February Update: 365 Day Money Savings Challenge
Can it really be February 1st already? The calendar tells me that it is, which means it’s time to talk once again about the money saving challenge I’m participating in this year. I’m trying to pump up my emergency fund, and doing a 365 day money savings challenge is going to help me add $668 to it by the end of the year.
Check out the original post for the complete details as well as a worksheet you can download and print out for yourself, but the challenge is really fairly simple. Challengers save a small sum of money each day for an entire year, the amount being the number of cents equal to the day of the challenge. For example, on day one $0.01 is saved, on day two it’s $0.02, etc. At the end of the year, a person would have saved $667.95. The money should be placed into a container not to be touched until the challenge has been completed.
I’m approaching the savings challenge a little differently, as I find it a waste of time to put some odd number of cents into my 32oz mug each day. Instead, each month I’ll calculate the amount of money due during the entire month and insert that amount. For January it was $4.96, for the glorious month of February the amount due is $12.74.
With both January and February’s deposits made, I have a cool $17.70 in my challenge mug. I’ve decided that my plain 32oz mug needs some sprucing up. For next month, I’m going to jazz it up a little to make it truly challenge worthy.
The challenge hasn’t been very difficult thus far, but the amount to save goes up quickly as the months go by. Make sure to check back on March 1st for the next update, as well as a picture of my decorated mug!
Are you participating in a money savings challenge this year? How’s it going for you?
Also check the 52-week money challenge.
Brock is a software engineer by day and personal finance blogger at night. He is a fitness junkie and enjoys grilling and smoking meat. Married with two children, Brock strives to improve his skills as a husband and father, and is always on the lookout to stretch his family’s budget as far as he can.
I think the idea behind putting the money in the mug on a daily basis is to build good savings habits.
I don’t know that it has to be daily, but as long as it’s consistent (1st day of the week, 1st day of the month, etc) that habit will form! Thanks for your comment, James!
These challenges are a great idea – however, December’s $108.50 is going to hurt right around the holidays. : ) I’d probably do this one in reverse. Start with that bigger amount and then just wrap it up with the smaller amounts at the end of the year.
That’s a good point, Susan, and going backwards isn’t a bad idea. I might choose to “mix up” the months to put some easier amounts at the end. Thanks for pointing that out!
I’m doing a no-spend challenge for as long as I can in 2017. I’ve saved a lot of money so far and it made me realize how much money I spend on coffee and clothing!