May Financial Challenge: Save $31 in 31 Days

This concept is as easy as it sounds. I challenge you to save $1 every day for the month of May. I realize it’s already May 7, so I would encourage you to start out with $7 in the pot.

Save $1 Every Day, investing, saving

In which piggy bank will you put your money?

I recommend investing this extra savings in the following fashion:

  1. Emergency fund – Everyone should save the amount needed to pay bills for 3-6 months in the event of job loss, poor health, or other unforeseen event. If you already have an emergency fund, invest the money in…
  2. Credit card debt or high interest loans – Paying interest kills you financially. It’s like buying something two or three times over. It is so important to pay down debt. Start with the smallest bills so you have the satisfaction of paying off a bill. I was torn as to whether or not to list this as the first place to put your money, but it’s probably best to have at least a small emergency fund before you start paying off debts. If you have no credit card debt…
  3. Invest 15% into a retirement plan – If you don’t have a job that offers a 401k or similar plan, open a Roth IRA. If you are already investing 15% into retirement…
  4. Start saving for college – College is so expensive. It’s best to save early. I don’t care if your child is a newborn, you must start saving. If you don’t have kids or you are already adequately saving for their college…
  5. Pay off your car, home equity, or mortgage – We work because we have bills. Think of how little you would have to earn if you didn’t have a mortgage. No bills means freedom and more time to relax! That’s The Wellness Wife’s goal!

If you invest $1 a day for the remainder of the year, you will have $245 extra. If $1 seems easy peasy this month, up it to $2 a day next month. Let’s do this thing!

 

Image courtesy of cuteimage / FreeDigitalPhotos.net

6 thoughts on “May Financial Challenge: Save $31 in 31 Days

  1. Tammy

    Great challenge and I love your ideas on what to do with the savings.Thanks for linking up to the Bloggers Brags Pinterest Party. I’ve pinned your post to the Bloggers Brags Pinterest Board.

  2. LA

    Have you seen the 52 week money challenge all over Pinterest? We started that this year. Christmas money in the making! It’s really easy and I get excited to add the money!

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