If you could save money every single day with little effort, would you? The 365 day quarter challenge could be a viable option for you.
Here at Saving Advice, we love money challenges because they encourage you to pay yourself first¬†and build an emergency fund. While they should not be relied upon solely to build up your cushion, they are great for developing that positive habit. They also keep savings at the top of your mind.
As we approach the end of the year, many individuals are making resolutions to improve their finances. These money challenges have become an increasingly popular way to do so. There are quite a few variations, but one we find interesting¬†that will save you even more in 2017 is the 365 day quarter challenge.
The 365 Day Quarter Challenge
The 365 day money challenge comes in different forms. There is the penny challenge and the nickel challenge, but, if you’re looking to take your savings to the next level, this is a great way to do it.
If you aren’t familiar with the 365 day money challenges, they are pretty simple to do. Usually, you will have a jar or some container where you place money in daily, as you do with the 365 day penny challenge. Physically having to put money away daily helps with follow-through.¬†You’ll quickly need to have cash on you in the first week of the quarter challenge though. Here is how it will work:
Each day, you will add another quarter to the jar. On the first day, you start with $0.25, $0.50 will be deposited on day two, three quarters on day three, $1.00 is put in on the fourth day and so on. Within the first 30 days of this challenge, you will have save $116.25. It’s amazing how far a quarter will take you, huh?
Let’s take a look at all 365 days:
How about trying this one for yourself? If matching the amount of quarters to the corresponding day you’re depositing seems overwhelming, adjust as needed. You could start with 30 days at a time, starting over every month. This will still save you $1,395. But, as you can see, if you do stick to increasing your deposits by a quarter each day, you will save more than $16,000 in the year.
Download the chart you can use here. Print it out ¬†and place it somewhere very visible (like your refrigerator) to help remind you of your goals.
The real challenge
The real challenge here is not saving money but rather doing it regularly and maintaining a savings amount. Many people have no idea how much to save and may only put aside money sporadically as they see fit. It might be tempting to veer off your savings plan to spend on something impulsive, but your bank account will thank you in the long run. You will also thank yourself if you would find yourself in a bind that may cause more issues if you did not have an emergency fund in place. And the cost of feeling secure is truly priceless.
Will you trying the 365 day quarter challenge this year?
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