Whether you’re concerned about the economy or you just want a better chance of reaching your wealth goals, pulling back on spending and increasing your savings are wise financial moves. To make the process less overwhelming, you can try one of the many money-saving challenges that are simple to follow and sometimes even fun.
Advertisement: High Yield Savings Offers
Powered by Money.com – Yahoo may earn commission from the links above.
Read Next: Here’s How To Use AI To Quickly Start a Side Gig, According to Codie Sanchez
For You: The New Retirement Problem Boomers Are Facing
In a TikTok post, Australian Jenny Joo shared her plan to save $10,000 in 100 days by simply putting aside specific amounts of cash in a jar each day. Here’s how you can use her plan or create your own to build your wealth over a short time.
The video showed Joo writing the numbers 1 through 100 on a piece of paper. She then set a goal to save double each day’s number in cash. For example, she would save $2 on day one, $4 on day two, $6 on day three and so on. The amount would reach $200 on day 100. If she completes this whole challenge, she will have $10,100 of cash in her jar.
While each day has a certain savings amount, Joo allows for flexibility. Depending on her finances, she might skip to a different day’s savings goal or even have a few days when she can’t contribute. But in the end, the goal is to cross off all 100 days and end up with a nice savings cushion. Her most recent TikTok video showed that she had less than a month to go.
Learn More: 10 Expenses Most Likely To Drain Your Checking Account Each Month
Saving $10,000 in such a short time might be too aggressive for your budget, especially if you have high expenses or need to focus on paying off debt. But that doesn’t mean you can’t still use this helpful money-saving hack with a different savings amount strategy or timeline.
A popular variation is the 100-day envelope challenge, which involves saving each day’s number in cash to accumulate around $5,000. The 52-week money challenge is another option that requires saving each week’s number in cash to end up with nearly $1,400.
You can also consider your savings goal and budget to come up with a custom per-day or per-week savings strategy. Saving any amount you can will still lead to progress.
One drawback of Joo’s savings plan is needing to use physical cash. Not only can this be inconvenient, but the cash savings won’t accumulate interest and could get stolen or lost.
Rather than using a physical jar and money, you could simply do daily transfers to your savings account. If your account earns a good interest rate, you’ll even maximize your savings over the 100 days.
