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How to Succeed at the 365 Day Money Challenge

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365 day money challenge

Several years ago, online challenges became really popular. Individuals challenged one another online to do 100 squats a day, lose weight, write journals, and save money. Of these challenges, one of the most popular has been the 365 Day Money Challenge. This was a finance-focused challenge that helped people save a set amount of money throughout the span of a year. 

About Money Challenges

If you’ve never heard of a money challenge, don’t worry! They are fairly simple to understand and extremely easy to participate in. The 365-day money challenge helps you save $668 over the span of a year, one penny at a time. Depending on your savings goals, you can pick-and-choose between many different money challenges that have higher (or lower) savings goals.

Other challenges also have altered time spans as well. For instance, there is the 26-week money challenge, or the bi-weekly money challenge, that helps individuals put money away every other week. No matter what your goals are, there is a money challenge out there for you.

The 365 Day Money Challenge

The money challenge was one of the first to appear online. Essentially, you start with saving $0.01 on the first day, $0.02 on the second day, $0.03 on the third day, and so on. On the 365th day, or after one year, you will have accumulated nearly $670.

One problem with challenges, however, is that many people fail to complete them. Maybe they grow bored with it or they don’t have a plan in place for saving. Whatever the case may be, follow these tips to successfully perform the challenge:

  1. Print this sheet to track your 365-day money challenge progress. Tracking your savings will help encourage you to continue on. You’ll be able to see the money stacking up over time. Also, writing your contributions down will help make you feel like you are being held accountable for saving that money.
  2. Join a Facebook Group. The 365-day money challenge has been around for a few years and thousands of people have tried it out. There are plenty of forums and social media groups to talk about the money challenge, ask for help, and bounce ideas off other individuals. Having support like this can encourage you to continue saving and complete the challenge.
  3. Ask a friend to join you. By asking someone you know to join you in the challenge, you can create a small feeling of competition, making the challenge more interesting. It can also provide you with someone to go to if you are having trouble saving or sticking to your plan.
  4. Keep your eye on the prize. Whatever the reason is for you want to take on the 365-day money challenge, write it down on a sticky note and put it wherever you are stashing your pennies every day. Seeing that reminder will help you continue driving forward with your savings goals.

No matter what those goals are, participating in a challenge like the 365-day money challenge is a great way to add to or kickstart your savings. Making the decision to take on a year-long challenge is a big commitment but can prove to be extremely beneficial.

Have you tried a money challenge? How much did you save?

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Use The 365 Day Money Challenge to Start Your Savings

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Just a few years ago it seemed like different challenges were popping up all over the internet. If you want to lose weight, there is an internet challenge for it. If you want to drink more water, there’s a challenge for that. Similarly, people who want to save money have internet challenges as well.

The first few money challenges that came out were designed to help people begin saving or add to their existing savings. One of the very first, the 365 Day Money Challenge, helps those who take the challenge save one penny at a time.

 

What is the 365 Day Money Challenge?

In short, the 365 Day Money Challenge is a fun way to save money. It was designed by internet users to help others save and create a community of people with similar financial goals. Like other money challenges, the 365 Day Money Challenge helps you save money by giving you a structure and set amount to save each day over a year (365 days).

How to Do The 365 Day Money Challenge

Every day you add more money to savings with the 365 Day Money Challenge. On the first day you save $0.01; day two, $0.02; day three, $0.03 and on the 365th day $3.65 (as illustrated in the photo below). After the year is over you’ll have saved $668.

<p>The 365 Day Money Challenge is a great way to add some additional cash to your savings or kickstart your savings. Many people have also used the money challenge to teach their children about saving. Either way, it is a fun way to go about saving. Click here for a downloadable version of the 365 Day Money Challenge.</p>::Pexels
The 365 Day Money Challenge is a great way to add some additional cash to your savings or kickstart your savings. Many people have also used the money challenge to teach their children about saving. Either way, it is a fun way to go about saving. Click here for a downloadable version of the 365 Day Money Challenge.

 

Other Money Challenges

If the 365 Day Money Challenge doesn’t appeal to you but you like the idea of a money challenge there are plenty of others to try as well. Below are some of the most popular challenges you can try:

  • 12 Week Money Challenge – Taking a money challenge for an entire year can seem a bit overwhelming. Scaling it down to 12 weeks can make it a bit more manageable. You can save $1,000 in just 12 weeks with this challenge.
  • 30 Day Money Challenge – An even shorter challenge is the 30 Day Money Challenge. The challenge lays out a structure that helps people save $500 in one month.
  • $5 Bill Challenge – The $5 bill challenge is a bit different. Instead of contributing money to savings every day, week or month you contribute every time you receive a $5 bill in change. Each time you do the $5 goes to savings.
  • 52 Week Money Challenge – The 52 Week Money Challenge is similar to the 365 Day Money Challenge. Both take a year. However, the 52 week challenge helps people save about $1,400 throughout the year.
  • Reverse 52 Week Money Challenge – The Reverse 52 Week Money Challenge is the same as the 62 Week Money Challenge but in reverse (as the name suggests). You start out saving $52 in week one and only $1 on week 52.
  • Bi-Weekly Money Challenge – Many people get paid bi-weekly so contributing to savings every other week works better for some people. This still takes a year and you’ll save $1,400 (like the 52 week challenges) but you can schedule it with your pay schedule (if you’re paid bi-weekly).
  • Money Challenge for Couples – Couples and finance can be rough. Trying a money challenge together can bring you closer together. There are many different challenges for couples to try, including daily, weekly and monthly saving structures.
  • Money Challenge for Kids – Teaching kids to save with a money challenge can be fun as well and you’ll be teaching them something they’ll use forever. There are multiple different challenges available for kids out there, most involve small amounts of money.
  • Money Challenge for College Students – A lot of college kids have to learn to save pretty quickly. Using a money challenge for college students can help them get a kickstart.

Whether you’re looking to start saving, add to your savings or save for a specific purchase trying a money challenge like the 365 Day Money Challenge can be great. Will you try one?

Photo: The Stingy Saver