Money Saving Challenges

Reblogger Michael J. Perry
Real Estate Agent with KW Elite

                  I just bumped into this blog post and thought I'd share it 

with my readership ! In today's busy world it's often very hard to be 

a consistant saver ! Often it's because we don't have a plan or goals 

that keep us on track . Take a look at some of the ideas in this post 

and watch the dollar$$$ pile up !

Original content by Amber Fox

Have you ever tried a money-saving challenge? I know many people consider doing this at the start of a new year because it feels like the time to re-examine your goals and create new ones. But you don't have to wait for that; you can start now. 

I like challenges because I'm a very competitive person and I love to win. So if I'm trying to reach some goal, I turn it into a challenge. 

I hate to lose.

I was surprised to find so many different money challenges like:

  • The $5 Saving Challenge - Save every $5 bill that comes into your possession. Put it aside into a dedicated jar or envelope and watch the bills stack up.
  • 365 Penny Saving Challenge - Save a penny on the first day of the challenge and add a penny to your savings balance every following day. For example, day one you save one penny, day two you save two pennies, which will give you a total of three cents in your savings account. Day three you save three pennies, which will give you a total of six cents in your savings account. You repeat this process for 365. (Not a fan of this one)
  • 52 Week Money Challenge - Save an increasing amount each week. The dollar amount corresponds with the week. So the first week you save $1, the second week $2, the third week $3 and so on. On the 52nd week of the year, you save $52. By the end of the year, you will have $1,378.

Which is just ok. But in the situation I'm in right now I can do better than that, and that's when I found the 52-Week Money Challenge to $10,000

  • You start off saving $125 the first week
  • $150 the second
  • $175 the third
  • $300 in the fourth week and repeat

The very last week is even more aggressive, but it's just for one week. You can check out the money-saving chart here.

Which Money Saving Challenge Would You Try?

 

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Rainer
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Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Michael,

Excellent post. Thank you for sharing it. This is especially important for millenials, who may never have had to save for things yet. If they want to buy a home, being able to save is a great skill.

 

Oct 14, 2018 08:14 AM #1
Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Michael, sorry have not seen you for a while here in the rain.  Hope you are doing good,  great reblog.

Oct 14, 2018 08:38 AM #2
Rainmaker
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Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

Saving IS a challenge - and a worthy one, whether you increase your savings each week or simply commit to a set amount. With so many people paying high prices for drive-up coffee, I wonder how much one could save by brewing it at home and putting those dollars in a jar? I'm lucky - I don't even like Starbucks coffee.

Oct 15, 2018 09:18 AM #3
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Michael J. Perry

Lancaster, PA Relo Specialist
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