Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers.
Editorial Disclosure:Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Snapshot: The Capital One Venture X Rewards credit card is an ideal option for those with excellent credit who want a premium travel rewards credit card. Cardholders can earn up to 10 miles per dollar on travel booked through Capital One Travel and 2 miles per dollar on all other purchases.
Pros
Cons
Earn up to 10 miles per dollar
annual_fees annual fee
Receive 10,000 bonus miles every year
Must have excellent credit
Earn a $300 statement credit when booking with Capital One Travel
Miles aren’t as flexible as some travel rewards programs
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flight reservations and 10 miles per dollar on hotel and car rental reservations.
Annual Rewards
In addition to a nice welcome bonus and ongoing rewards, you can receive consistent annual awards, like a $300 annual credit to use for bookings through Capital One Travel. You also get 10,000 bonus miles every year (starting on your first anniversary of opening your account).
Welcome Bonus
The Capital One Venture X Rewards card does have a welcome bonus. If you spend $4,000 on purchases in the first 3 months of opening your account, you can earn 75,000 bonus miles.
Note: This one-time bonus is available by clicking the “Learn How to Apply” button on this page, and may not be available if you navigate away from or close this page. The bonus may not be available for existing or previous Spark cardholders.
Extra Perks
The Capital One Venture X Rewards credit card also comes with all the features you would expect from a premium credit card, including free additional cardholders, $0 fraud protection, no foreign transaction fees and cell phone protection.
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consider other options.
High Annual Fee
You also must pay a annual_fees annual fee. This might seem steep, but like we said above, this annual_fees fee isn’t as high as what other premium travel rewards cards charge.
Is It Worth It?
Yes, if you need the miles and are willing to book your reservations through Capital One Travel, this is a great deal for a premium travel card. Earn travel rewards on your everyday purchases, earn annual rewards, and gain access to premium perks – what more could you ask for?
Like what you see? Learn how to apply for the Capital One Venture X Rewards credit card
credit limits on your specific information, including your credit score and income level. Because Capital One doesn’t publish their credit limits (minimum or maximum) we can’t definitively tell you what to expect. We can tell you that your credit limit will be unique to you.
How Soon Can I Increase My Credit Limit After Being Approved For A Capital One Venture X Rewards Credit Card?
Capital One periodically reviews accounts for credit limit eligibility. You can also request a credit limit increase if you’ve had your Capital One Venture X Rewards credit card for several months, have a good payment history and haven’t applied for any other Capital One card in the last 30 days.
How Good Is A Capital One Venture X Rewards Credit Card For Building Credit?
The Capital One Venture X Rewards credit card is not a credit-building card because you must have excellent credit to qualify.
Like what you see? Learn how to apply for the Capital One Venture X Rewards credit card
Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers.
Building a budget isn’t hard, but it does require time and effort. And once it’s completed, it’s something you should be proud of. Yet, many people have trouble sticking to a budget, essentially throwing all their work out the window as a result of impulse buys, unrealistic expectations, or a lack of discipline. Here’s a look at some of the reasons budgets can fail and tips for making a budget you can stick to.
Understanding the Importance of Budgeting
A budget allows you to organize your money according to your priorities and plays a key role in achieving financial goals. Those goals can be anything from taking a vacation and buying a new car to funding future education and retirement. With a well-crafted budget, you can work on multiple goals at the same time.
A budget is also one of the top tools to help you stay out of debt or rein in any outstanding debt you may already have. In addition, having a budget can help simplify your spending decisions, making it easier to determine which purchases are worth making and which you don’t actually need.
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Overcoming Common Budgeting Challenges
Budgeting usually begins with the best of intentions. However, it’s all too easy to get sidetracked. Temptations and unexpected expenses can cause a budget to go off the rails, leading to overspending, missed bill payments, and debt. Here’s a look at some of the most common reasons why budgets fail.
Lack of Discipline
Though people often get excited about putting their financial house in order, it can be easy to slip back into the lifestyle they led before putting a budget in place. If you already live within your means, that might be okay. But if you’re a habitual overspender, it’s important to recognize that those behaviors have to change to keep your budget on track.
Unrealistic Expectations
Many people think budgeting requires drastic measures. For example, if you’ve been living beyond your means and want to rein in your spending, you may decide you must go from spending more than you make to living off half your income. But that may not be a viable option, at least at first. When you fail, you might give up on budgeting altogether. It’s important to set achievable expectations.
Discounting Irregular Expenses
While building your budget, you probably remember to factor in regular expenses like your monthly electricity bill and grocery shopping. But it can be easy to forget to include expenses that occur on a more infrequent schedule, such as quarterly or annually.
Annual membership fees, homeowners’ association fees, and kids’ camp tuition may come up only once a year, and that can make them easy to forget. Failing to account for these costs can throw your budget off once they come due and you may have to scramble to find the cash to pay them. You can try to account for these expenses by saving a little each month to help cover them.
Recommended: Determining the Right Spending/Budgeting Categories
Getting Lost in the Weeds
While it’s important to take a thorough accounting of your expenses when making a budget, it is possible to go overboard with so many line items that can make your head spin.
A budget with too many line items can be tedious to update and track. It can be more productive to have broad line items that encompass a wider array of expenses, so if you spend a bit too much on one small item, it won’t make much difference.
Your Social Circle
The people you surround yourself with, including your friends, family, and partner, can have a huge impact on your spending. If these people tend to be big spenders, you might be tempted to spend when you’re around them. It would be a shame if one big night on the town threw off a whole month’s worth of budgeting plans.
If you’re saving for a specific goal, like putting a down payment on a home, you might let your friends know that you’re trying to stick to a budget, so maybe they won’t tempt you with expensive sushi dinners or weekends in Vegas. In their excitement to help you achieve your goal, they may be willing to trade nights at the bar for cheaper activities like game nights in.
Creating a Realistic Budget
One of the most important tips for how to stick to a budget is to start with a realistic budget — or, in other words, a budget that is easy to stick with. These three steps are key to starting off on the right foot.
Assessing Income and Expenses
To create a realistic budget, you need to first assess where you currently stand. That means calculating how much, on average, is coming in each month and how much, on average, is going out each month.
You can do this by gathering bank statements from the past several months, then adding up all of your (after tax) monthly income. This is how much you have to spend each month. Next, add up what you are spending each month to come up with a monthly average. If your average monthly spending exceeds your average monthly income (meaning you’re going backwards) or is about the same (meaning you’re not saving), you’ll need to find places to cut back.
Setting SMART financial goals
Whether your goal is to build an emergency fund or go on a great vacation, setting clear, achievable financial goals will help you create — and stick to — your budget. Strong goals serve as reminders for why you’re choosing to spend less in some areas, which can make sticking to your budget feel more rewarding.
Consider using the SMART framework when setting goals. You’ll want your goals to be:
Specific: Rather than saying, “I’d like to save more,” try to be more specific, such as “I’d like to put a downpayment on a car in four months.” Measurable: You want your goals to have a measurable outcome, such as a set amount of money you’d like to save by a certain date. Attainable: If a goal is too hard to achieve, you might give up before you get very far. Strive to set goals that are attainable given your current income, expenses, and time frame. Relevant: It’s key that your goals address your top needs and concerns. Consider what will give you the most security and value to your life right now. Time-based: Having a set timeline to reach your goals can help you stay on track.
Recommended: Smart Financial Strategies to Reach Your Goals
Prioritizing Essential and Non-Essential Expenses
A budget is an opportunity to align your spending with what’s most important to you. You’ll want to have three main categories for spending:
• Essential expenses (“needs”) These are your necessities, such as groceries, housing, healthcare, and transportation.
• Nonessentials (“wants”) These are the expenses that aren’t necessary for survival but enhance your quality of life.
• Savings This is the money you separate from spending each month and allows you to reach the financial goals you established earlier.
A very basic approach to budgeting is the 50-30-20 rule, which divides your net income into the above categories, spending 50% on needs, 30% on wants, and 20% on savings. Those percentages may not be realistic for everyone, however, If you live in an area with steep housing costs, for example, you may need to spend more than 50% on needs and take some away from the “wants” and/or “savings” categories.
Practical Tips to Stick to Your Budget
Once you have a basic budget in place, you’ll need to stick to it — or you won’t see any progress towards your goals. Here are six ways to keep spending and saving on track.
1. Sleep on Big Purchases
Impulse buys can quickly throw your budget off course. To avoid the problem, try the 30-day rule: If you see something nonessential you want to buy either online or in person, put the purchase on a one-month pause. Tell yourself that if, after 30 days, you still want the item, and you can afford it, you’ll buy it. This gives you time to reflect. You may well decide that you don’t need or want the item that badly and forgo the purchase.
