Most people know they need to set aside three to six months of living expenses in their emergency savings fund or want to save up money for something big, like a wedding or vacation. Staying motivated to reach that savings goal isn’t always easy, though. Like setting a weight loss goal, making a game out of it makes it way more fun to stick to your plan and achieve your goals.
What is a savings challenge?
Similar to a weekly steps challenge or daily water intake goal, with a savings challenge you set an amount of money that you are committed to putting in savings each day for a certain period of time (like a year). There are many types of savings challenges to choose from depending on your goals and room in your budget to build your savings.
What is the 25-cent savings challenge?
There are three ways to complete the 25-cent savings challenge. We’ll call them Level 1, Level 2 and Level 3. Choose the one that fits your budget best and start saving now (you can do this any time of the year).
- Level 1 25-cent savings challenge. In the first level of the savings challenge, you’ll save 25 cents a day each day of the year. That means you’ll save $1.75 a week, roughly $7 a month and $91.50 in a year.
- Level 2 25-cent savings challenge. In the second level of the savings challenge, you’ll save a quarter each day for a month, then you’ll add another quarter to what you’re saving, meaning you’ll set aside 50-cents a day for the second month. Each month you’ll add a quarter to what you’re adding to savings each week. At the end of the year, you’ll have $593.75 saved up!
- Level 3 25-cent savings challenge. It’s the toughest level for a reason, but you’ll also save some serious dough if you complete this savings challenge. In the third level of the savings challenge, you’ll save a quarter the first day and add a quarter to the amount you save each day. That means 25 cents on day 1, 50 cents on day 2, 75 cents on day 3 and so on. At the end of a year, you’ll have set aside $16,786.25.
How do I decide if a savings challenge is right for me?
Just like with any financial decision you are making, it’s best to review your budget before deciding. Maybe you’d love to set aside $16,786.25 in a year, but you don’t have that much available in your budget. Try Level 1 or Level 2 instead, where you’ll save anywhere from $7.75 to $93 a month.
Ready to start building your savings? Open a Name Your Savings account today and set up automatic transfers to help you hit your savings challenge goal.
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