The $1,000 Savings Challenge
Your first goal should be to save $1,000.
Do this and you’re ahead of many Americans.
Save whatever you can to make this happen.
It will change your life.
— A Dime Saved (@adimesaved) February 7, 2020
Do you have $1,000 in savings?
I really want the answer to be a resounding YES! But I have a feeling that for many of you the answer is a resounding NO!
Are you struggling to get ahead? Do you feel like you work hard but never seem to make a difference in your finances? It seems like every day is a juggling act and no matter how hard you work or how many pennies you pinch or how many dimes you stretch you never seem to gain any traction.
The only way to step out of this cycle and actually get ahead is to have savings. Real savings. Having money set aside- first for emergencies, then for life, then for investing- is the way to get out of the rut of paycheck to paycheck living.
How do you start changing your financial life?
Introducing the $1,000 Savings Challenge.
I am challenging all of you to save $1,000 in a separate account for emergencies.
You may be laughing at my challenge for one of two reasons: you think this is ridiculously easy or you think this is ridiculously hard.
If you think this is ridiculously easy, answer this: Do you have $1,000 saved?
- Move along. This post is not for you
- Then take the challenge and show us how easy it is. Do it. You have no excuse.
If you think this is ridiculously hard: Trust me. I get it.
I will be really transparent with you. It took my husband and me FIVE YEARS to save up $1,000 in a dedicated emergency fund. No, I am not joking. It was literally a one-step forward, two steps back situation. We had to use whatever money we saved for unexpected dental bills, a move, and an unemployment stretch. Each time we put aside some money, life hit and we had to use it. It was still worth it.
Every time we had to take money out of our not-completed emergency fund was a time when we didn’t have to go into debt or put money on the credit card. Even though we had to take two steps back- we did get to take one step forward. Finally, after 5 years we did it! We had $1,000 in our account and we were able to move to the next step of our savings ladder. We did it!
I am not telling you that this will be easy or short. What I am telling you is that this will change your finances and your life. This is not a place where I will make fun of you for being poor or insinuate that you could have made better choices or saved more money.
I understand the struggle to get ahead. The struggle to make choices that balance our different needs and also the need to make a living. I get that sometimes money is not the priority. That being said… you need to do everything you can to have $1,000 saved. That is why I am starting the $1,000 Savings Challenge.
Why are Money Saving Challenges so Effective?
We often get stuck in a rut. We want to change, but we need the fire and drive to do so. It’s tough to wake up one morning and say, ok, now I will change. It just doesn’t work like that unless we have some external force driving us, then we often will just continue what we are doing and not make a change.
A lot of times, the external change comes in the form of a negative push. Something bad happens, and we realize we have to change. When we are talking about saving money, this can be in the form of having your card declined, having to go into debt for something essential. Having to give up something that we cannot afford but we want or need. On the dark side, this can be a foreclosure, an eviction, a bankruptcy. Something negative happens ad we realize that we have to change. For me, this happened when I lost my job. Ire realized how precarious my situation was and that I needed to be proactive to ensure that this didn’t happen again.
We don’t want to wait for the bad thing to happen for us to start changing. We want our push to be something positive instead of something negative. To do this, we have to create our positive push. Or own event to make us want to change.
This is where a money-saving challenge comes in. a money saving challenge is a pressure situation that we create ourselves to make change happen. We don’t need a negative external force to push us to create our own positive external or internal force.A money-saving challenge is effective because we create our own situation where we use our internal drive to succeed to create a situation where we want to win.
Money Saving Challenges are Successful
Humans like to succeed. They want to be successful. Taking a money saving challenge feeds right into our desire to be successful at something. There is immediate positive feedback. There is a sense of progress. There is a sense of success. Coloring in those small boxes on the money-saving tracker makes us happy. It makes us proud. It makes us want to repeat the behavior so that we can be happy and proud more often.
Start a money-saving challenge and see how happy and proud of yourself you will be!
Starting The $1,000 Savings Challenge:
I want you to join in the challenge and do the following:
Sign up here for the challenge and get the $1,000 Savings Challenge Printable!
- Open or dedicate an account to this challenge
- Save whatever you can. Cut whatever you can. Sell whatever you can and FILL UP THE ACCOUNT.
- Sign up to receive the $1,000 Savings Challenge Kit and to receive emails to help guide you on your journey. It will be worth it! The $1,000 Savings Challenge Kit will help you visualize your goals, plan for your success, track your progress and, of course, celebrate your wins.
- Celebrate and Get support! Email me your success at firstname.lastname@example.org, tweet using the hashtag #1000SavingsChallenge, Join the $1000 Savings Challenge Facebook Group to share your success, tips, hacks, and questions.
Are you in? Tweet to let me know!I joined the $1000 Savings Challenge! What about you? #1000SavingsChallenge Click To Tweet
Let’s do this together!
Sign Up for a Bank Bonus:
The biggest push for me to start my own $1,000 account was a bonus I got from CapitalOne360 for opening an account. Here is a list of banks offering bonuses for various accounts. Getting a bonus is a great way to get the first amount into your account. If you don’t qualify for any of the bonuses. Feel free to use my affiliate link to open a CapitalOne360 account. I personally use them and have been very happy with their account (No Fees!).
There are many printables that you can use to keep track. You don’t have to use mine. However, if you sign up for the $1,000 Savings Challenge you will get support and guidance along the way.
So what do you think?
Are you taking the $1,000 Savings Challenge?