Our friends at Phroogal pose an interesting challenge: using Daylight Savings Time as a savings incentive period. I’m fairly familiar with other more traditional savings challenges, the 52 week challenge, for example, but haven’t really ever been able to complete them because of their loosely defined parameters. But this intrigued me. Phroogal offers some traditional savings ideas, but I like the thought that there is a defined period of time. It makes my savings goals manageable and measurable, two important factors for success. Starting today through November 2nd, you’re challenged to change savings habits and create new ones. Here are a few of their examples:
1. Set a savings goal. Set a savings goal that you’d like to achieve by November 2nd. It might be funds for the holiday gift list, a winter vacation or simply challenge yourself to see if you can set a financial goal and achieve it.
2. Transfer a dollar a day. If saving is something you haven’t done, start by depositing or transferring $1 each day into a savings account. Don’t cheat by depositing $7 for an entire week. The idea is for you to become aware of your savings account and ingrain a habit of depositing into it. One dollar doesn’t seem a lot but think of it as an exercise. The small amounts lead to larger weights…er…um…dollar amounts.
This exercise is great for children too. Give your child a dollar and have them place it in a savings jar. If you’re tech savvy, show your child how money is transferred from your account into their savings account online.
3. Save $5 a day by cutting out a daily treat. If you’re like me you might be spending $5 on coffee at your favorite cafe. During DST, goal yourself to save $5 per day and place that amount into a savings account. By the end of Daylight Savings Time, you’ll see a savings account with $1190.
4. Lower monthly expenses. Spring into action and cut out unnecessary monthly payments. Call up your cellular company, cable, gas and oil providers and ask for a discount or learn about new deals that can save you money. Any dollars you save on bills is then transferred into a savings account.
What do you think? Does a defined period of time make achieving your goals easier?
The professionals at your credit union can help you meet your financial and savings goals. To find a local credit union that you are eligible to join click here or go to the “Find a Credit Union” tab.