2. Aim to Never Spend More Than You Have
Getting into debt can be a vicious cycle that is tough to get out of. Just paying the minimum on your credit card balance, for example, means you’re never getting ahead of your debt. Running a balance also means you’re going to end up paying far more for your purchases than the original price tag.
If you want something you can’t afford right now, plan for it, and start setting money aside for it each month. When you have enough, you can splurge without guilt — or throwing off your budget.
3. Set up Auto Draft for Bills and Savings
To make sure you never miss a payment (and avoid late fees), consider setting up autopay for all of your regular bills. You can apply the same principle for paying yourself (a.k.a saving). Simply set up a recurring transfer from your checking account to your savings account for the same day each month (ideally, right after you get paid). Even small amounts will grow into something larger, which can ultimately buy that vacation or cover an unexpected car repair.
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4. Plan Your Meals to Curb Impulsive Spending
When you’re hungry and there’s no food in the house, it’s hard to resist the call of the drive-through or your fave local take-out spot. You can avoid this temptation by planning your meals (including breakfast, lunch, dinner, and snacks) each week, making a grocery list, and sticking to that list in the store. Meal planning saves you from blowing your weekly food and restaurant budget. Bonus: You’ll probably eat healthier, too.
5. Utilize Technology for Tracking and Managing Your Budget
One of the best ways to stick to a budget is to harness technology. Putting a budgeting app on your phone, for example, can help you keep track of your spending and savings. These apps connect with your financial accounts (including bank accounts, credit cards, and investment accounts), so you don’t have to manually enter your purchases and transactions.
Apps can help you monitor bank accounts, credit card spending, and even keeping track of how much you spend in cash. Some apps allow you to split your spending into your own categories and can send you alerts when you start to max out your budget to help keep you from going over. Even better, many budgeting apps are free (at least for the basic service).
6. Revisit and Adjust Your Budget as Needed
A successful budget is rarely a one-and-done proposition. As your income, expenses, and/or financial goals change, it’s a good idea to revisit your budget and make adjustments.
You may want to check in on your budget every six to 12 months to reflect on your budgeting journey. How well is your budget working to advance your goals? Is it still relevant to your life? Maybe you’re spending more in certain categories and less in others. Perhaps you can siphon off a bit more to savings each month and reach your goals faster. Picking up changes in your financial habits can help ensure that your budget reflects your current priorities.
The Takeaway
Learning how to stick to a budget means starting with a realistic budgeting plan, setting SMART goals, picking the right tools, and keeping a watchful eye on your money as your income and expenses change. Remaining agile and staying disciplined with your budget will allow you to meet your expenses, enjoy extras like travel and entertainment, and achieve your future goals.
Better banking is here with up to 4.60% APY on SoFi Checking and Savings.
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet..
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
If you’re on the hunt for the best apartments in Orlando, you’re in good company. Orlando ranks as the fourth-largest city in Florida, and the population continues to boom.
Known as “The City Beautiful” and “Amusement Park Capital of the World,” Orlando sports eclectic apartment communities with poolside villas, social scenes and palm tree views for millennials and retirees alike.
Whether you’re seeking an apartment to return to after work or tan poolside during retirement, there’s something on this list of the 25 most popular apartments in Orlando for everyone.
The 14-story Julian kicks off our list. Located in the heart of Downtown Orlando, this community is by the Orlando Science Center, Executive Airport and tree-lined Baldwin Park. Apartments feature newly renovated interiors and open floor plans, resulting in plenty of spaces to kick up your feet and relax.
Need a studio, one-, two- or three-bedroom apartment? The 403-unit Julian has them all, so you’ll easily find an accommodating space for your Florida lifestyle.
Translating to “The Beautiful Life,” the apartments at La Bella Vida offer crown molding, elegant granite countertops and sliding glass doors leading to the balcony’s lovely views. Other perks include the light fixtures, tall cabinets and tiled showers — all comforting touches.
You’ll gawk at La Bella Vida’s location near banks, gas stations and medical centers. Plus, minutes away lies College Park, perfect for your morning stroll.
These spacious apartments are conveniently located off the turnpike close to many of Orlando’s theme parks, including Universal Studios and Walt Disney World. And, for medical needs, AdventHealth Celebration hospital is just minutes away.
Tenants enjoy the vaulted ceilings, walk-in closets and energy-efficient washers and dryers available in the units, too.
Last but not least, architecture with elongated archways and views overlooking a pond and fountain make Pinnacle Point a popular Orlando apartment.
With a resident coffee bar, lounge, clubhouse, valet trash and high-speed internet, the trendy University Park ranks high for Orlando apartment seekers.
These one-to-three-bedroom apartments feature oversized tubs, a tiled backsplash and upgraded cabinets and ceiling fans.
Living up to its name, the complex resides only minutes away from University Park, Full Sail University, Rollins College, Valencia College and the University of Florida, making it a top choice for millennials.
In the market for a one-four bedroom apartment or townhouse? The Amara community in the bustling, artsy Metro West neighborhood is a catch.
Here you’ll find an upscale $1,759 one-bedroom apartment worth every penny — stacked with modern open floor plans, accent walls, large windows and ceiling fans.
All in all, Amara’s amenities will have you drooling: Relax at the resort-like pool, lay around in a hammock or pump some iron at the state-of-the-art fitness center. If you can fork up the cash, consider this hip community.
Located at 14200 Colonial Grand Boulevard, the newly remodeled interior of Parkway at Hunter’s Creek sports vaulted ceilings, pickled oak and cherry wood cabinets and quartz countertops.
This complex even boasts a walking path to Hunter’s Creek Elementary School, convenient for families.
Finally, don’t forget its detached, remote-controlled garages, fitness center and gate access, too. Residents enjoy the neighborhood, too, which provides access to hiking, jogging and biking trails as well as a pet park.
With a tip-top maintenance team, exceptionally groomed landscape and a massive swimming pool, Avesta Forest Oaks fills our list at No. 19. Renters love the newly remodeled interior, complete with walk-in closets and vinyl hardwood-themed floors.
No doubt, Avesta Forest Hills is a must-see for Orlando apartment seekers due to its updated kitchen appliances and recently upgraded bathrooms.
Offering two to three bedrooms and two baths from 1,278 to 1,492 square feet, Village Townhomes come equipped with a fireplace and breakfast nook. The complex also provides guests with extra storage, a media center, playground and more. And, for the golfer, the Rosemont Country Club sits only minutes away.
Whether you wish to kick back at the pool or visit the onsite fitness center, Village townhomes aim to impress with private entry, upscale floor plans and resort-like amenities.
What do dual master bedrooms, granite countertops and split floor plans have in common? The Crest at Waterford Lakes apartments, that’s what. Here, you can peer off your balcony and view the Florida sunsets over palm trees and a reflective pond.
Don’t have furniture? No problem, the furnishing option is just one of many perks at this popular Orlando apartment complex.
This thoughtful community provides housing to adults with disabilities while encouraging independent living.
Perks include light housework, grocery pickup, meal prep and prescription refill services. Residents also appreciate the top-notch disability access, fitness center and high-speed wireless internet.
So, if you need some extra, kind support, Quest Village’s tagline says it all: “Welcome home.”
The 150-unit Veranda Club complex is reminiscent of European architecture and courtyards. It offers one-two bedroom apartments overlooking golf courses and an elegant fountain.
Located in the hub of Orlando near multiple restaurants and shops, apartments feature large archways, tall windows and walk-in showers.
Featuring one- to three-bedroom apartments starting at $1,840, East Orlando’s Pine Harbour mixes luxury, elegance and convenience.
Tenants love the 24-hour emergency maintenance, unique auto detailing center and clubhouse.
Inside you’ll find ceiling fans in every room, along with custom-designed cabinetry and a mosaic tile backsplash. The upscale kitchen with modern fixtures is no joke and balconies and screened-in patios are available.
Conveniently located near Orlando’s downtown, Pine Harbor also sports views of a lagoon pool and reflective water.
Near highways 417 and 418, River Park lives up to its name. The community is comfortably nestled by the Econ River, so you’ll often see residents out for a stroll. Tenants even receive their own private access to Blanchard Park and the serene duck pond on the premises.
With onsite parking for renters and guests, plus loads of planned social activities, the pet-friendly and classy River Park is a lovely place to call home.
Picture sitting under an umbrella by a massive pool; this could be you at Grove Apartments.
Not the relaxing type? Hit up the business center, playground or onsite clubhouse. Grove also offers short-term availability, all-electric kitchens and is conveniently located near Fashion Square and Colonial Plaza.
