We all know that saving money is very important in our lives. But sometimes it just feels really hard to cut some money from our income. Or, it can be a quite stressful task when you already have the will, but there are some incidents that you need to fix by spending some extra money. That is why many people choose to quit and do not have any money in their bank for rainy days. And that is where the debt bubble comes from.
Actually, saving is about habit. Once you get the habit, then it will be easy to do it again and again. Having the 52-week penny challenge chart is a really good way to start the habit of saving. You just need to start the first week by saving $1. Then, you save $2 for the second week. By adding one dollar, you continue the money till the week 52nd. If you do it properly, at the end of the year, you will get money saved by $1.378.
Other than having the 52-week penny challenge chart for the 52-weeks saving challenge, you also can do another method. It is called the Penny challenge. The rule is the same as the 52-weeks challenge. You start saving one penny on the first day. On the second day, you save two pennies. Day after day, you increase the amount of money by one penny. It goes until you save $3.65 on New Year’s Eve or the 365th day. A year doing this, you will get $667,95. The method is very easy to do. It makes people more manageable to stay intact with the saving habit. If it becomes a habit, you can increase the amount of money or use other methods.
Doing the penny challenge can be a good resolution for your 2021. It is one of the saving methods. This method is meant to save such an amount of money in one year. The rule for this method is quite simple. You just have to save the day before but you add one more penny. If you start by saving one penny on the first day, then you need to deposit one penny plus one penny, then you need to save two pennies. On the third day, you need to deposit two pennies plus one penny, then you need to save three pennies. If you want to make it clear take the 52-week penny challenge chart and change it into 365. So, at the end of the year, you will get £667.95.