The quarter challenge starts with 25 cents on day one, and where it goes from there depends on which version you pick. That’s the first thing to know: there are two ways to run this challenge, and this post covers both.
The escalating version adds one more quarter each day, so day one is a quarter, day two is fifty cents, day ten is $2.50. It stays painless for months, and the balance sneaks past $1,000 before day 90. Finish all 365 days and you’ll have set aside $16,698.75, which sounds impossible until you watch the staircase build.
The flat version is simpler: one quarter every day, same 25 cents from January to December. It finishes at $91.25, and it’s the right pick if the goal is building the daily habit rather than the big balance.
Both versions work for the same reason: they turn saving into a game with a chart instead of a discipline project. Pick your version below, grab the printable, and start with tomorrow’s quarter.
Table of Contents
What is a money-saving challenge?
If you’ve never participated in a money-saving challenge before, they are really quite simple and straightforward. There is a designated time frame, in this challenge it will be a year.
And there will be some monetary plan/designation–for this challenge we will be saving quarters.
The challenge is moving through the time frame making sure to hit those savings goals each day.
Pretty simple, right?!
The Escalating Quarter Challenge (the $16,698 version)
Let’s take a look at the savings printable above.
The idea in this challenge is that you are going to save a quarter for every day you are into the challenge.
For example, on Day 1, you save one quarter ($.25). On Day 2, you will save two quarters ($.50).
Why is this challenge effective? Because at the end of the 365 day quarter challenge you will be left with a whopping balance of $16,698.75.
This challenge could be great for people looking to fill out their emergency fund.
Utilizing this money saving challenge you will be on track to save $1,000 by Day 89. That’s just under 3 months of saving.
The Flat Quarter Challenge (the $91.25 version)
If this above method seems a little intense, you could always create slight variations depending on your budget and money goals.
For example, if you are only looking to save $1000 you could stop on Day 89.
The possibilities are endless. of all the ways you can find to save money starting with just $.25 a day.
How much money will I have if I save a quarter a day for a year?
1 quarter a day for a year is $91.25. There are 365 days in a year, $0.25 x 365 is $91.25.
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Where to Save the Money from your Money Saving Challenge
There are a few options when it comes to stashing your new found savings.
OPTION 1: Grab a jar, milk jug, basket–whatever you have handy and start tossing quarters in it every day (marking your printable sheet off as you go.
If you are looking for a super fun option, I found these cute printables you could use to dress up a jar you have around your house.
OPTION 2: Calculate how much you’ll need for the week and make weekly deposits into your jar, jug, basket, etc.
OPTION 3: Automate your savings. Calculate what you’ll need for the week/month and set up automatic transfers to pull those over into a savings account.
Frequently Asked Questions
Wrapping it Up
Money saving challenges can be great tools when it comes to leveling up your money saving game. This challenge in particular puts to rest the idea that even making small deposits can lead to big savings balances. The key here is to find the right one and be consistent.
Have you tried money saving challenges before? What’s been your favorite? Hit reply and let me know.