Lancaster Villas feature 145 units located near the Florida Mall. Residents look on from their balconies onto elegant landscaping, a swimming pool and a clubhouse.
Inside, you’ll find oversized closets, a laundry facility and open floor plans.
The District on Baldwin Park resembles a majestic mansion next to a large lagoon pool.
Whether you crave a studio, two-bedroom townhome or a three-bedroom apartment, you’ll appreciate the newly renovated interior, tall doors and stainless steel appliances inside.
Fitness fanatics will love Orlando’s Cricket Club community featuring a basketball court, fitness center, swimming pool, playground and dog park.
Safety is another highlight since you’ll find gated access, an alarm and onsite patrol. Plus, apartments are spacious and luxurious, with entertaining outdoor spaces.
If you’re searching for an apartment close to schools, shopping and restaurants, look no further than the energy-efficient single-story Blossom Corners Apartments.
Close to highway 408, Blossom Corners sports ample storage with large closets, attic space and a utility room. Head outside to the private fenced patio while viewing the manicured lawn.
At $943 for a one-bedroom, Blossom Corners is an affordable space behind its trademark, enticing blue doors.
Love the water? Check out Gulfstream Harbor — complete with catch and release fishing, boat and RV storage and a harbor patio.
Work up a sweat on the basketball, tennis, shuffleboard or pickleball courts and visit one of the three swimming pools. Georgeous units come equipped with a kitchen island, ceiling lighting and plenty of windows.
Orlando apartment searchers should consider Kara West’s smoke-free one- to three-bedroom, one-two bath apartments with water, trash and a pest service included. Ultimately, the apartments themselves feature large open floor plans, a balcony and a kitchen window nook.
Residents also appreciate the social events and the pet-friendly spaces.
Residents go ga ga for Pinnacle Cove’s vaulted ceilings and luxurious, pet-friendly 644 to 1,344 square-foot apartments with access to a playground and fitness center.
So, if the balcony views of the boardwalk to the gazebo and swimming pool aren’t dreamy enough, the palm trees and the pond are just as lovely too.
Finding an Orlando apartment furnished with a washer, dryer and dishwasher is no easy feat. But you’ll find all three in your pet-friendly Mosaic at Millenia unit.
Located near the Mall at Millenia, this gated community with intrusion alarms has safety covered.
Bonus amenities include a media room with surround sound, a resort pool, barbecues, billiards, volleyball/tennis courts and picnic areas. Another perk — the complex is within walking distance of public transit.
Located off Kingsgate Drive, Woodhollow is a hop and skip to Universal Studios and nearby Orlando entertainment.
Woodhollow units come cable-ready and equipped with a balcony, dishwasher and beautiful hardwood floors.
Plus, this community features quality spaces for both families and retirees.
First, this small apartment complex only has 28 units. Second, this complex boasts new interiors as well as top-of-the-line stainless-steel appliances.
You’ll love the hardwood flooring, sliding entrance ways and patio/balcony, too. A trendy close-knit community, Ava at Sodo is only eight minutes from Downtown Orlando.
Topping our list as the most popular Orlando apartment is Club at Millenia, with prices starting at $1,216.
Located near loads of golf courses, shopping and nightlife, boredom doesn’t exist here.
The apartments themselves feature upgraded kitchens with tiled backsplashes, open floor plans and various windows.
Other perks include the friendly staff and the resort-like pool.
The best apartments in Orlando
So what are you waiting for? Find apartments for rent in Orlando near the heart of entertainment, where you can also relax and enjoy Florida’s sunny views in no time. While living it up in the Florida sun, enjoy these Orlando apartments with amenities galore.
We looked at all available multifamily rental property inventory from January to June 2021 on Rent. to determine which properties with an Orlando mailing address are most viewed by organic internet searches. The information included in this article is used for illustrative purposes only. The data contained herein does not constitute financial advice, availability or a pricing guarantee for any apartment.
There’s a strange new kind of signup bonus offer, flagged by Uscreditcardguide. Instead of giving a finite signup bonus, this new kind of offer will tout a bonus of ‘up to xx points’. For example, I’m seeing (incognito) on this signup page an offer on the Amex Platinum for, “Up to 150,000 Membership Rewards® Points. Find out your welcome offer if you’re approved.” And a similar offer on the Amex Gold card for, “Up to 90,000 Membership Rewards® Points. Find out your welcome offer if you’re approved.”
After you submit your application and before you accept the Card (if you are approved), we will tell you the exact amount of Membership Rewards®Points which you are eligible to earn, which will be an amount up to 150,000 points. To qualify for such points, you must spend $8,000 (the “Threshold Amount”) or more in eligible purchases on your Platinum Card® from American Express within the first 6 months of Platinum Card® from American Express Card Membership starting from the date that your account is opened.
Note, most regular signup bonus pages still have the standard language, and this is only showing on special increased offer pages. In any case, worth keeping your eyes out for this.
Seems like a simple thing — to measure the square footage of a house. Just multiply the length by the width of each room and add up all your numbers. Not so fast. First of all, what’s a “room”? Do closets count? Basements? And why does accurate measuring even matter? There’s a lot to unpack.
What’s so important about getting square footage right?
If you’re moving into a new home and you want to know if your California king is going to fit into the primary bedroom, it’s nice to know the room’s square footage.
But there’s more riding on how to calculate the square footage of a house than just being able to fit your stuff. The square footage of a house determines its value. Lenders rely on square footage for mortgage calculations, tax assessors rely on square footage for assessments.
So, if you’re renting a house now but thinking of buying, it’s important to understand your current square footage so you can make a good comparison when house hunting.
What’s included in a house’s square footage?
There are several different answers to this question. First, here are a few terms to understand:
GLA (gross living area) is a home’s finished livable space above ground. And, if any part of the finished space is below grade, the entire area is typically known as below grade. GLA calculates when appraisers measure the home’s exterior. It goes in public records and is often important for tax purposes.
TLA (total living area) is like GLA but it includes finished basement space or possibly an accessory dwelling unit (ADU).
Living space is determined by American National Standards Institute (ANSI) Z765, which is a voluntary guideline for describing, measuring, calculating and reporting area for single-family homes.
Living space generally refers to “anything that is under the roof, within the house that is finished and heated — space heaters don’t count,” said Bryan Reynolds, a Certified General appraiser in Kentucky and Tennessee and president of the National Association of Appraisers.
Rooms to measure when calculating the square footage of a house
You might be surprised by which rooms are included — and which are not — when determining how to figure out square footage:
Bedrooms
Bathrooms
Kitchens
Hallways
Finished closets
Areas that don’t count towards the square footage of a house
There are plenty of rooms or spaces in your home that would qualify as “living space,” but don’t get counted in the total square foot calculation:
Finished basement: Say you have a ranch home with 1,000 square feet above ground and a 1,000-square-foot finished basement. An appraiser would say it’s 1,000 square feet of above-grade space and 1,000 square feet below grade. A real estate agent might say that there are 2,000 total square feet.
Enclosed porch: “If it’s unheated or used seasonally and there’s a separate door to the livable area, then it’s not included,” Reynolds said. But “if it’s finished in similar quality to the rest of the home, functional in design and has a heat source that is permanent in nature, then it can be included.”
Garage: The normal garage storage space doesn’t count. However, a bonus room above the garage might count. Only if it’s heated and 100 percent finished to a similar quality as the house. And, if it’s directly accessible from the inside of the house though.
Accessory Dwelling Unit: Unless it’s actually part of the house, it’s considered a separate entity.
Then, if you want to really get into the weeds, what about the sort of dead space under the stairs? According to Reynolds, ANSI says to include it, but AMS (American Measurement Standard) allows you to remove it from the square footage equation.
And, if you’ve got a bay window with a bench under it, one could argue that if you were to take the bench away, there would be useable floor space and that should come with the square footage.
How to figure out the square footage
Now that you know what to measure, here’s how to measure. But first, remember the aforementioned ANSI Z765?
For a room to make it in a home’s total square footage, the ceiling must hit a certain height — seven feet or higher or six feet four inches if there are beams or soffits. Plus, no portion of the finished area can have a ceiling height of less than 5 feet.
Let’s say you’ve got a Cape Cod with a sloped ceiling and knee walls. That portion under the sloped ceiling (if it’s five feet or less) is not counted in the square footage (see image). In addition, the rest of the ceiling must hit at least seven feet for at least half of the room’s floor area.
Photo source: AccurateHomeMeasuring.com
Keep in mind that an appraiser will, hopefully, look around inside the house but will measure the house from the exterior — unless there’s that pesky sloped ceiling situation, in which case they will have to go inside or the square footage will be off.
