Looking for Money Savers! Let's Get it!

Source: Mickey via ahelicoptermom.com

Currently, I am doing a revised version of the 52 Week Money Challenge that I am calling the 365 Day Penny Challenge. Now, the 52 Week Money Challenge has been around for years and it usually rears it head en-masse during the beginning of the year, like diets and fitness, people are usually trying to get their finances in shape as well.

The 52 Week Money Challenge asks you to save $1 every week and then an additional dollar every week during the year.

So, the weekly output looks like

Week 1: Save $1.00

Week 2: Save $2.00

Week 3: Save $3.00

Week 4: Save $4.00 and so on…. for the full year. When you reach the end of the year, you will have saved $1378.00.

Source: Simon Howden* 

The 365 Penny Challenge is a daily challenge of adding increasing pennies. So, we are steadily increasing pennies daily.

It looks like this:

Day 1: Save 1 cent

Day 2: Save 2 cents

Day 3: Save 3 cents

Day 4: Save 4 cents…..and so on. Now, saving cents doesn’t seem like much but what if I told you that by the end, you will have saved over $600 (actually $667.95).

I think that this challenge is great for beginners because it helps you to build discipline of allocating money daily while you are actually saving money.

I originally read about this ingenious idea on the website of savingadvice.com where there is a plethora of money/financial advice.

I would love for you to join the challenge with me! Got questions, ask me in the comments.

Till next time!

*Simon Howden via http://www.freedigitalphotos.net