Spinning off from last month’s 30-Day Cash Challenge, we are continuing the conversation of best practices for debt management. This month’s topic is all about easy savings!
Saving money may feel out of reach, especially if you feel like there just isn’t enough to be saved. But what if we said saving just a dollar a day can change your financial situation? You might be thinking, a dollar… What good is one hundred pennies?? Let’s take a look.
Assuming the money is set aside in savings account for a 50-year period, from age 18 to 68, The calculations are straightforward, one dollar-a-day can keep debt away!
• After saving $1 a day for 365 days in a year with no interest for 50 years, you would have $18,250 – that’s instant cash in your wallet!
• If you save $1 a day in a money market account earning 1% interest compounded daily, you would have $23,646 after 50 years.
• After 50 years, should you choose to invest $1 per day, you could have $698,450 in an exchange-traded fund (ETF) without fees. Although the risk is greater, the return is also greater.
Other savings methods include the 52-Week Challenge. The idea is simple. During the first week of the year, save $1. During the second week, save $2. Continue adding one additional dollar each week, so that the last week of the year, you’re saving $52. Without interest or investing, this adds up to $1,378 over the course of a year. If continued over the course of 50-years, you could pocket up to a whopping $68,900 savings!
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