Save Nearly $500 with the 30 Day Money Challenge
There are many different money challenges that you can try. Each of them is about setting and meeting money goals, most often savings goals. However, each one is a bit different from the others. Therefore, playing around with different ones is a great way to find the savings approach that works best for you. If you want to save a small, yet significant, bit of money in a a short amount of time then you might want to see if The 30 Day Money Challenge Works For You.
What Is The 30 Day Money Challenge?
A money challenge is something that you stick to for a set period of time. If it’s a savings goal, then you might save a specific amount each day, week, or month. The time period ranges depending on what works for you. Obviously, in this challenge, you save for thirty days in a row. It’s a great one-month challenge to jumpstart your savings.
Like many other money challenges, this is an incremental savings challenge. In other words, you’ll save a little bit more each day than the day before. The amount that you save corresponds to the number of the day of the challenge. As such, most people start on the first of the month, to keep things easy. So, on the first of the month, you put $1 into savings. On Day 2, you put $2, and so on and so forth. In the last week of the month, you’ll put $23 – $30 into savings each day. At the end, you have an extra $500 in savings.
Save a Little Money Quickly
The idea of this savings plan is very similar to the 52 Week Money Challenge, which is a very popular money challenge. However, one of the main issues some people have with the 52 week money challenge is the length of time it takes to save the money. That challenge is a year long commitment, and there are some who would rather focus on saving money in a shorter period of time. For those people, the 30 Day Money Challenge may be the perfect solution. Sometimes it’s just too hard to stick to something for a year but a month feels doable.
Of course, you can always start the 30 Day Money Challenge over the following month if you were successful the first time. If you do end up doing it for a year straight, then you will have $6000 in savings at the end of that series of goals.
Savings Schedule for The 30 Day Money Plan
You can click on this image and print it. Cross off each day as you complete your savings.
Build Good Habits with the 30 Day Money Challenge
The point of the 30 Day Money Challenge is to save $500 quickly right? Yes, of course. However, taking a money challenge like this helps you in so many more ways. First and foremost, it helps you build good savings habits. On Day 7, you may think about buying a fancy coffee but then think, “I’m going to put that into savings instead.” Additionally, you easily see how a little bit of savings daily can add up to a lot of money quickly. As a result, you get into a money-saving mindset. You get that can-do attitude as you complete the challenge. By ramping up from $1 – $30, you see many different ways that you can save a little bit here and there and you see how far that can take you.
Find Your “Hurt Point”
One of the big advantages of the 30 day money challenge over the 52 week money challenge and other long-term money challenges is that you’ll learn where your savings “hurt point” is much more quickly.
What is your “hurt point?” This is the number when the amount you’re saving turns from being easy to being a struggle to save.
While it may be easy to save $1 the first day, there is going to come a point during the 30 days when you realize saving a certain amount is difficult (or impossible). Finding out this hurt point quickly shouldn’t be seen as a failure of the challenge. Instead, this is a great piece of information so that you can develop a challenge that works the best for you.
While it could take months to find out the hurt point on the 52 week challenge, you’ll know what it is in less than a month with the 30 day money challenge. Tip: If you manage to not reach that hurt point, then try the 30 Day Challenge again but start with $5 instead of $1. So, on Day 1, save $5 then on Day 2, save $10, etc. Eventually, you’ll reach your “hurt point.” And then you’ll know more about yourself and your money.
The 30 Day Money Challenge is Highly Flexible
Another great aspect of the challenge is it doesn’t need to be done at the beginning of the year. You have 12 opportunities each year to begin as each new month gives you another chance to work at the challenge. You may want to do it 12 times in a row, or you may have certain months when you feel you have a better opportunity of completing the challenge. It gives you a bit more flexibility throughout the year to save during the times you’re most motivated.
The shortened period of time also doesn’t make the challenge appear to last forever. Many people have trouble focusing on something for an entire year, while they don’t have as much of a problem remaining engaged for 30 days. While this isn’t true for everyone, those who like to focus on shorter periods of time may find this money saving challenge geared more toward the way they like to save money.
The 30 Day Money Challenge is simply an alternative way to save money which will appeal to a certain group who want to begin saving. If it sounds like it would be a better fit than the other challenges out there, give it a go. As with all these challenges, the most important aspect is finding something that works for you so you can turn saving money into a lifetime habit.
Should You Supplement With Passive Savings?
Just because you’re taking a money challenge doesn’t mean that you need to change the rest of your savings plan. If you already have a certain percentage of money going directly into a savings account, let that keep happening. Similarly, if you use passive savings apps such as Acorns, go ahead and continue to use them. Don’t mess with what’s already working. Instead, use this short challenge to boost your savings even more. If you find that you reach your “hurt point” too early in the month, then that’s just more information.
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