daily Savings Challenge
This challenge is pretty self-explanatory, but the benefits can be huge. As the name suggests, the goal is to save $1 each day of the year. How you approach the challenge is entirely up to you.
Let’s run through a couple of different ways you can save that $1 per day:
- Set up automatic transfers weekly directly from your checking account to your savings account for the amount of $7 (this way it’s $1 for each day of the week!)
- Set a daily alarm on your phone for a time that works for you and put $1 in an envelope each day at the same time.
- If you make purchases in cash like a morning coffee from your local cafe, set aside $1 from the change each day. Whether it’s 4 quarters or 10 dimes, that change will help you reach your daily goal.
So whichever method you want to follow, just make sure to stay on top of this savings plan so you can reach the savings goal.
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.
Check out this 52 Week Money Challenge Printable Chart. You can visualize how much you’ll be able to save in 1 year, adjust the multiplier to see the exact outcome, and then print out the checklist. Then you can check off the box for each week and really see the progress you’ve made!
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.
$365 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 won’t fix all your money problems, but it’s an easy way to build your wealth, start an emergency fund, and protect yourself against unforeseen expenses.