According to Hamp Thomas, certified residential appraiser and author of “How to Measure a House Using the ANSI Standard,” the pros use a 100-foot tape measure to do their job. Certainly, a shorter tape measure would work. However, there is a lot of stopping, starting and adding that can lead to inaccuracies.
Measure around the outside of the house above the foundation. Multiply the length by the width of each rectangular space. If you’ve got a second story and can’t reach a corner on the exterior, for example, measure from the inside and then add the width of the exterior walls.
Know why you’re measuring
It’s likely that, if you’re reading this, you’re not a professional appraiser. If you’re interested in getting a general sense of how much footage you have in your house, grab a measuring tape and measure each room’s length and width and multiply those numbers. Then add all the square footages together. “Don’t forget to include any outside walls thickness, or just measure from the exterior,” Reynolds said.
If a room isn’t a nice rectangular shape and has jogs and bumps, create rectangles, measure and multiply the length by width. Then, add up all the bits and pieces.
And if old-school tape measures aren’t your thing, there are lots of free measurement apps that you can download to your phone. You can also put the information into Calculator Soup’s square footage calculator, which can help you figure out the square footage of differently shaped rooms.
Measure on.
Stacey Freed is an award-winning writer and former senior editor for Remodeling, a trade publication focused on the business of the remodeling and construction industry. As an independent writer, she continues to write about the building, design, architecture and housing industries. Her work has appeared in Better Homes and Gardens and USA Today special interest publications, Realtor magazine, This Old House, Professional Builder and online at AARP, Forbes.com, House Logic and Sweeten.com among other places.
Inside: Tight on time or money? One of these mini savings challenge printables is perfect for you. With these free printables, you’ll be able to save more money in no time.
The concept of a mini savings challenge is all about making money-saving a fun and engaging process. It breaks down your broader financial goals into manageable, short-term targets that cumulatively will help you reach your long-term objectives.
Around here at Money Bliss, we are known for having the best money saving challenges. While they are super popular on Pinterest and Google, what matters the most to us is that people are actually using them and their lives are changing.
So, if that is what you are looking for, then you are in the right place.
We know that the personal savings rate is dipping into the lowest range since 2007-2008 financial crisis around 3.4%.1 That is alarming because many people are one step away from not being financially stable.
Let’s dig into those mini saving challenges to make an impact in your financial life.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Why is a Savings Challenge Beneficial?
A savings challenge, while enjoyable, serves a more significant purpose. It instills a sense of financial discipline and allows you to visualize tangible results.
By making saving a fun and rewarding game, you’re more likely to stay committed and motivated.
This is why my money saving challenges are so helpful for thousands of my readers.
How this Mini Challenge Works?
Mini savings challenges work on the principle of small, regular savings resulting in significant sums over time.
By following a set rule – such as saving a particular amount every week, or matching a specific spending habit with a savings deposit – these challenges make it easy and fun to grow your savings without feeling overwhelmed.
Popular Mini Savings Challenge to Save Money
I love that I am known as an expert in helping people save money. The reason is simple – I love a good challenge.
If you have the right mindset, then you can save money on your income.
1. $300 Mini Saving Challenge
Many of us dream about having a comfortable savings account, but it’s often easier said than done. However, with the $300 Mini Saving Challenge, you can start building that financial safety net one step at a time. This challenge aims to help you stow away $300 and note slight improvements in your spending habits.
The $300 Mini Saving Challenge works by asking you to save a small amount each day. The goal is to gradually increase the daily savings, making it less burdensome and more achievable to hit your target of $300. This challenge is perfect for beginners who are apprehensive about taking on substantial financial commitments all at once but still want to cultivate good money-saving habits.
Expert Tip: Utilize a savings tracker, whether it’s a traditional paper-and-pencil method or a digital app, to keep track of your progress.
Raisin
Simply select one of the high-yield savings products offered by their network of federally insured banks and credit unions to begin your savings journey.
You can open a free Raisin account in just a few minutes!
Compare Rates
2. $500 Mini Saving Challenge
Learning how to teach yourself to save is one of the hardest things for my readers to do. So, they love these easy milestone challenges
This $500 mini savings challenge is a simple yet effective strategy to begin accumulating a substantial nest egg. This challenge requires you to systematically set aside a predefined amount each day, week, or month, consistently working toward a $500 goal.
Expert Tip: For the $500 Mini Saving Challenge, set a weekly savings goal and commit to reducing unnecessary expenses to manage and accumulate your targeted amount effectively.
3. 10 Week Saving Challenge
Kick-start your savings journey with an invigorating 10-week savings challenge. This feasible initiative can boost your bank balance and cultivate a savings habit.
As James Clear states in his famous bestselling book, Atomic Habits, it takes 21 days to build a new habit.
The challenge will triple your dedication as you will be setting aside a predetermined sum each week for ten weeks. The amounts could steadily increase to enhance the yielded savings.
Week 1 – Save $10
Week 2 – Save $15
Week 3 – Save $20
Week 4 – Save $25
Week 5 – Save $30
Week 6 – Save $35
Week 7 – Save $40
Week 8 – Save $45
Week 9 – Save $50
Week 10 – Save $55
By the end of your 10-week tenure, you will have amassed a handsome total of $325! This challenge is particularly beneficial for beginners who are striving to enforce a strict savings regimen.
Then, you can move on to our popular 52 week money saving challenge and choose the proper amount for you.
Expert Tip: Use a calendar or a mobile application to track your savings and keep you motivated throughout the challenge.
4. Mini Birthday Fund
Like a little surprise gift to yourself, the Mini Birthday Fund Challenge is for those who want to ensure they have a little extra cash to celebrate their special day in style. This delightful savings plan can be started at any time of the year, but the closer to your birthday, the more urgent the catch-up.
The plan is intuitive. Choose a monthly savings goal—say, $20—and diligently tuck away that amount every week or month until your birthday arrives. Then, voila! You have a mini birthday fund to splurge on a rewarding gift or experience gift for you. My personal favorite is spa time!
This is self-care and financial discipline bundled into one smart package.
Expert Tip: You can modify the amount you need to save and the total you need to save.
Our Top Pick
CIT Bank
Hailed for its competitive APY rates and digital ease of use, GOBankingRates named CIT as one of the Best Online Banks for 2022.
Earn one of the nation’s top rates.
Pros:
Daily compounding interest.
No account opening or maintenance fees.
Your deposits are FDIC insured.
Deposit checks remotely.
Make transfers with the CIT Bank mobile app.
5. The Penny Challenge
The Penny Challenge further simplifies savings. Plus you will be AMAZED at how much you can save with this simple penny challenge.
Every day you will save one more penny than the day before, yes, just one more penny. That will equal $667.95 in a year.
You can collect all the pennies you acquire and store them in a jar. Once your jar fills up or you hit your 365 days, deposit the pennies into your savings account.
Note: Though the denomination is small, you’ll be surprised at how much you can amass over time. Remember that every penny counts!
6. 365-Day Nickel-Saving Challenge
The 365-Day Nickel-Saving Challenge is perfect for those who like a daily commitment. Start on day one with a deposit of $0.05, and each following day, add a nickel to the previous day’s savings.
By day 365, you will deposit $18.25, accumulating a total of $3339.75 for the year. It’s a manageable and rewarding way to save.
7. The Dime Challenge
The Dime Challenge is similar to the Penny Challenge but uses dimes instead. Though the denomination is small, you’ll be surprised at how much you can amass over time.
Each day you will save ten cents or a dime more than the previous day, by the end of the year, you will save $6,679.50.
Day 1 – Save $0.10, Day 2 – Save $0.20, Day 3 – Save $0.30, and continue for 365 days
Collect all your dimes in a jar, and when it fills up, deposit them in your savings.
10X Effect: This challenge can help you save more money, more quickly than the Penny Challenge because dimes are worth ten times as much as pennies.
8. Dollar Savings Challenge
The $1 Savings Challenge is all about setting aside every single $1 bill that comes your way.
This is a great challenge if you use the cash envelope method for budgeting.
Even if you do this for just three months, you can save up to $1,000. It’s simple — every time you find a $1 bill, put it in your savings jar. This method makes saving money entertaining and gratifying.
9. The $5 Challenge
The $5 Challenge is similar to the $1 Challenge, with just a slight increase in the amount. It involves saving every $5 bill you come across.
Once again, better for those who use cash. But, you still can transfer $5 at intermittent increments to a separate online savings account.
The money saved from this challenge depends on how often you use cash and the duration of your challenge. It’s a doable and straightforward approach to savings.
Raisin
Simply select one of the high-yield savings products offered by their network of federally insured banks and credit unions to begin your savings journey.
You can open a free Raisin account in just a few minutes!
