Have You Heard of the 365 Day Money Challenge?

by Jason Butler on December 5, 2016 · 0 comments

money-challengeThere have been multiple money challenges out there. One of them, the 52-week money challenge has gained a lot of popularity during the last couple of years. The 52-week money challenge works for some people, while others start off strong and fall off to the wayside. I recently stumbled along and found another challenge that seems pretty interesting. It’s called the 365-day money challenge.

Pay Yourself

The concept of the challenge is pretty simple. There are 365 days in the year. Each day before you go out, you need to pay yourself first. That is very important. Paying yourself first means that you don’t have to worry about that later.

The second important point is that until paying yourself first becomes a habit; it needs to be extremely easy to do. It takes 21 days to form a habit, so it’s important to make saving as easy as possible for those first three weeks.

How it works

Each morning when you get up, you need to pay yourself some amount before you do anything. The payment can be anywhere between a penny to $3.65. Once you’ve made that payment to yourself, you “x” out the box on your chart. The next payment the following morning can be any of the remaining amounts on the chart. You do this each and every morning for the entire year. When you are done, you will have saved $667.95. Even better, you will have started the habit of paying yourself first which will be an asset for the rest of your life.

money saving challenge, saving money challenge, 365 day money challenge

There are a couple of important steps that go along with the challenge. After printing out the challenge sheet, you need to place it somewhere where you will see it every morning. The bathroom or your room is fine. It needs to be visible so that it’s in your face each morning.

The second thing is that you need to physically make the payment each morning. You need to go to your purse or wallet and place the amount you decide to pay yourself that day into a jar that is specifically for this challenge. That payment is important. It will benefit you in the future.

There are two advantages to this challenge over the 52-week money challenge for those who struggled to get their finances in order. The first is that you’re starting with small amounts that anyone, no matter what their current financial situation can participate in. If all you can do is pay the minimum amount each day for the first month, you’re only out of $4.65 for three days. There should be nothing holding you back.

The second main advantage is the challenge is done daily. It requires you to think about saving every day. Even though the amount that needs to be saved isn’t that much, the process of thinking about it will cross your mind each morning as you pay yourself. By the end of the 365 days, paying yourself and saving money each day will be a natural part of your day. When you are only thinking about saving once a week, it can turn into a situation where saving money is only thought about at the last minute at the end of the week, and the process never gets instilled as a habit.

If you’ve attempted other money challenges such as the 52-week challenge and failed, you should consider trying this one. $667.95 is a good start to an emergency fund. Doing it will put you in a position to save more money down the road.

 

 

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