One of the most common resolutions people set in January is to save more money. Saving money can be very difficult, and staying motivated and staying on track for 12 straight months can be very hard to achieve.
This article will show you how to achieve a $1 dollar-a-day savings plan for a year.
Details and Tips on One Dollar A Day Savings Plan
This savings plan is pretty self-explanatory, all you have to do is save $1 every day for a year. Even though it might be hard to do, the benefits are very huge.
There are different ways to approach the savings plan, some like to do it daily while some like to do it at the end of the week. For example, Mr A might save a dollar every day, while Mr B saves $7 at the end of every week.
To make the savings easy and less burdening you can:
- Set up automatic transfers from your checking account to your savings account. You can either set it for weekly transfers or daily transfers. This way, you don’t have to worry about doing it yourself.
- If you like to save money in the house, maybe in an envelope or a piggy bank. You can set an alarm that reminds you when to put the money in the envelope of the piggy bank. You can set an alarm for whatever time works for you.
- Most mobile payment apps also have a feature that allows you to save a certain percentage of every transaction you make. If you are using any of these apps, you can set it to save money for you.
If you follow this routine, by the end of the year you’ll be able to save a total of $365 in your account.
What is the 52-Week Money Challenge
The 52-week money challenge is another savings plan people start during January, it is basically like the $1 a day plan. But unlike saving a dollar each day, you save it weekly.
In other words, you’ll save $1 the first week, $2 the second week, $3 the third week and so on till you save $52 dollars on week 52. This challenge will make you save about $1,378 at the end of the year.
But you can also up the ante if you want to save more than a thousand dollars.
Here’s the 52- week money chanlenge plan
|Week number||Weekly deposit||Total savings|
How To Start Any Savings Challenge
First and foremost, you’ll need a place to keep your savings.
You might find a straightforward piggy bank useful, but not everyone has cash on hand to deposit each week. Additionally, keeping your savings in such an accessible location can entice you to use them before the challenge is up.
Instead, think about opening a high-yield savings account and depositing your challenge money there each week. A savings account can help you acquire a little bit more over the course of the year through interest earnings in addition to reducing any impulsive buying.
Set up your bank to send money to your new savings account automatically if you truly want to simplify things. If you never see it, you will never have the opportunity to miss the money before it is saved.
How To Stay On Track On Any Savings Plan
- To prevent quitting midway through your challenge, set yourself reminders and milestones.
- Before you start saving, have an end goal in mind, such as a down payment, an emergency fund, a budget for a vacation, or another objective. You’ll be more driven to work for your goals if you have something to strive for.
- Set a recurring reminder on your calendar to help you stay on track. Weekly reminders can help to keep the task at the top of your mind.
- Throughout the year, make smaller goals for yourself if you need extra motivation. For instance, give yourself a prize for keeping up with the pace every 13 weeks that you successfully save (four times over the year). Additionally, having someone hold you accountable can be a fantastic motivation for success with any New Year’s resolution.
- Ask your friends or family to join you in the challenge, and have a monthly check-in with others to make sure you’re still making your deposits.
- At the end of the 52 weeks, when you have fully saved your allocated amount, keep going.
Is Saving 300 Dollars a Month Good?
Yes, saving an average of $300 per month is very good for your financial expenses. Saving $300 per month for a year will make you have $3600 in your savings account in a year.
Is Saving 100 a Week Good?
I think saving $100 a week is very good, especially if you get paid weekly. Even if you get paid monthly saving $400 or $500 depending on the month shouldn’t be a burden.
And at the very least, if you are consistent with the savings, you’ll have over $5,000 in your savings account.
On the surface, $365 or $1378 may not seem like much, but even a few hundred dollars saved up can have a huge impact on your standard of living.
Whether it is a medical expense, auto repair, or malfunctioning home equipment. This savings challenge can assist you in maintaining your readiness for unforeseen events without endangering your financial stability or future.
Making sure your finances are in order is more crucial than ever. Although it won’t solve all of your financial issues, doing so is a simple method to increase your wealth, create an emergency fund, and safeguard yourself against unplanned costs.