This 365 Day Money Challenge Will Save You $3,339, a Nickel at a Time - SavingAdvice.com Blog - Saving Advice Articles
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This 365 Day Money Challenge Will Save You $3,339, a Nickel at a Time

By , January 8th, 2016 | 17 Comments »




The 52 Week Savings Challenge is an awesome way to be able to save money. However, there have been a few variations on the savings challenge that help people with different goals or different savings abilities. The 365 Saving Challenge helps people save with a penny at a time, however, many people have made some changes even to the 365 day challenge. Here is an awesome variation on that savings plan!

Some people have a hard time thinking about setting aside a specific dollar amount every week, like in the 52 week savings challenge. However, the daily challenge allows people to take a smaller amount away, which causes a bit less panic. Whether it be a penny, nickel, dime, quarter or a dollar at a time, any savings is good savings.

So, back in 2014 SavingAdvice broke the 52 week savings challenge down into 365 days which made it easier for people to save small amounts on a daily basis. It was a hit, and many people began adjusting the 365 Day Savings Challenge with pennies to fit their own needs and using nickels instead. This drives the savings much higher. Changing the plan from pennies to nickels brings your savings from $668 for the year to over $3,300. Enough people were doing this we decided to make a chart for the 365 Day Nickel Challenge.

With the penny challenge, you add an additional penny each day to your savings. So, you start with one penny, day two with two pennies, three with three pennies, and so on. With nickels, the first day you save .05, the second day .10, the third .15, adding a nickel each day to savings.

While a nickel (nor a penny) may not seem like a ton of money, adding a nickel each day to the amount that you save really does add up. In fact, at the end of the 365 days, you end up saving over $9 a day. If you stick to the plan, you end up saving $3,339.75 over the span of a year (365 days).



The best part about the 365 day savings plan is that you don’t necessarily have to start at the beginning of the year. You can start it at any time during the year you’d like. For instance, if you get a new job in the middle of the year and are able to start aggressively saving and want to follow a trendy savings plan like this, you can start it and follow it for the next 365 days.

Since the nickel challenge is a bit more aggressive of a savings challenge, it may not be as kid friendly as the penny challenge. However, it is great for people trying to set aside some money for a vacation throughout the year or even save for a down payment on a car next year. It is a substantial amount of money to be saved (even if it is just technically nickels).

Remember having a savings plan is key to being able to successfully save. Whether you are taking a percentage of your income out and setting it aside or you are putting a nickel aside each day, saving is important!

Zero Effort Money Saving Hacks

Money challenges are great but saving money can be made easier through smartphone applications. One of the greatest savings applications is digit.co. Digit analyzes your account balances and automatically withdrawals and transfers that money into a savings account. It makes it so that you don’t even have to think about it. Digit does all of the work for you. Check it out at digit.co.

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Comments

  • Alexa Mason says:

    This could actually work!

    • Di says:

      It doesn’t make sense. 365 x 5 does not come to 3,339.75.

      • JJ says:

        I had to look at it closely the first time I saw this. You aren’t merely adding 5 cents a day, you are adding the dollar amount plus an additional 5 cents each day (as you get up into the dollar amounts). You start out 5, 10, 15 cents but when you get to the dollar amount, you now will add 12.05 on Monday, 12.10 on Tuesday, 12.15 on Wed, etc.

    • Kim says:

      I agree. I saved dimes in a 2-liter bottle this year. It amounted to $500. Now, I’m excited to try this.

  • Eric R says:

    But if you project that you can save $18 at the end of the year, why not do it in January too? then you’ll save $6570 [$18×365].

    If you can do direct deposit through work, then one easy way to save a little bit at a time is to have your company split your paycheck between two accounts at your bank. If you are paid every other week and want to do $10 per day, then just have that second account get $140 of your paycheck and the rest in to your regular account that you pay bills from.

    Or, if this savings is for your long-term future rather than building a near-term vacation fund or whatever, see if your company has a 401k you can send money to from your paycheck. Benefits there:
    (1) Many companies will match or partially match your contributions
    (2) It will be stock/bond markets that over the long term do better than your bank or your mattress
    (3) You will reduce you taxable income so you technically get some back via lower tax withholdings

  • Michael says:

    I like this one just as much as I liked the 365 day penny one where that one saves you nearly $668 in 1 Year! This nickel one is really good for people becoming more serious about saving money… Sure the highest amount may be $18.40 on the last day of the year but you can always do this backwards too and save $18.40 on the first day and work your way down to saving just 5 cents on the last day of the year, plus having a nest egg of over $3,300 in a year sounds exciting as well.

