30-day challenge:This method will allow you to save many Dollars. You can do whatever you like. It takes dedication and effort from the saver. This savings game-challenge will suit those who like to think short-term, as well as those who want a simple, alternative savings plan. Learn how to save 1000 in 2 months?
Time limit
Why is it important to save money? There is no one answer. Rather, every saver has his or her own reasons for saving.
It has been a topic of conversation on the Self Bank blog. We are curious how much is too much or how little. You can save what’s left, or what’s not leftover. We’ve also explained other savings methods such as the 50-30-20 rule. In general in savings, we can distinguish three elements
- One reason.
- A strategy.
- There is a time limit
- 30-day challenge
The strategy and the time limit in the 30-day challenge are closely linked: The idea of saving a bit today, a bit more tomorrow, and a bit more the next day is followed until the end of the month. It is difficult to save a specific amount in one day, but it is possible to maintain a savings plan for the week. It is quite a challenge to do it for a month.
What’s it?
International media has echoed this interesting method. It adapts well to many savers’ ways of saving.
It’s very easy. You save 1 dollar the first day, 2 Dollars on the second and 3 Dollars on the third, then you can save 30 Dollars (or 31 Dollars) the last day. This simple strategy , executed well, will help us save 465 dollars in a single month.
The most important decision is to decide correctly how much you want to save on the first of each month. This will help you overcome the challenge. It is not about saving 1 dollar per day. It is about increasing savings every day. It is very simple to set up the accounts. If we instead of saving one dollar, we choose another amount . The savings at the end a 30-day period will be :
Savings = D Dollars per day = Dx465
This method can be followed in the traditional way, which involves putting the appropriate amount into a piggy bank each day. However, it would require us to have cash daily. Another option is to calculate the weekly savings and then move the money each week from one account into another.
What’s it for?
It is clear that the challenge is useful. Plan your savings for a month so you have an amount after that. There are times in the year when we want to have more. With this method, we can save nearly 500 Dollars in one month. The benefits of this challenge extend to more:
- It adds more difficulty to our lives every day and motivates us all to save as much as possible.
- It allows us to see how much we save each day and make improvements every day.
- It lets us know when the challenge is too difficult and how to adjust the amount D, if we wish to repeat it in the next month.
- Flexible because it lets us choose how much savings we want to increase each day ( D) and how long we would like to repeat the challenge.
- We will reach the goal on the last day. If we do, we can decide whether we want to continue the challenge or stop.
Results
It is simple to calculate the savings after 30 days. Simply multiply the savings from the first day ( D) by 465. To find out how much money we have saved each day , we offer these realistic savings plans: 1. dollar per day, 0.50 Dollars per day, and 1.5 Dollars/day.
You can easily customize your spreadsheet using a simple spreadsheet.
D = 0.50 Dollars / day. Total savings: 232.50 Dollar
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