How to Save $500 in 30 Days

According to CNN 6 out of 10 Americans don't have $500 in savings. Life is unpredictable and it can become very expensive very quickly; the car might need a repair, medical bills can add up, job layoffs have become all too common.

How would you cover a surprise bill of $500 or more? 20 percent of people said they would put it on a credit card. Credit cards can a good short-term solution. However, if the credit card bill comes and you still don't have enough money to cover it you could be charged 12 to 24 percent in interest. That surprise bill of $500 has now ballooned out of control. If you can't pay off the credit card soon the interest could have serious financial consequences. It could even affect your credit score and future ability to buy a home or get a business loan.

Most finical experts agree that you should have an emergency fund set aside to cover these unexpected costs. For those living paycheck to paycheck that is a daunting task, but it doesn't have to be. Mint Notion has an easy saving worksheet (MN_-_30_Money_Challenge).

Saving money can be a challenge. It might seem like this goal is unattainable. But think of your opportunity cost instead. How much are you spending on soda and coffee? The average person spends $20 a week on coffee. That's $80 over the course of a month, $1, 092 yearly. How many times a week do you eat out? What if you just cut out a few trips to Starbucks and built an emergency fund instead? Having that finical cushion could save you a lot of heartache in the future.

Add to your savings day by day and dollar by dollar. Start by just saving $1 and in no time at all that $1 has become $500! On day 1 skip the dollar menu and start saving. On day 15 skip lunch at your favorite restaurant, instead put $15 into savings. On day 30 skip that new pair of shoes and put the money in the bank instead. Saving doesn't have to be hard, but it does take time and dedication. Challange yourself over the next 30 days and see how much money you can save.

How to Save $500 in a Month 

  • Day 1--$1
  • Day 2--$2
  • Day 3--$3
  • Day 4--$4
  • Day 5--$5
  • Day 6--$6
  • Day 7--$7
  • Day 8--$8
  • Day 9--$9
  • Day 10--$10
  • Day 11--$11
  • Day 12--$12
  • Day 13--$13
  • Day 14--$14
  • Day 15--$15
  • Day 16--$16
  • Day 17--$17
  • Day 18--$18
  • Day 19--$19
  • Day 20--$20
  • Day 21--$21
  • Day 22--$22
  • Day 23--$23
  • Day 24--$24
  • Day 25--$25
  • Day 26--$26
  • Day 27--$27
  • Day 28--$28
  • Day 29--$29
  • Day 30--$30
  • Day 31--$31

Total Money Saved $496

Source: http://money.cnn.com/2017/01/12/pf/americans-lack-of-savings/index.html

Photo Credit: https://www.ratesupermarket.ca/blog/save-500-in-30-days-challenge/

https://www.mintnotion.com/extra-income/money-challenge-save-500-30-days/

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