  • Reio says:

    Can I ask if the math is right??
    Because if you save $18.40 that is 368 nickels… and there is only 365 or 366 days in a year, never 368? Maybe I’m wrong but if a year has 365 days… 365 nickels = 0.05 x 365 = $18.25 and if it’s a leap year like this year 366 nickels is 0.05 x 366 = $18.30!
    I really want to try this challenge tho it would still net you just over $3,200 in a year!

    • Math says:

      If you read the little bit of text at least semi attentively you will notice that with each day you add an extra nickel to the previous amount you were saving. This is linear for everyday until you reach 365. So for example on the third day you are putting 15 cents into your savings not a nickel.

  • patricia St. Claire says:

    Does everyone not realize that this challenge is daily. I live on a very meager paycheck, and there is no way I could do this when you have to put aside $15.00, $16.00 or more a day. This adds up to more than my paycheck. I have tried the penny challenge also, and it is the same. Some months you are putting close to a hundred dollars a month aside.
    I live on less than $8,000.00 (eight thousand a year) a year, and there is no way that I could do that.
    These challenges all sound good, until you get to those big amounts every day. Then most people, including people that make more than myself, (which is just about everyone) can’take make it work.

    • Kristy says:

      Try Googling Rick Snider of Bradenton FL. He collects loose change that he finds on his daily walks, and it averages out to about 5 or 6 dollars per day. If you can walk and live close enough to the kinds of businesses you are likely to find spare change, you could double your annual income.

      • Alexa Mason says:

        Found the article about Rick Snider.

        Bradenton man donates $21,495 that he found in spare change over 10 years to local animal rescue
        By KATE IRBY – [email protected]

        One man’s trash is another man’s treasure, the old saying goes. In this case, thousands of dollars of people’s spare change became Rick Snyder’s $21,495 donation to the Gulf Shore Animal League.

        “I’ve always liked animals. I’ve been taking care of feral cats for years and I started noticing a lot of change laying around,” Snyder said. “So I started picking it up and keeping track of it.”

        Snyder would go around at car washes and dig change out of vacuums and vending machines during his daily walks to care for feral cats in the area. He goes out around 4:30 a.m. every day and spends about four hours on those trips.

        He’s done that for more than 10 years, finding an average of $5.60 in change per day. He said he walks between 45 and 48 miles per week.

        Snyder said he also uses those trips to collect towels that have been thrown away, wash them and donate them, and he picks up plastic bottles out of the trash to take them home and recycle them.

        “It astounds me how wasteful people are,” Snyder said.

        Volunteers from the Gulf Shore Animal League came to his residence Tuesday morning to help him gather 2,500 pounds of coins.

        Gulf Shore’s main focus is taking care of cats. The volunteer organization, exclusively funded through grants and donations, adopts 250 cats per year and spays and neuters about 2,000 per year to cut down on homelessness and overpopulation.

        Cheryl Wade, president of Gulf Shore, said the $21,495, which is the largest donation it has received from an individual contributor, would mean a lot for what they’re able to do. She brought out a nearly newborn kitten named Blair to illustrate what Gulf Shore does.

        The rest of the article is here:

        Read more here: http://www.bradenton.com/news/local/article34734690.html#storylink=cpy

    • Trish says:

      I also live pay check to pay check and I started the 365 penny challenge last year. There were days I couldn’t put in the $2 to $3 per day and on those days I just skipped it until I could add $3 or $2 a day. I was behind, but it worked. I went on a weekend staycation with a friend in October and used this saving plan and saved a little over $400. I’m using the saving plan again this year.

  • Brian says:

    I love these challenges iv been doing it for 2 years now starting with the penny now im doing the 5cent such a big help come christmas.
    But id like to add for the people who keep harping on about putting it into savings accounts and how some work places will help out etc.these saving challenges are for the people otherwise unemployed or in low paid jobs like patrica above!
    There are no “real rules” to doing it!its really so you can maybe appriciate the small money you have and save “what you can” if you cant save more then $/€1 a day then then just save continue with $/€1 a day, if you miss a day no biggie just pick up again tomorrow where you left off.
    One little trick i find helps is once i get home after work/ shopping is i empty my pockets and wallet and put all my small change (5c, 10c etc) into a seperate jar (€1/€2 coins) into another and every morning take from them jars the ammount i need.
    These challenges are just a bit of fun just try it for 1 month and see how you get on then go and enjoy what you saved that month and start all over again.
    You’ll be glad you did

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