6 Savings Challenges That Will Take Your Account From $0 To $1000 Real Quick
Adulting really is a thing that is happening whether we like it or not. As I slowly but surely come to terms with this, I've realized that one thing I have to consider is the importance of a savings account. Like a real real savings account.
I know, sometimes we feel overwhelmed just staying above water with our bills, because at times that can be a struggle in itself. But a savings account can make or break your entire money situation, and life, when the unexpected happens; or even if you just want to save for a major life event like buying a car or a house. While it's a big deal, it's not as hard as it sounds. The biggest obstacle is pressing "go" and getting started.
Thankfully, we've come across a few savings challenges that not only make it easy but prove that putting a little away each week or month can help you save more than $1,000 in a year.
1. The 52-Week Challenge:
If you're like me, it's really easy to feel all motivated and inspired to start saving, but when it comes to actually doing it, it can feel a little overwhelming because I might not have a couple hundred dollars on hand to jumpstart the process, so it's hard to start to begin with. That's why I love this 52-week money challenge. It lasts a year (clearly) and by the end of the timeframe, you would have saved almost $1,400! And it's really just starting with a little bit at a time and gradually growing the amount you save.
SaveALoonie
For the first week, you save $1, for week 2, $2, and so on… so for week 29, you save $29, for week 52, you save $52. Just like with all of these challenges, sticking with it is the major key to seeing the results you want.
2. That Every Other Week Challenge:
Most (if not all) of us get paid every other week. It's the nature of working a full-time job, so I completely understand why saving every week might not be the best challenge for you. If you get paid bi-weekly, I think payday is the best time to save because that's when the momentum is lit. You might feel like you're ballin' and can throw some money into your savings account before you let other expenses eat it up.
You can do the 52-week challenge your own way and only save on payday instead of every week; just double the amounts per week (so for week 1, save $2 and for week 2, save $4, and so on) to still reach the nearly $1,400 you would get with the 52-week challenge.
3. The $20 A Week Challenge:
I can't help but reiterate that the focus of these challenges is doing a little bit at a time. $20 a week might sound like everything to you or nothing, but it can be done if you take the initiative. For me, I've thought there's no way I'll have $20 leftover at the end of the week. But once I realized how much I was spending on food and other unnecessary items just for leisure, I found out I could actually save more than $20 a week if I really wanted to be that disciplined.
The best part is, once you start challenging yourself and see your savings account start stacking up, you'll want to save even more. At the very least, if you save $20 a week for a year, you'll end up with more than $1,000 in your savings. If your goal is to save more, decide how much you want saved within a certain time frame, divide it by the weeks and boom, that's how much you need to save per week.
4. A Penny A Day...
…Can help you save almost $700. It's not $1,000, but I had to throw this one in there because it's so easy, you might even be able to do it along with one of the challenges on here. You literally start with one penny a day and save an extra penny for each day after that. So day 1 is one penny, day 2 is two pennies, day 3 is three pennies, and so on and so on. By the end of the year, you would have saved $667.95.
I know it's extremely tedious to try and find pennies, because who really carries change like that? You can either transfer it to your savings from your checking or just save a larger amount than a penny, so it doesn't get annoying. You can also save by the week using this chart if to you a penny a day is really doing the utmost.
5. It's The First Of The Month
Yes, if saving daily, weekly, or bi-weekly is too much to remember, there's also a monthly challenge that will get you almost $1,100 a year. With this challenge, you can set a reminder on the first or whenever your initial payday of the month is to put an amount into your savings. The only thing with this one is that since it's monthly, you'll have to save more each time compared to the other challenges.
For the first month you save $25, the second you save $50, the third you save $75, and keep adding $25 until the six month, where you'll save $150. Then you channel your inner Missy Elliott and reverse it for the rest of the year. The seventh month you save $150 again, $125 in the eighth month, $50 in the eleventh month and $25 for month 12. By then, you'll have $1,050. It's definitely tedious but when you challenge yourself and make it fun, you'll start a new habit that can stack your account without a question.
6. No Spending Challenge
Even though stacking your savings account is an obvious and easy way to save, that's not the only way to partake in a savings challenge. You can also challenge yourself not to eat out for a week and put what you normally would spend on a restaurant (even if it's just McDonald's) in your savings account. You can save money by setting a budget for everything you do from grocery shopping to gas, and any portion of that allotted amount you don't spend can get dropped right in that savings.
Ultimately, it's really up to you what you're willing to give up or sacrifice for the sake of stacking your savings account. Thankfully, it's really not that bad once you get going.
The key is to keep the momentum until you reach your goal.
Featured image by Shutterstock
Originally published December 28, 2018.
