How much money would you have if you saved a Penny a day for a year?
Well, that is easy to figure out, you would have $3.65 by the end of that year. But what if you could save pennies a day and turn that into $667.00 by the end of the year? Who wouldn’t like to turn pennies a day into the start of a savings account with little to no effort.
There are many savings plans out there that will have you save $20 to $50 a month, but what if that seems like it’s too much? Can you do a penny a day? How about two? This is where the Penny Challenge comes into play. It’s easy to get started and the highest amount you will work up to will be $25.27. That seems a little less stressful!
What is a Penny Challenge?
The Penny Challenge is a money saving tool that focuses on incremental savings, starting with just 1 penny on the 1st day, 2 pennies on the second day, and $3.65 on the last day of the challenge. By the end of a 365 challenge, you will have saved over $667.00!
For the very first day, you have to save 1 penny in a specific jar that you assign to your Penny Challenge. On the second day, you have to put two pennies in the same jar, and so on. As the challenge progresses, you’ll increase the amount saved by a penny each day. You’ll be saving 50 pennies on the 50th day of your challenge, $1.00 on day 100, etc.
The great thing about the challenge is it’s manageable. It’s easy enough to pull $1.00 out of your cash envelopes or save $.50 out of the spare change in your pocket. That’s what makes this challenge easy.
How do you start?
You can start the Penny Challenge any time! You can start with any amount!
Why do the Penny Challenge?
This challenge is not only fun but it also has some hidden meaning and values to it. For example, this challenge teaches us that conveniently, we have forgotten the value money holds and the quote that says “every penny counts”.
We all know for a matter of fact that we have never really concentrated on how and where our pennies go and we’ve always cared about the big amount, but once you participate in this challenge, you’ll understand the meaning that a penny holds and the value of it.
It may help you realize that even the smallest changes in life can add up to big rewards.