Compare Rates
10. 25 Envelopes Challenge
Another popular choice is the 25 Envelope Challenge which is a simpler version of the 100 Envelope Challenge. You get 25 envelopes, number them from 1-25, and each day, choose an envelope at random and put in an amount equivalent to the envelope number.
By the end of the challenge, you will save $325 in less than a month.
This challenge makes saving money unpredictable and exciting, leading to substantial savings over time. Next, you can try the 50 envelope challenge.
11. The Spare Change Challenge
The Spare Change Challenge involves saving all your loose change in a jar or piggy bank. Once the container fills up, deposit the savings into your bank account.
You’ll be surprised at how quickly the change adds up! However, this challenge works best for those who frequently use cash.
Tip: Don’t be afraid to pick up spare change on the ground!
Our Top Pick
CIT Bank
Hailed for its competitive APY rates and digital ease of use, GOBankingRates named CIT as one of the Best Online Banks for 2022.
Earn one of the nation’s top rates.
Pros:
Daily compounding interest.
No account opening or maintenance fees.
Your deposits are FDIC insured.
Deposit checks remotely.
Make transfers with the CIT Bank mobile app.
12. Round Up Savings Challenge
The Round Up Savings Challenge is best suited for card users. Whenever you make a purchase, round the figure to the nearest dollar and deposit the difference into savings.
For instance, if you spend $17.50, round it up to $18 and save the remaining 50 cents. It may seem small but will accumulate over time.
Go Digital: You can easily do this with the Acorns app.
13. No-Spend Challenge
The No-Spend Challenge encourages participants to avoid spending any extra money beyond the essentials for a set time. This involves taking a “financial fast,” where any non-essential spending is put on hold.
As such, this is one of my personal favorites, especially for those new to budgeting. It really helped me grasp what I truly needed to spend money on and what I didn’t. The same is true for all of my readers. The savings from this challenge can be substantial.
You can tailor the time frame to your own liking — try a no-spend day, week, or even month. Learn more about the no spend challenge.
14. No Eating Out Challenge
A no eating out challenge serves as an excellent tool to realize your spending habits as it eliminates the often overlooked cost of frequently dining out, enabling you to save more than expected. Right now, the average person spends $166 per month with most average costs in the $10-20 range.2
Combating your habit of eating out can lead to considerable savings, hence the No Eating Out Challenge. Under this challenge, you commit to avoiding restaurants, takeaway, and delivery for a set period, typically a month. The money saved from not dining out is then transferred into your savings, leading to substantial amounts over time.
This challenge makes you conscious of your expenditure and allows you to understand the significant amount you can accumulate over a period, promoting better spending habits.
15. The Spending “Swear Jar” or “Bad Habit” Challenge
Implementing a swear jar or a ‘bad habit’ jar can serve multiple purposes effectively. Not only does it stimulate the accumulation of savings, but it also aids in the transformation of replacing a bad habit with a good habit.
The rule is simple – each time you indulge in a specified bad spending habit, like making an unplanned purchase, you deposit a set amount (like a dollar) into your “swear jar.” This challenge effectively boosts savings while reducing unwanted expenses.
This is a great tactic to reduce your variable expenses.
Bonus: Savings Percentage Challenge
Last, but not least, my personal favorite! Increasing your Savings Percentage challenge.
The Savings Percentage Challenge urges you to save a fixed percentage of your income, preferably 20% every month. By adjusting the savings percentage to your comfort level, this challenge provides adaptability and the potential for significant savings over time.
To encourage savings as a regular habit, increase your savings percentage by 1% each year or with any pay raises or expense reductions.
See how the saving percentages work.
Tips for Successful Savings Challenge
Tip #1 – Creating Your Savings Goals
Creating specific, measurable, achievable, relevant, and time-bound (SMART) savings goals is the first step to your savings success. Your goals could be anything, ranging from a weekend getaway to creating an emergency fund.
Having clear savings goals keeps you motivated, providing a sense of purpose and direction. Learn more about smart money goal setting.
Tip #2 – Establishing the Savings Timeline
Once you have your savings goal, establish a realistic timeline to achieve it.
If your goal is to save $1000 and you decide to save $100 per month, your timeline will be 10 months.
If you need to save $300 in 30 days, then you must save $10 a day.
Establishing a clear timeline helps you organize your savings efficiently and remain motivated in your journey.
Tip #3 – Automatic Savings
One area I always stress to my readers is to pay yourself first. This concept is to set money aside first when you get your paycheck.
Then, take it one step further and establish an automatic transfer from your regular account to your special savings fund each pay period or month. This way, you won’t have to remember to make the transfer yourself, and it becomes an out-of-sight, out-of-mind saving habit!
Tip #4 – Staying Motivated through the Challenge
Track your progress visually, say, by coloring a box each time you save is habit-worthy. Keep your progress chart somewhere easily visible. This practice makes tracking fun and keeps you encouraged to save more.
Our free resource library of printables is full of possible money saving challenge ideas!
Staying motivated throughout your savings journey is crucial. Plus, watching your savings grow over time can be incredibly satisfying.
Tip #5 – Adjust your mindset for Improved Savings
Achieving your savings goals is truly a mindset game. Instead of seeing savings as a subtraction from your income, adjust your mindset to view it as paying yourself first.
Moreover, remember not to beat yourself up over occasional slip-ups. Continue to focus on your goal and celebrate small achievements.
Every dollar saved gets you one step closer to your goal.
Extending the Mini Savings Challenge – What’s Next?
Once you have completed a mini savings challenge, take your saving habit to the next level. Assess your financial situation and savings goal to determine new challenges.
You could consider higher-value monetary challenges or extend the challenge’s duration. Remember, consistent saving habits can greatly impact your long-term financial health.
Maintaining consistency in saving money is a golden key to long-term financial health.
Here are our popular money saving challenges:
Regardless of the amount, the habit of regularly putting money aside significantly contributes to building considerable savings. Remember, it’s not always about how much you save, but how consistently you do it.
Consistently saving, even smaller amounts, can lead to substantial totals over time.
Download the Printable Savings Tracker
To make your savings challenge fun and interactive, download one of our free printable savings trackers. These printable trackers will help you visually track your progress, boosting your motivation.
Every time you save money, color in a box or check it off.
Seeing this visual representation of your savings grow is a fun, rewarding way to track your journey toward your financial goal. Once you reach your goal, start again and keep the momentum going.
**To access these free printable, you must subscribe to my newsletter and you will be emailed the password.**
Frequently Asked Questions (FAQs)
Yes, you can start a savings challenge at any time. There is no specified period or date to begin.
You can choose a day that suits you best and kick off your savings challenge. Remember, the important part is not when you start, but that you start – and consistently save.
Staying committed to your savings plan is primarily about discipline and motivation.
Personally, I visualize my financial goals and stay motivated by celebrating small wins. You can do the same thing.
Also, use a savings tracker to make your progress tangible and fun. Finally, involve family or friends in your savings challenge so you can motivate and encourage each other along the way.
Of the Mini Savings Challenges, Which Will You Try First
Embrace the journey of a savings challenge, enjoying the process just as much as the destination.
This is key to becoming financially stable. It’s not only about reaching your financial goal but also about developing lasting habits of financial discipline and stewardship. These mini savings challenges are a learning experience and remember, no matter the size of your savings, every step is a step in the right direction.
With the help of a mini savings challenge tracker, you can start small yet grow big in savings.
These mini challenges, though small-scale and manageable, can lead to a significant increase in your savings over time. More than that, they encourage the much-needed habit of saving regularly.
Get started on your savings journey, make it enjoyable, and watch your money accumulate over time.
Sources
FRED St. Louis Fed Ecomonic Data. “Personal Saving Rate.” https://fred.stlouisfed.org/series/PSAVERT. Accessed November 8, 2023.
US Foods. “The Diner Dispatch: 2023 American Dining Habits.” https://www.usfoods.com/our-services/business-trends/american-dining-out-habits-2023.html. Accessed November 8, 2023.
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More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Angelo Mozilo defended his compensation plan before the Committee on Oversight and Government Reform today, explaining how he built Countrywide from the ground up and based his pay largely on performance.
“My personal experience as a CEO is unlike that of many other American CEOs,” said Mozilo. “As a founder of the company, I was not brought in to serve as the CEO of an existing major enterprise, nor did I start out as an employee of an established company and then work my way up.”
“We shared a dream to create the first national mortgage banking company focused on providing homeownership opportunities to all Americans, including families who had been largely left behind by traditional mortgage lenders,” he said.
The former Countrywide boss went on to say that the Board and shareholders agreed upon a compensation plan for executives that would be performance based, and because the company was so successful, his earnings skyrocketed.
