So you may have seen those silly 365 Day Money Saving Challenges, and they sound all glamorous, “Save Over $1,000 this year!” but when you look at the nitty gritty penny challenge details, you have to sock away around $50 EACH WEEK by the time November comes…. ummm, I don’t know about you, but if I had and extra $50 laying around each & every week, I would already have plenty of savings. That’s what makes this penny challenge easy!
Then a gal in our Hot Deals Facebook group, Tenci Alexander, posted a photo about socking away pennies each day in order to save $670 this year!
Now THAT I can do!
So here’s how this penny challenge works:
On day one, 1/1 of the new year (or whenever you start) you put $.01 in a jar. Then each day after that you put the same penny amount as the day that it is, compounding your penny savings and giving you a total of $667.95 by the end of the year! The most you would ever have to drop into the jar is $3.65 on the last day. Now, that’s a penny challenge that’s easier to swallow.
The most you will ever put away in this penny challenge in a week is $25. I can do that!
I’ve even created a little label to put on your penny challenge jar so everyone can participate. Our family is doing ONE family jar, even though everyone is excited and wants to try having their own.
I also created some sheets to keep track of the date and amount in case you get behind on your penny challenge (yep, I am a realist).
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