I tried the original penny challenge but quickly found a couple of problems that were derailing my progress. To stay on track and meet my goal, I needed to put a new twist on this old challenge.
Use a new twist on the penny challenge for one of the best savings challenges around and grow a small amount to thousands.
What is the Penny Challenge?
The basic idea for the penny challenge is pretty easy. You save one penny your first day, two pennies the second day, three on the third and so on for 365 days.
Two Problems with the Penny Challenge
The first problem with the penny challenge isn’t obvious at first. Saving less than a dollar over the first weeks is an easy start.
Using a Savings App with the Penny a Day Challenge
One of the most difficult things about the Penny a Day Challenge is just remembering to save the pennies each day, and tracking your progress.
Improving the Penny Challenge
Instead of just making the challenge about spare change you find around the house or the leftover from purchases, try cutting expenses and budgeting to meet your savings goal.
Does the Penny Challenge Work?
The Penny a Day Challenge really does work but that’s if you can find the money to save every-single-day. It’s easy at first but by the end of the year, you’re saving upwards of $25 a week.