“From 1982 through April 2007, our stock price appreciated over 23,000 %. As a result, earlier in this decade, I received substantial income from performance based bonuses earned under a formula based on earnings per share,” he said.
“In short, as our company did well, I did well.”
Mozilo noted that his holdings had increased in value as the stock continued to march higher, and it wasn’t until 2004 that he began dumping shares as part of his planned retirement.
“In December 2004, in consultation with my financial advisor as we prepared for my retirement, I exercised a number of outstanding options, a significant number of which were about to expire, and sold the underlying stock pursuant to plans established with the advice of counsel.”
Despite this, Mozilo said he is still one of the company’s largest individual shareholders, because he believes in the company.
Lastly, he added he would not receive a bonus for 2007 or 2008, and that he decided to forego his severance pay to ensure the Bank of America purchase isn’t complicated as a result.
“I voluntarily gave up these benefits because I did not want this issue to detract from, or in any way to impede, the important task of completing the Bank of America transaction, one that I believe is critical for our employees, our shareholders, our customers and the economy in general,” he concluded.
Read the full testimony.
The Committee on Oversight and Government Reform has a report chock full of questions regarding Mozilo’s steep pay, ranging from his decision to sell shares while the company was borrowing money to repurchase shares, to a flawed “peer group” that inflated his level of compensation.
Financial wellness doesn’t have to be complicated. While you’ll eventually want to work up to a financial plan that includes a detailed budget, savings goals, and a retirement plan, there are small things you can do today to set you off on the right foot. What follows are nine hacks for money that can help you get organized, save more, knock down debt, and master the basics of personal finance.
9 Money Hacks to Help Save You Money
These simple moves can help you boost your financial health, reach your goals, and avoid financial pitfalls like impulsive spending and unmanageable debt spirals.
1. Use Multiple Savings Accounts
Having a different savings account for each one of your goals — whether it’s a new car, a down payment on a house, or even a big vacation — can be a great way to keep track of your progress. If you only have one account, it can be difficult to know what money is earmarked for which goal. For example, if you have $15,000 in your savings account, it may be hard to track that you have $5,000 saved for an emergency fund and $10,000 for a home purchase.
Separate savings accounts makes it easier to prioritize the goals you’re eager to reach, allowing you to fund those accounts first. It also decreases the chances you will raid the account to cover another expense. If an account is clearly labeled Emergency Fund, you may think twice about using it for a trip to Tulum.
And since many banks now offer savings accounts that feature the same interest rate, no matter how low your balance, you don’t need to put all your savings in the same account to get the highest yield.
💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.
2. Ditch Your Low-Interest Savings Account
Is there anything better than money you don’t have to work for? The interest you’re paid for keeping money in a bank account is basically that. If you’re still using your first savings account, however, chances are you’re getting a low interest rate.
Right now, the best online savings account interest rates are around 5%. Traditional brick-and-mortar banks, on the other hand, generally offer rates that are close to the national average, which is currently 0.46%. If you have a $10,000 savings balance, choosing an account that pays 5% will earn you about $500 in a year. If it stays in a bank account that pays 0.40% APY, you would earn about $40. The difference increases the more you deposit and the longer you keep the money in the account.
Failing to open a high-interest savings account means you’re giving up free money.
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3. Put Saving on Autopilot
Automating your savings is a great way to separate your savings from your spending without any extra effort on your part. If you wait to see what you have left at the end of the month to make a manual transfer to savings, you may forget or, worse, you may have nothing left to move.
There are two ways to automate your savings: One is to split up your direct deposit and funnel part of it into a savings account; the other is to set up a recurring transfer from your checking account into a savings account for the same day each month (ideally right after you get paid). If you have different savings accounts for different goals, you can choose to have a set amount for each account.
4. Pay Down High-Interest Debts
Credit card annual percentage rates (APRs) are now averaging a record 28.93%, up from 26.72 percent in 2022. To whittle down high-interest debt, consider making at least one extra payment on your credit cards per month. If you have multiple balances, here are two ways to knock them down:
• The snowball method With this approach, you make your extra payment on your smallest debt, while maintaining minimum payments on the others. When that debt is paid off, you focus on paying off the next-smallest debt, and so on.
• The avalanche method Here, you put your extra payment towards the debt with the highest interest rate, while making minimum payments on the others. When that debt is paid off, you focus on the debt with the next-highest rate, and so on. The money you save in interest payments can then go towards saving (and earning interest).
5. Audit Your Subscriptions
There’s a good chance you are paying monthly for things you no longer need or use. To find out, review your credit card or bank statement to see what subscriptions services you’re paying for each month. Do you have cable, but only watch streaming services like Netflix and Hulu? Are you paying for streaming services you never, or rarely, watch? You might also audit your music services — if you are paying for more than one, you might keep your fave and get rid of the others.
The monthly fee for each streaming service may seem small but, when you pay it every month, year after year, it can seriously add up.
Recommended: How to Track Your Monthly Expenses: Step-by-Step Guide
6. Put a Free Budgeting App on Your Phone
Keeping tabs on how much is going in and going out of your accounts is crucial to financial wellness. But who wants to spend hours coming through statements? A budgeting app does the work for you, and many are free (at least for the basic service).
Popular budgeting apps, like Goodbudget, EveryDollar, and PocketGuard, allow you to connect with your financial accounts (including bank accounts, credit cards, and investment accounts) and give you a bird’s eye view of your finances. Right from your phone, you can see what’s in your bank account, your current credit card balance, what you’re spending the most money on, how your spending compares to last month, and more. This can be eye-opening and help you make smarter financial decisions.
💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your online savings account.
7. Practice the 3-Day Rule
Online shopping has made it easier than ever to impulse buy. You’re only one click away from a new jacket, blender, or television. So try this smart spending hack: Whenever you see something you want to buy, either online or in-person, DO NOT buy it that day. Put the purchase on pause for at least three days. Tell yourself that if, after three days, you still want the item, and you can afford it, you’ll buy it. This gives you time to reflect. You may well decide that you don’t need or want the item that badly. If you’re worried about missing a “one-day” or “flash” sale, don’t — retailers run sales all the time.
Recommended: How to Stop Spending Money: 7 Strategies to Curb Overspending
8. Use Cash
This may sound counterintuitive, but spending cash can actually help you save money. The reason: When you spend in cash, you actually have to physically give up your money when you spend it, unlike with a credit or debit card.
You might try taking out a set amount of money for discretionary spending for the week, and when the money is done, you’re done spending. Or, consider using the envelope budgeting system, where you take out a certain amount of cash for the week and divide it into envelopes for food, gas, etc. As you see the money go down in each envelope, you’ll have to think hard about every purchase.
9. Gradually Boost Retirement Savings
. You may have heard that you “should” be putting 15% of your income into your 401(k) or other retirement fund each year. It’s a solid goal. But for many young people, it may not be remotely realistic. That said, you shouldn’t give up on the whole idea. Why not try baby steps? You might start by putting just 1% of each paycheck into your retirement fund, then increase it by 1% every three to six months.
While 1% is a small percentage of your annual earnings today, after 20 or 30 years it can make a big difference in your account balance when you retire. That’s because the longer you give your money a chance to grow, the better.
Recommended: When Should You Start Saving for Retirement?
The Takeaway
Getting a better handle on your finances may perennially be on your to-do list. The problem is that this goal can seem too vague and too overwhelming to even know where to begin. The good news is that you don’t have to overhaul your personal finances overnight. Simply adopting some smart money habits (or hacks) can snowball into long-term financial stability and wealth. And there’s no better time to start than today.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with up to 4.60% APY on SoFi Checking and Savings.
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet..
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
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Do you want to get paid to watch ads? While you won’t get rich watching ads (it’s not a full-time job), it’s an easy way to make extra money to cover a phone bill or pay for some groceries. And, it’s something you can do from your couch and in your spare time. If you’re…
Do you want to get paid to watch ads? While you won’t get rich watching ads (it’s not a full-time job), it’s an easy way to make extra money to cover a phone bill or pay for some groceries.
And, it’s something you can do from your couch and in your spare time.
If you’re wondering why companies are even paying people to watch ads, it’s simple.
Companies pay people to watch ads or fill out surveys to get a better idea of what the consumer wants and whether they would buy the product or not. This helps companies improve their product and potentially make way more money. They also pay people to watch their ads so that they can get more eyes on their company.
Today, I’ll help you learn how to get paid to watch ads as well as the best apps and sites to watch ads for money.
13 Best Places To Get Paid To Watch Ads
There are many different places to make money watching ads. Below are some popular options for the best places to make money watching ads.
1. InboxDollars
InboxDollars is one of the top ways to make money watching ads, with over $80,000,000 being paid out to people who use this site (watching ads isn’t the only way, though). Once you sign up for an InboxDollars account, you can start watching ads for extra money.
