At the start of every year you are bombarded with different advertisements prompting you to spend money on gym memberships, new cars, furniture, tax services, etc. but let’s do something different this year. What if this year you were encouraged to save your money? Not just one time-but repeatedly for the entire year! Well after seeing such social media sensations like the Running Man, So Gone, and the recent Mannequin challenges we want to promote a challenge that encourages financial wellness. FBW Nation is proud to introduce the:
[bctt tweet=”$5/Day Challenge” username=”fbwnation”]
What is the $5/day Challenge?
As the name implies the $5/day challenge is simply you putting aside five dollars a day (approximately $150 per month) for an entire year. The unfortunate reality is that most Americans do not regularly save money resulting in inadequate savings (if any at all).
If someone were to ask you “can you save 5 dollars a day?” you would probably say yes without any hesitation; however, when it actually comes to saving regularly we tend to fall short. Why? Believe it or not 5 dollars seems to be the magic number when it comes to consumer spending. Think about it…how often could you spend five dollars a day? From five dollar pizzas, sub sandwiches, burger deals, coffees, smoothies, etc to ‘buy 5 items save 5 dollar’ deals or entire stores dedicated to selling products for five dollars or less we could easily spend five dollars rather quickly. Well how about instead of spending that five dollars you save it for yourself or your family.
I Can’t Save $5/day
If you can’t save five dollars still try to save something. Whether it is three dollars, two dollars, heck even one dollar. The point is to get into the habit of saving regularly. Don’t let your inability to save five dollars deter you; instead use this as a guide to figure out what is preventing you from saving more and then make adjustments to get to the five dollar mark.
I Want to Save More
Saving five dollars a day for 365 days leaves you with a grand total of $1825 at the end of the year. For some people $1825 (especially in savings) is a lot of money, but for others that is not enough to keep you motivated. If that’s the case simply save more. This brief table below shows the different year-end totals for saving ten, twenty, fifty, and one hundred dollars a day respectively:
| Savings per Day | Savings per Month | Year-End Totals |
| $10 | $300 | $3650 |
| $20 | $600 | $7300 |
| $50 | $1500 | $18,250 |
| $100 | $3000 | $36,500 |
Whatever amount you decide to save is alright. The point is to regularly save as much as you feel comfortable with.
This Year: Pay Yourself First!
Let’s change the old approach of recklessly spending money at the beginning of the year and working hard to pay it back the rest of the year. Let’s start this year out by saving money or as we like to say paying yourself first. Can you commit to paying yourself five dollars a day? If so take the $5 day challenge trust us you will be glad at the end of the year.
