Many newlywed couples wish they had more in savings. Whether they hope to buy a home, fund a child’s education, or boost an emergency fund, they have to set aside some cash. Luckily, bolstering your savings doesn’t have to be difficult. Here’s a look at a 365 Days Savings Challenge for couples that can help you stash some cash.
$2 a Day for 365 Days Savings Challenge
Often, saving money seems daunting because of your target amount. For example, if you want to buy a $200,000 home and have enough cash for a 20 percent down payment on a house, you’d need to get $40,000 into your savings account. That’s a pretty intimidating number and could easily be overwhelming to even think about.
However, by focusing on a smaller goal that still helps you on your journey, it might be easier to get started. It makes saving feel more manageable.
With this challenge, your goal is pretty simple. As a couple, you need to set aside $2 a day for the next 365 days. That means that each of you only has to stash $1 every day to stay on target.
Where could you find $2? Maybe you could skip your morning latte from a café every other day, use a coupon or two when grocery shopping, carpool to work to save gas, or another small step. Since you only need to keep $1 in each of your pockets when the day is done, finding a way to do it might not be that difficult.
Where to Stash the Cash
You have a few options for getting that $2 saved. First, you could transfer it from a checking account to a savings account. If your bank allows unlimited account-to-account or bank-to-bank transfers, it’s certainly an option.
However, some couples like seeing the results in-person. If you fall into that category, you might want to try another approach. For example, you could get a large glass jar and put $2 in cash in it every day. Just be aware that money in a jar doesn’t earn interest, so you might want to take it to the bank and deposit it every week, two weeks, or month so that what you set aside can grow.
How Much You’ll Have in Savings
If you set aside $2 as a couple every day, by the end of 365 days, you’ll increase your savings balance by $730. That could be a great start to an emergency fund or toward any savings goal.
Plus, it makes saving a habit. You’ll get comfortable with finding ways to keep more money in your pocket. Over time, you might be able to increase what you save each day, allowing your account to grow faster.
For example, if you save $2 each ($4 as a couple) every day, you’ll have $1,460 after 365 days. That’s a solid starting emergency fund.
Ultimately, $2 a day is manageable for most couples. If it wouldn’t be too difficult for you and you want to build a positive saving habit, consider giving it a try.
Do you think you’ll take on the challenge and save $2 a day? Will you give it a try with a different amount? Share your thoughts in the comments below.
- 5 Financial Tips for New Couples
- How to Figure Out Your Newlyweds Net Worth
- Save More Money for Retirement with Your 2020 401(k) Contributions