The 365 day dime challenge can save you more than $6,000 in 2017.
Saving money daily can be difficult, but it is not impossible. As we plan for a new year, money goals should be at the top of our list. While we should always be striving to improve our financial situation, New Year’s resolutions are a great way to enforce this action. If you don’t know how much you should be saving,¬†a money challenge can get you started.
In 2017, give the 365 day dime challenge a try.
What is the 365 Day Dime Challenge?
The 365 day dime challenge is a money challenge that prompts you to save money daily. Each day, you would simply put aside ten cents with the corresponding day of the challenge. For instance, on the first day, you would only save a dime, 20 cents on the second day, 30 cents on the third day, 40 cents on day four and so on. It is typically encouraged to utilize a jar in a very visible area as physical reminder to save daily. Without it, it may be too easy to forget to maintain the daily savings.
In just the first¬†90 days, you will accumulate $409.50. Considering that 46% of Americans surveyed for the 2015 Report on Economic Well-being from the Federal Reserve could not cover a $400 emergency without borrowing money, this is important.
Why the 365 Day Dime Challenge?
The 365 day money challenge has a few variations, from the penny challenge to adding an extra quarter a day. The penny challenge prompts you to save $668 in 365 days. The quarter challenge, on the other hand, adds up to $16,698.75 after a year. If the penny challenge does not match your goals enough but the quarter challenge seems to be a little too hard to accomplish, the 365 day dime challenge may be just for you.
Here’s a break down of what to expect to contribute each day:
As you can see, you’ll be able to save a total of $6,679.50. If you break this down daily, you would actually only be setting aside $18 per day over the course of the year. This seems much less intimidating than the $44 daily average from the 365 day quarter challenge, especially if your finances are not as strong as you would like.
If you are up for the challenge, you can download the template here.
Keep in mind
In order for such a challenge to work, you need to be diligent and consistent. The point is to save daily and create a habit that will benefit your finances for years to come. Plus, it’s a great way to build that emergency savings fund, which everyone needs to have.
If don’t think you will be able to dedicate an average of $18 per day in 2017, try adjusting to your level. For instance, you could start with 30 days at a time, starting the challenge over at the end of every 30 days. This would come out to $46.50 per month in savings, $1.55 per day and roughly $558 total for the year. However, if you do plan to do that, you would be better off to do the penny challenge where you will save a little more.
Will you be trying a money challenge in the new year? Share your comments with us below.¬†