What is the 365-Day Money Challenge?
The 365-Day Money Challenge is a great way to start saving money or add to your current savings. While it doesn’t set you up to save thousands like some other money challenges might, it does allow you to save nearly $700 over the span of a year, one penny at a time.
Challenges like this one have helped people all over the world learn to save by giving individuals a savings guideline. You have a set amount to save every day, starting with just pennies.
How to Do the 365-Day Money Challenge
How do you save nearly $700 just using pennies? Well, it’s actually pretty easy. The 365-Day Money Challenge starts with you saving $0.01 on Day One, $0.02 on Day Two, $0.03 on Day Three and, finally, $3.65 on the last day of the year. Check out the graphic below to see how it works:
Other Money Challenges to Try
The 365 Day Challenge isn’t the only money challenge out there to try either. Many people have altered the traditional challenges (The 365-Day Money Challange and The 52 Week Money Challenge) to make them more doable with their own personal finances. This made it so that anyone can participate in a money challenge. Here are just a few:
- The Reverse 365-Day Money Challenge
- The 52 Week Money Challenge
- 12 Week Money Challenge
- The 52 Week Money Challenge in Reverse
- 26 Week Money Challenge or Bi-Weekly Money Challenge
- 52 Week Mega Money Challenge
- 52 Week Mini-Money Challenge
- $5 Bill Challenge
- Monthly Money Challenge
Create Your Own Money Challenge
If none of these money challenges seem to fit your personal finances needs, don’t worry. Creating your own money challenge is fairly simple. All you need is a blank template and realistic savings goals. For instance, if this is your first attempt at saving money, you may want to consider the 365-Day Money Challenge before embarking on the 12-Week Money Challenge (which has you save $1,000 over 12 weeks). However, if you’re a more seasoned saver, setting daily, weekly or monthly savings goals isn’t too difficult.
Once you’ve set your individual goals, you’re ready to embark on your first savings challenge. Be sure to track your progress and join internet groups for support. Thousands of people vow to save more in the new year, so you won’t be alone!
Have you ever tried a savings challenge? Did you have any luck?