You can also make money on InboxDollars by:
Cash back shopping
Playing games
Trying out new products and services
Reading emails
Printing coupons
How to sign up for InboxDollars:
Sign up for InboxDollars here and get a free $5 bonus.
Start watching ads by heading to the Videos tab on their site to see what ads are available to you.
The videos open in a different tab or window. Some videos start playing automatically in the new tab or window, while others need you to click the Next button to see the next part of the content.
2. Swagbucks
Swagbucks is a website that pays people for watching ads, completing surveys, and more. You can watch ads on a bunch of topics including food, cosmetics, fashion, and more.
Swagbucks pays via points (known as SBs), and they can easily be transferred so that you can get paid either via gift cards (such as to popular retailers like Amazon or Walmart) or get cash back via PayPal.
Swagbucks’ minimum withdrawal amount is also just $3.
You can also make money on Swagbucks by:
Filling out surveys
Playing games
Scanning receipts
Complete daily tasks offered in the app
Referrals (such as with a referral link)
How to sign up for Swagbucks:
Click here to sign up.
Set up an account by entering your email and setting up a password.
Start watching ads or filling out surveys.
Sign up for Swagbucks here (and earn sign-up bonus points).
3. MyPoints
MyPoints is a rewards site that has over 20 million active users on their website. MyPoints has access to tens of thousands of surveys and advertisement videos to watch for extra cash.
Once you create a profile and fill out basic information about yourself, MyPoints will even send you surveys to fill out. Once you fill out online surveys, you get paid via points which can then be redeemed for gift cards, travel miles, and more.
You can also make money on MyPoints by filling out surveys, playing games, and even redeeming coupons.
How to sign up for MyPoints:
Sign up on their website.
Create an account by entering your email and setting up a password.
Start watching ads.
Sign up for MyPoints by clicking here.
4. PrizeRebel
Prize Rebel is a popular survey app that rewards members who answer surveys, watch ads, and try out free samples. Prize Rebel pays out via PayPal cash, Bitcoin, gift cards, and more.
You can also make money on Prize Rebel by:
Trying out free samples
Entering sweepstakes
Trying out new apps
Trying out free trials
How to sign up for Prize Rebel:
Create an account by either entering your info or connecting your Facebook account.
Start watching ads or filling out surveys.
Sign up for Prize Rebel by clicking here.
5. Ibotta
Ibotta is an app (available for Android, Apple, etc.) that gives cash back to customers who make everyday purchases. Once you’re in the Ibotta app, you can start clicking and activating special cash back by clicking the + button next to the item offer.
Some offers will make you watch an ad on their product in return for getting their offer.
For certain retailers, you can even link your store loyalty account to the Ibotta app. This makes it incredibly easy to earn cash back with the app because you don’t have to submit any receipts.
You can also use Ibotta even if you’re shopping online. To shop from your phone, open the Ibotta app, tap online shopping, and browse offers from hundreds of retailers.
New Ibotta users get $10 when they spend $50 at participating online retailers.
How to sign up for Ibotta:
Sign up for an Ibotta account.
Shop and click to activate offers within the app.
Shop at stores like you normally would.
Submit receipts to the Ibotta app.
Please click here to sign up for Ibotta.
Recommended reading: How To Make Money Without A Job
6. iRazoo Rewards
iRazoo Rewards is an app that pays people to watch ads and fill out surveys. New offers are added everyday, making it easy to find new ways to earn iRazoo points within the app.
You can also make money on iRazoo Rewards by:
Answering surveys
Completing offers
Playing games
How to sign up for iRazoo Rewards:
Download the app and create an account.
Fill out the information about yourself.
Start watching ads.
7. Nielsen TV Ratings
Neilson is an information and market research company that you’ve probably seen in commercials in the past as they are popular. Neilson’s job is to give companies information into consumer behavior so that they can create and improve their products.
And, this is why they need you!
Nielson pays out via PayPal Cash, gift cards to stores like Amazon, and more.
How to sign up for Nielsen:
Sign up for an account.
Download the app on your phone or computer.
Earn rewards.
8. Earnably
Earnably is a website that pays you to complete different tasks, such as watching videos.
Earnably pays out via PayPal cash or gift cards. This app stands out more from others because you only need $1 to cash out the rewards that you earn. This means that it is typically easier to get your first payment.
How to sign up for Earnably:
Create an account.
Start watching ads or filling out surveys.
Redeem points for PayPal Cash or gift cards.
9. QuickRewards
QuickRewards pays people to watch informational and entertaining videos on topics like news, lifestyle, pop culture, food, and more.
To get paid to watch videos on Quick Rewards, you simply go to their “Videos” tab when you’re logged in. You’ll then see the daily videos that are available to you, and the amount of points that you can earn for watching each video.
When I was logged in, I was able to earn points for watching movie trailers, food videos (such as cooking tutorials), ads, and more.
There is only a 1 cent minimum needed for redeeming points on QuickRewards. You can earn free PayPal cash, gift cards to Amazon, and more.
You can also make money on QuickRewards by:
Filling out surveys
Playing games
Completing offers
Shopping online
How to sign up for QuickRewards:
Create an account.
Start watching ads.
10. AppTrailers
AppTrailers is a way to make money by watching videos of new apps, celebrity gossip, DIY videos, video ads, and more.
You get points for watching these videos, which you can then redeem for PayPal cash, Amazon gift cards, and more.
You can also make money on App Trailers by playing trivia in the app and entering sweepstakes.
How to sign up for AppTrailers:
Download the app and create an account.
Fill out basic information.
Start watching videos.
11. AdWallet
Unlike the other apps mentioned, AdWallet’s only way to make extra money in the app is by watching ads. After you’ve finished the ad, you’ll complete a short survey. Once you’re logged into the app, you’ll see videos that are ready for you to view them.
The minimum payout for AdWallet is $10 and cash out options are via PayPal cash, gift cards, or donating the funds to a charity.
How to sign up for AdWallet:
Create an account.
Start watching videos.
Redeem points for gift cards or PayPal cash.
12. KashKick
KashKick is an online platform that pays users cash for completing tasks like watching videos. There are no points in KashKick, so you always know exactly how much you’ve earned.
You can also make money on KashKick by:
Completing offers
Trying out new apps
How to sign up for KashKick:
Sign up for a KashKick account.
Review offers in the app.
Start earning money.
Please click here to sign up for KashKick.
13. GrabPoints
GrabPoints is similar to all of the other survey apps and rewards its users for answering surveys, watching videos, and playing games.
To make money watching ads with GrabPoints, you want to pick one of the following video providers: Hideout.TV and Loot.tv. Each of these video providers offers all kinds of videos with topics from entertainment, fashion, sports, and action. How many points you earn depends on the channel.
You can also make money on GrabPoints by:
Taking surveys
Playing games
Downloading apps
How to sign up for GrabPoints:
Create an account.
Start earning points by watching ads or filling out surveys.
Redeem points for cash or gift cards.
FAQ – How To Make Money Watching Ads
Here are answers to common questions about how to watch ads for money.
Can I earn money from watching ads?
Yes, you can earn money from watching ads right from your smartphone or laptop. The amount you earn depends on several things such as the survey site, how long the ad is, and how much time is needed from you.
Ads pay out at around .7 cents per advertisement for Inbox Dollars and related sites. Sites may pay via PayPal cash, Visa gift cards, Amazon gift cards, and more. Withdrawals (payment thresholds) typically start at around $5 to $10, but depend on the specific site.
Recommended reading: 26 Weekly Pay Jobs To Make Money Quickly
Which app pays for watching videos?
There are tons of mobile apps that pay users for watching videos. The top apps that pay for watching ads include Swagbucks, Inbox Dollars, MyPoints, You-Cubez, and Slidejoy. You can search on Google Play and the iOS App Store to look for more. Viggle used to be a popular option for watching short films as well, but it is no longer around.
How to get paid to watch ads on your phone?
To get paid to watch ads, download the app you want to use. You can choose from many apps including MyPoints, Inbox Dollars, Swagbucks, and more. Then, create an account and fill out some basic information. Survey sites want to know information about you to match you to certain surveys.
Once you have the app and information filled out, start browsing the different tasks you can do to make money. This may be watching ads, filling out surveys, printing and redeeming coupons, playing games, etc.
Once you complete the task, you’ll start earning rewards which can then be redeemed for PayPal cash, gift cards, and more depending on the app.
Why are companies paying people to watch ads?
Companies and advertisers pay people to watch ads to get product testing, feedback and insights, and ideas on how to fine-tune their product before the product goes public.
