The Lifehacker Money Challenge Is Back!

Welcome to the second annual Lifehacker Ultimate Money Challenge. After considering your feedback, we've decided to once again challenge you throughout the year with a new financial goal every month. This month's? The 30-Day Savings Challenge.

Photo by GoodFreePhotos.com

It works a lot like the 52-week challenge, except we've condensed it down to a month. You'll start with $1 and save $1 more every day. Today, put a dollar in your savings account. Tomorrow, save two dollars, and the next day, save a dollar more and so on and so on until February 1.

If you start today (January 4), by the end of the month you should have $406 saved. That's not as much as you'd save with a 52-week challenge, but it's not bad, either. We realise this is a lot of cash for some folks, but the idea is to just reach this goal as best you can. Plus, it's a challenge — it's not supposed to be easy. If it seems absolutely impossible, though, feel free to come up with your own number and save accordingly. You might turn it into a 15-day challenge and just save $120, for instance.

A lot of you loved the idea of a monthly money challenge but couldn't keep up last year. The good news is, we'll do many of the same challenges this year. However, there will be some new challenges and some variations on the old ones. So if you joined last year, you'll be able to join again. And if you didn't, now is your chance to jump in and take advantage of the accountability.

Who's in for January? Let us know, then be sure to check back throughout the month. We'll have blog posts to help you along the way, and we'll remind you to stick with it, too.


Comments

    I tried the 52 week challenge last year and ended up saving about $1200, helped me buy all the christmas and birthday presents and even save half of that for rainy days. I'll try this monthly one starting from today.

    I like these challenges but to me they are all backwards.

    Start with the largest amount first. So for the 52-week challenge start with $52 in the first week, $51 the next and so on.

    This way the challenge gets easier each week, not harder. And if you have an interest bearing account you might make and extra thousandth of a cent or so in interest.

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