Save Every Day?

Discussion in Personal Finance started by Denis Hard • Jul 30, 2015.

  1. Denis Hard

    Denis HardWell-Known Member

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    I stumbled into this and thought it might be a great way to save money which can be used to buy gifts in December. It's called the daily saving challenge. The challenge is to save a little money every day. It could be a dollar or less. At the end of the year you'd have about $300. Enough money to buy a few gifts for friends or family, isn't it?
     
  2. missbishi

    missbishiWell-Known Member

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    This initially sounds like an easy way of putting aside a little cash for Christmas. Do you have a link to the challenge at all - the only plans I can find involve putting aside much larger amounts. Thanks!
     
  3. Onionman

    OnionmanActive Member

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    It sounds like a good discipline. Essentially, it makes you more aware of how you spend your money on a day to day basis (most of us couldn't tell you what we did with our money a week ago). Anything that provides awareness, structure and a discipline is pretty good in my books.
     
  4. GemmaRowlands

    GemmaRowlandsActive Member

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    I think that it is a great idea to make sure that you save a little money every day, as this means that paying for things like Christmas aren't going to feel like such a big deal, as you won't have to take all of the money from one month's payment. I do always try to do this, and will save a bit of cash every day if I have the chance to. If you save $1 a day, you will have a lot saved up by the end of the year - more than enough for a few good gifts at Christmas, anyway!
     
  5. gmckee1985

    gmckee1985Active Member

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    You should definitely save everyday. If youre only saving $300 in a year then youre not being fiscalky responsible. I understand expenses and emergencies happen but we should all strive to be as financially secure as possible and live below our means.
     
  6. Rosyrain

    RosyrainActive Member

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    I could easily set aside a dollar each day and make it to over $300 by Christmas time. Thanks for the helpful tip. It would be great to be able to track your progress online somehow and get tips and pointers on how to save more. It would be really fun if you could earn badges or something to keep you motivated.
     
  7. watsadamen

    watsadamenMember

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    Saving even a minimal amount as long as it is constant is a great idea; as long as you make it a routine and follow it religiously, . For me saving everyday is not feasible, saving on monthly basis though is more doable for me. Aside from a following a schedule, you have to make sure you keep the money wherein you cannot easily spend it. I choose to deposit my account where I cannot freely withdraw the money.
     
  8. Rosyrain

    RosyrainActive Member

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    Saving small amounts of money daily would be very feasible for me to do since I work online part of the day to earn a little extra cash. The only problem is forcing myself not to dip into the money at all. I could see putting all the money in my PayPal and just cutting up the card though.
     
  9. sidney

    sidneyWell-Known Member

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    Saving money is quite easy, you just have to be willing to do it and you must make it a point to allot money everyday to reach your goal. I also like to save too, but with the intent of buying something with that money when it reaches a certain amout.
     
  10. ACEP

    ACEPMember

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    Saving money everday is a good habit, a good discipline. It'l help you for the future expenses.
     
  11. Heatman

    HeatmanActive Member

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    It's really a nice idea. Here we call it saving with a safe box. Any little cash at hand, that you really aren't making use of goes into the box and for a protracted period of time, when the safe is opened, you would be surprised at how much you were able to have saved over a period of time.

    This act helps one to build his or her saving culture, because it's by little by little that one learns and masters how to save big and not being extravagant.
     
  12. Rock1987

    Rock1987Member

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    It sounds like a great idea. People should save money everyday. Remember there is a saying that "money saved is money earned". I have seen many youtube videos about the 52-week money saving challenge. Some people save a dollar everyday, some people save 5 dollars every week. At the end of 52 weeks the amount builds up. This can be used to buy presents or something special.
     
  13. TheOtherSide

    TheOtherSideActive Member

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    The idea is great but it's not applicable to me since I don't earn everyday. Money comes only during payday so having to save everyday is not logical. But I made sure to keep something when I receive my salary, say 10% of it I keep in a safe place so that I could have something when emergency comes.
     
  14. overcast

    overcastActive Member

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    To some extent I can save every single day. But it's some of the time required for me to use cashback sites. And also it'd be important to notice that there are some really good options out there. I think saving few dollars here and there helps with online transactions. But local coupons and the discounts are necessary. So that's something you may have to check out. It needs to be properly done with the planning otherwise saving is hard.
     
  15. littlewitch66

    littlewitch66Active Member

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    My sister throws all her loose change in a bottle and she had £100 over the year which she spent on Christmas presents. I find it harder to save loose change because I need it for school activities or for parking, I never seem to have enough so it would take me forever to save it, I think its a good idea if you don't regularly need these small amounts.
     
  16. Jamille

    JamilleActive Member

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    I find it simpler and more convenient to save a fixed percentage of my income each time I receive my salary/earnings before I even begin to spend money. For gift giving, I simply hustle near the Christmas season and keep some of the cash on Paypal to be withdrawn by December and given away to my nephews and nieces as love gifts. They all prefer cash for Christmas as they collate all the money gifts to buy a high priced item like a smartphone or other gadgets. Not that I wish for it, but I have a lean list for Christmas gift giving as we have a small extended family and most of my relatives are living abroad.
     
  17. remnant

    remnantActive Member

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    I wouldn't rate for a whole year because of a holiday, nevertheless its a commendable habit. I have tried severally to rate a certain denomination of coins though the plan crumbles after a while. The best way to rate is to keep looking for opportunities to invest what you have saved to compound your savings. This way, you will not be in a rut when a shortage of cash kicks in and you get to preserve your savings.
     
  18. luri

    luriActive Member

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    saving a dollar every day will make you $365 rich in one year. One dollar is not a big amount and everyone can save one dollar a day. If you save $2 a day, you will have $730 and if you save $3 every day, you will have $1095 in one year. Everyday saving means a lot of money.
     
  19. kaka135

    kaka135Active Member

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    I still remember when I first started working, my brother advised me to save a fixed percentage of my salary before spending any. I agree that it's effective way to save money.

    I like the idea of saving daily challenge, but as a stay at home mom, I don't have income for me to save everyday. I think it's a good idea to teach kids to save money too if they have allowance.
     
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