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Charmaine Patterson is a journalist, lifestyle blogger, and a lover of all things pop culture. While she has much experience in covering top entertainment news stories, she aims to share her everyday life experiences, old and new, with other women who can relate, laugh, and love along with her. Follow Char on Twitter @charjpatterson, Instagram @charpatterson, and keep up with her journey at CharJPatterson.com .
ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LISTÂ HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
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When discussing the topic of raising children, discipline is often the first thing that comes to mind. Children need discipline. Full stop. But what is discipline? And how do we draw the line between discipline and revenge?
The origin of the word "discipline" can be traced back to the Latin word "disciplina," which means "instruction" or "teaching." Over time, however, discipline has come to be synonymous with punishment, with parents relying on shame, fear, and/or physical pain to curb undesirable behavior.
Teaching takes time, so nipping it in the bud in whatever fashion parents deem necessary (within reason) has become the norm. But is this what’s best for children? And when does it become less about curbing undesirable behavior and more about getting our licks back for offenses we feel our children should know better to do?
In my work as a parenting coach, I’ve often heard parents say, “I asked him nicely three times before spanking him. He didn’t stop doing it until I did, so clearly talking doesn’t work.”
And the parent isn’t wrong. Talking often doesn’t work the first, the third, or the even the 10th time. And the reason is directly tied to brain development.
Children cannot and do not process information the way an adult can. Auditory processing is not fully developed until a child is 14 or 15 years old. And even then, if a child has auditory processing delays or Auditory Processing Disorder (APD), they may always struggle with processing auditory commands. According to Susie S. Loraine, MA, CCC-SLP, the term auditory processing refers to how the brain perceives and interprets sound information. Several skills determine auditory processing ability—or listening success. They develop in a general four-step hierarchy, but all work together and are essential for daily listening.
Without this understanding, discipline can easily become revenge because parents will then view their child’s misdeeds as a personal slight. Instead of teaching them to do better, parents now want to show them the consequences of not doing better. This is why it's imperative for parents to discern between discipline and revenge to maintain healthy relationships with their children.
5 WAYS TO DISTINGUISH BETWEEN PARENTAL GUIDANCE AND RETALIATION:Â Â
​Understanding The Intent
Discipline is rooted in love and concern for the child's well-being. It focuses on teaching lessons and helping children understand the consequences of their actions. Conversely, revenge-driven actions stem from a desire to inflict pain or punishment as payback for perceived slights or disobedience. Parents should reflect on their motives before taking disciplinary actions. Ask yourself whether your intention is to help your child learn or to make them suffer for upsetting you.
Example: If a child accidentally breaks a valuable item, a disciplinary response would involve discussing the importance of being careful and working with the child to come up with a way to replace or fix what they’ve broken. On the other hand, a vengeful reaction might involve yelling, harsh punishment, or bringing up past mistakes to intensify guilt.
​Maintaining Emotional Regulation
Effective discipline requires parents to remain calm and composed, even in challenging situations. It's natural to feel upset or frustrated when children misbehave, but responding with anger or resentment can escalate the situation and blur the line between discipline and revenge. Before addressing the issue, take a moment to breathe and collect your thoughts.
Example: If a child cannot follow instructions, a disciplined response would involve calmly explaining why their cooperation is necessary in working with the child to accomplish the goal. Conversely, a retaliatory response might involve shouting, name-calling, or resorting to physical punishment out of anger.
​Promoting Growth and Learning
Discipline should always aim to promote growth and learning. It involves guiding children toward making better choices and understanding the impact of their actions on themselves and others. Effective discipline strategies include positive reinforcement, setting clear expectations, and providing opportunities for reflection and growth.
Example: If a child repeatedly forgets to complete their chores, a disciplinary approach would involve discussing the importance of responsibility and finding solutions together, such as creating a chore chart or setting reminders with Siri or Alexa. In contrast, a revenge-driven response might involve imposing overly harsh punishments or belittling the child, which can undermine their self-esteem and hinder their ability to learn from their mistakes.
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Building Trust and Communication
Trust and open communication are essential components of a healthy parent-child relationship. Discipline should strengthen this bond by fostering trust and encouraging children to confide in their parents without fear of judgment or retaliation. When children feel safe and supported, they're more likely to accept discipline as a form of guidance rather than punishment.
Example: If a child admits to breaking a rule or making a mistake, a disciplined response would involve listening to their perspective, discussing the consequences of their actions, and working together to find a solution. Conversely, a retaliatory response might involve accusations, blame, or shutting down communication, which can erode trust and damage the parent-child relationship.
Seeking Professional Guidance
Parenting is a learning journey, and, disciplining children is a delicate balance between guiding them toward responsible behavior and nurturing their growth. By understanding the intent behind our actions, maintaining emotional regulation, promoting growth and learning, building trust and communication, and seeking professional guidance when needed, as parents we can help our children built on love, respect, and understanding.
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Featured image by Courtney Hale/Getty Images