By Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, [email protected]
July is “hump month” for personal finances. Half of the year is already over but there are still five + months to make positive financial management changes such as saving money, reducing income taxes, and paying off debt. In an effort to help military families build wealth, OneOp Personal Finance (MFLNPF) team is sponsoring the 30 Days of Saving Challenge during July 2016. Professionals who serve military families are invited to participate and to encourage the military families that they serve to do likewise.
The goal of the 30 Days of Saving Challenge is simple: save $100 in a 30-day time period through a series of gradually increasing deposits. July has 31 days so the last day, July 31, is a “day off.” As shown in the picture below, daily savings deposits start at $1 a day and do not increase beyond $5 a day. Once the monthly savings goal is reached, the Challenge can be repeated on a month-to-month basis for total annual savings of $1,200. When the Challenge starts to feel “easy,” it can be scaled up by doubling or tripling the daily savings amounts.
Join the MFLNPF team during July for the 30 Days of Saving Challenge. Save yourself and encourage others to do the same. You’ll have $100 set aside by July 31 and will be developing a positive lifetime habit. If 1,000 people save $100, that’s $100,000 of savings! Use the hashtag #MFLNPF to comment on your Challenge experience. For example, how did you “find” the money to save? Did you reduce expenses, increase income, or both?
For a print copy of the 30 Days of Saving Challenge worksheet, see http://www.slideshare.net/BarbaraONeill/30-day-100-savings-challenge-0416