Save $500 in 30 days!
Use this money challenge to save more money fast
(By Jessica Baker)
(Photo: Maitree Rimthong | Pexels)
How much money is in your bank account right now? $400? $1000? $5000?
If you’ve got more than $400, consider yourself lucky. Because many Americans don’t have that. It’s true! According to CNBC, about 40% of Americans would struggle to cover a $400 unexpected expense or emergency, without using a credit card.
Meanwhile, as we have learned in recent government shutdowns and the pandemic, 64% of Americans are living paycheck to paycheck. That includes highly paid private sector workers, as well as, high ranking government employees.
(Photo: Michael Longmire/Unsplash)
But how can that be? How can so many highly paid employees have so little in savings, in the richest country in the world?
One answer is the public education system. Many classes in schools teach about broad economic topics. But very few teach about basic, personal finance or about saving money. Consequently, many people today have high incomes, but few have developed the habit to save much of their income.
If you are one of those people, fear not. There is one great way to begin improving your habits when it comes to saving money. And it begins with you saving just ONE dollar!
But here’s the catch. On day two you must save two dollars. On day three, you must save three. You continue like this for as long as you can.
It’s ok if you can only do this for a few days. The important thing is that you started. Now, go farther each month. Challenge yourself to get to the end the next month, or the month after that. If you could only get to the 15th this month, try to get to the 20th the next month. Make a game of it! Continue to beat your highest score.
Congratulations! You’ve just begun a healthy habit for saving money.
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