Save $1,000 in 28 days with ten simple strategies and a free downloadable calendar. You can do this!
I’m hard at work developing content and resources for the Early Exit Academy. So what better time to share some of the fun activities that will be part of the Academy? I love a good challenge and I’ve sprinkled a few of them throughout the course. Are you up for the 28-Day Sprint to $1,000? Download the Challenge Calendar and get started today.
I’ve been researching personal debt in America while developing the Pay off my Debt Tool, another resource for the course. And one document that caught my eye was from the Federal Reserve – Report on the Economic Well-being of U.S. Households in 2016. A pair of findings jump out:
One of the reasons why so many people end up in a spiral of debt is because they don’t have any emergency funds to take care of unexpected bills. So let’s fix the problem!
Generally, it’s easier to accomplish short-term goals than long-term goals – progress is so much more visible. So let’s save $1,000 in just 28 days. Is $1,000 too much to save in such a short time? If you’re working a minimum wage job and responsible for rent and transportation, then yes, $1,000 is too much. If that’s you, how about trying to save $10 per day and turn it into a $280 challenge? While there are some exceptions, I believe that MANY of us can save $1,000 in 28 days if we make some lifestyle changes. Are you ready to give it a go?
You can make your own route, or follow one of three options. The download contains a calendar for each route, so it will be easy to follow along. And keep your savings separate from your checking account. You can even stow cash away in a safe place as a last resort. Just keep the money apart from your other accounts so that your savings don’t evaporate.
Route 1 may be the toughest to follow, as you’ll need to save $40 on most days. But every seventh day, you save just $10 and can treat yourself to a $30 reward (if you like). Now you don’t have to actually save $40 each day, but you should try to save $250 every week. By the end of 28 days, you’ll have reached the $1,000 goal.
If you get paid weekly, your job is to save $10 per day – except on pay days. You get 4 paychecks in 28 days so set up automatic transfers of $190 into your savings account from each check. And those $10 daily sacrifices shouldn’t be too painful. Or alternatively, deposit $250 from each paycheck and you’ve got your $1,000.
If you get paid every other week, you’ll receive 2 paychecks over the course of 28 days. In addition to saving $10 per day, you’ll transfer $370 from each paycheck into your savings account. Or just cut back on your expenses during the week and transfer $500 from each paycheck.
I can hear the groans from my dining room table! But Brenda, I can’t possibly save this much money! I’m barely getting by right now. Well, that’s why this is a challenge. And you might have to be creative. Here are ten suggestions that will prompt you to action.
*$1000 just too much for your paycheck. Here’s a $500 Savings Calendar.
Dr. Brenda is a sociologist, educator, blogger, motivator, and financial coach. In addition to blogging at The Five Journeys, she writes 30-day challenges at BetterLifeChallenges.com. Her passion is guiding people on their journey to financial freedom through coaching at DrBrendaMoneyCoach and online courses at EarlyExitAcademy.com.