How to save $1,378 in 2022:
How to Save Money With the Penny Challenge
This money-saving challenge helps you put aside $667.95 in a year. To participate in the challenge, follow these steps:
- Start by saving one penny on the first day.
- Each day that follows, add one cent to the amount you saved the day before. For example, on day two, you’d add $0.02 to your savings. On day three, you’d add $0.03 and so on.
- Continue this pattern every day for an entire year.
That’s $667.95 you could add to your emergency fund or use to pay down debt.
| Month | Amount | |||
|---|---|---|---|---|
| January | $4.96 | |||
| February | $12.74 | |||
| March | $23.25 | |||
| April | $31.65 | |||
| May | $42.16 | |||
| June | $49.95 | |||
| July | $61.07 | |||
| August | $70.68 | |||
| September | $77.55 | |||
| October | $89.59 | |||
| November | $95.85 | |||
| December | $108.50 |
| Day | Daily Savings | Balance | ||
|---|---|---|---|---|
| 1 | $0.01 | $0.01 | ||
| 2 | $0.02 | $0.03 | ||
| 3 | $0.03 | $0.06 | ||
| 4 | $0.04 | $0.10 | ||
| 5 | $0.05 | $0.15 | ||
| 6 | $0.06 | $0.21 | ||
| 7 | $0.07 | $0.28 |
How to Save Money With the Five Dollar Challenge
The five dollar challenge is a simple money-saving strategy — one that doesn’t involve much thought or effort. You don’t have to do any math. You don’t have to cut back on spending.
All this challenge requires is for you to stash away every $5 bill you get as change. That’s it.
Depending on how long you participate in the challenge, you could end up banking a lot of cash. Five dollar bills can add up quickly. Just putting aside two $5 bills a week will give you $520 in savings after a year. And since the amount is fairly nominal, your savings can grow without even missing your $5 bills.
Money Saving Quest 