These brands want to know what you’re thinking and what you think about certain products or services. This helps them in the process of making new items for their brand.
Recommended reading: 21 Best Free Surveys That Pay Cash Instantly
Is it worth it to make money by watching ads?
You won’t get rich making money watching ads, but it is an easy way to make extra income to pay off a bill each month.
You may want to think if it’s worth the time and effort to make money watching ads. Try out an app or site listed above for a couple of weeks and see if it’s worth it. You may find that it’s easy enough to do while you’re watching Netflix or waiting in the car to pick up your kids from school.
How To Get Paid To Watch Ads – Summary
If you’re looking to make extra money in your downtime, watching ads is an easy side hustle to start.
By signing up for apps and sites like Inbox Dollars and Swagbucks, you can get paid watching ads, filling out surveys, and even get free products in return for giving feedback to the brand.
Inside: The Penny Challenge is an easy way to save money every day. By making small contributions of pennies each day, you can easily save hundreds of dollars. Plus a free printable!
Mastering the art of saving can be quite daunting, particularly for individuals living paycheck to paycheck. The idea of setting aside large sums of money daily might seem intimidating, leading to inertia and a lack of progress in saving attempts.
However, the Penny Challenge creates a refreshing approach to saving. You are saving pennies!
Thus, it takes away the pressure of dealing with large figures, making the saving process more accessible and manageable. Starting with as little as a penny a day, this challenge silently builds a savings habit and a more positive money mindset.
Rather than feeling overwhelmed, you gain slow and steady momentum in your saving journey, eventually accumulating a significant sum of $667.95 in 365 days. This subtle method of saving demonstrates that even slight changes in financial behavior can lead to impactful results.
The simplicity of the Penny Challenge is its greatest strength, making it an efficient and easy way to kickstart your savings journey.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What is the Penny Challenge?
The Penny Challenge is a delightful saving endeavor that begins with saving just one penny on the first day. The idea is to incrementally increase your savings by one more penny every day.
So, on day two, you save 2 pennies, on day three, 3 pennies, and so on. By the end of the year, on day 365, you’d save $3.65.
All adds up to a substantial $667.95 by the end of the 365 days!
History and Popularity of Penny Challenge
The Penny Challenge, while not heavily documented, appears to have its roots prior to social media where people started sharing it as an easy and fun way to save. It rapidly gained popularity because of its simplicity and the significant accumulation of savings from mere coins.
Today, people from all walks of life participate in Penny Challenges, tracking their progress and sharing their successes online. It’s not only popular among individuals but also families, helping children understand the concept of saving.
How the Penny Challenge Works
Around here at Money Bliss, we have plenty of money saving challenges to install habits of saving money.
The Penny Challenge is a suitable strategy for beginners, and even seasoned savers, making a significant impact on one’s back account by the end of the year with over six hundred dollars with just pennies.
Daily Contributions: Saving a Penny a Day
The core of the Penny Challenge is rooted in daily contributions.
Starting with one cent on the first day, you’ll boost your savings by an additional penny each day.
This means you’ll end up with three cents on the third day, four cents on the fourth, and so on. Remember, each penny is a stepping stone to building your wealth, so no amount is too small to fit in your piggy bank.
This habit-building exercise is particularly beneficial for those just starting out or anyone looking to make the most of their loose change.
Penny Challenge Chart in Action
Day
Penny Savings
Balance
Day 1
$0.01
$0.01
Day 2
$0.02
$0.03
Day 3
$0.03
$0.06
Day 4
$0.04
$0.10
Day 5
$0.05
$0.15
Day 6
$0.06
$0.21
Day 7
$0.07
$0.28
Day 8
$0.08
$0.36
Day 9
$0.09
$0.45
Day 10
$0.10
$0.55
Don’t be fooled! Pennies add up over the course of the year!
Monthly Contributions: An Alternative Approach
If daily contributions seem daunting or easily forgettable, consider the alternative monthly approach. Instead of saving each penny per day, you can make a lump sum deposit each month equivalent to the total you’d save daily.
For instance, in January you’d put away $4.96, in February $12.74, and so forth. This approach lessens the daily burden and keeps your saving habit on track.
Month
Penny Savings
Balance
January
$4.96
$4.96
February
$12.74
$17.70
March
$23.25
$40.95
April
$31.65
$72.60
May
$42.16
$114.76
June
$49.95
$164.71
July
$61.07
$225.78
August
$70.68
$296.46
September
$77.55
$374.01
October
$89.59
$463.60
November
$95.85
$559.45
December
$108.50
$667.95
If you like simplicity and want to start on any month, this approach is for you! The assumption is you save for 30 days regardless of the number of days in the month.
Month
Penny Savings
Balance
Month 1
$4.65
$4.65
Month 2
$13.65
$18.30
Month 3
$22.65
$40.95
Month 4
$31.65
$72.60
Month 5
$40.65
$113.25
Month 6
$49.65
$162.90
Month 7
$58.65
$221.55
Month 8
$67.85
$289.20
Month 9
$76.65
$365.85
Month 10
$85.65
$451.50
Month 11
$94.65
$546.15
Month 12
$103.65
$649.80
Raisin
Simply select one of the high-yield savings products offered by their network of federally insured banks and credit unions to begin your savings journey.
You can open a free Raisin account in just a few minutes!
Compare Rates
Penny Challenge Variations
Great news! There are plenty of ways to maximize your savings deposit with one of the advanced strategies.
Modified Versions of the Penny Challenge: 26 Week and 52 Week Challenges
For those who wish to tweak the Penny Challenge to fit their lifestyle better, there are modified versions such as the 26 Week and 52 Week Challenges. Many people prefer this as they are paid on a biweekly basis for budgeting.
For the 26 Week variation, you’d start with the max you would save which is $3.65 on week one, and decrease the saving amount by one cent every subsequent week, ending with $95.04k.
Similarly, the 52 Week variation begins with saving 3.65 on week one and ends with $3.13 on the 52nd week. Thus, saving $179.67.
These modifications are ideal for shorter time frames or lower savings targets.
Reverse Penny Challenge & its Benefits
The Reverse Penny Challenge works in the opposite direction to the traditional method. It starts by putting away $3.65 on day one and then decreases the amount by one penny each day.
The primary benefit of this approach is that it gets the more significant amounts out of the way early. For some, this method might be more digestible, and it can be particularly beneficial for those who find their finances tighter towards year-end.
All of our reverse money saving challenges are extremely popular since you may lose motivation to the end or other unexpected expenses pop up.
Coffee Habit Backwards Reward Challenge
Let’s be honest… most of these savings amounts are less than your cup of coffee at Starbucks or your Amazon order.
So, on those days you choose to spend money on coffee or a just-because purchase, then you must deposit the same amount into your penny challenge funds!
It’s just pennies, right?!?!
Other Popular Money Saving Challenges:
Grow your savings account with one of the other popular money savings challenges!
Acorns
Invest spare change, invest while you bank, earn bonus investments, grow your knowledge and more.
Every purchase you make means an opportunity to invest your spare change! So coffee for $3.25 becomes a $0.75 investment in your future.
Get Started
Penny Challenge Free Printable
Downloading the free printable penny saving challenge is a beneficial next step!
To access the free printable, you must subscribe to our email list. Then, you will be emailed the password to our free library – full of many printables to help you on your money journey.
FAQs about the Penny Challenge
By participating in the Penny Challenge and putting one penny in a jar every day, increasing the amount by a penny daily, you would end up with $667.95 at the end of the year.
It’s a simple yet effective way to accumulate a substantial amount from seemingly insignificant daily contributions.
If you were to save exactly one penny each day for a year without increasing the amount, you would end up with just $3.65 at the end of the year.
In contrast, the Penny Challenge’s incremental daily savings can significantly boost to a handsome $667.95 a year.
Every Penny Counts: Significance of Small Savings
While a penny might seem insignificant, the Penny Challenge proves that even the smallest denominations can cumulate into a significant sum.
This challenge reinforces the age-old adage, “A penny saved is a penny earned.” Teaching us that regularity and persistence in saving, regardless of the amount, can make a meaningful impact. It’s a testament to the potency of small daily habits in shaping your financial future.
Diving headfirst into the world of saving can often seem daunting, but any type of challenge makes it approachable and fun.
Seeing the Penny Challenge through to the end provides more than just financial gains; it instills a powerful habit of saving and exhibits the enormous potential of minor daily contributions. Upon reaching your savings goal, not only will you feel a sense of accomplishment, but your brain will also crave the repetition of this gratifying experience, motivating you to save more and tackle larger financial goals.
Remember, the journey of a thousand miles begins with a single cent!
Check out these mini savings challenges!
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More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
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