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I saw a post on Instagram that said it is the last quarter in this decade. That definitely made me evaluate where I am compared to where I want to be.
If one of your goals this year was to save more money and you feel like you are behind on your goal or you just don’t want to start the new decade in the same position.
Charles Schwab’s Modern Wealth Survey showed that Americans are still struggling to save with 59% living paycheck to paycheck.
Have you ever thought about doing a savings challenge?
A savings challenge is a great way to build up the money you need while creating a habit of saving so that it becomes a part of your everyday habits.
Habits are formed by making small changes so a savings challenge is exactly what you need if you are trying to build a habit of saving.
Related: 4 Savings Challenges To Kick Off The New Year
What could you do with the money from a savings challenge?
What you do with the money that you save from the savings challenge depends on YOUR goals.
You may use it to fund your opportunity fund, pay off debt, travel, cash flow Christmas, a down payment for a car, business start-up costs, invest or even purchase that one item you have been wanting forever.
Related: Gift Sinking Funds: Have Money For Gifts Year Round
Where to put the funds you are saving?
The money you save for your savings challenge should be saved in an online savings account.
Why?
Because you want your savings account to be somewhere that gets a higher interest rate than brick and mortar banks.
Also, you also don’t want it easily accessible if you are tempted to spend on something random. Online banks typically take about 2-3 business days to transfer funds.
Some of the online savings accounts that I recommend are Marcus and CapitalOne 360. You can also save in your Digit and Qapital accounts.
Related: Automate Your Savings With Qapital
12-Week Savings Challenge
I have three 12-week Savings Challenges that will help you save either $300, $500 or $1000 in 12-weeks.
I like to operate in 12-weeks sprints because it allows you to be super focused for a short period of time, take a break when you need to and pick back up whenever you are ready.
So you don’t have to wait until the beginning of the year, month or week, to start your saving challenge. You can start working toward your saving goals today.
