#40daychallenge

YOUR SAVINGS SPRINT // The foundation of gaining financial freedom is the ability to start building savings accounts so you don’t have to depend on your next paycheck, a credit card, or a loan to take care of unexpected expenses, like your car breaking down, or planned expenses, like Christmas presents. Whether you are looking to start your first emergency fund (3-6 months of expenses) of finally cashflow Christmas, opening a savings account is the first step to get you there. Then, for this challenge, the sprint to the finish line begins. This is not a race for the tortoise!

Step one should be done right away: open a savings account separate from all of your other accounts. If you typically struggle with dipping into your savings account, I recommend setting it up at a different bank than your checking account, so you can’t easily transfer the money over anytime you want. It would take 3 or so days to transfer from one bank to another, which makes it far less convenient. Denver Savings Bank has a savings account that you can open online in about five minutes. I’m sure there are many other great options, I just know this a good one because I’ve banked there my whole life!

Now that you have your savings account setup it’s time to start filling it up. Write down how much you want save and what it’s for. If you don’t have an emergency fund, this is the best place to start. You should be able to get your first $1,000 in your emergency fund in 40 days or less. Heck, if you start the day I publish this, you’d even have time to save $1,000 to cashflow your Christmas!

WHY 40 DAYS? // You might be asking, “Why did you choose 40 days?” It’s easy math and it feels a lot more attainable than 30 days. $1,000 divided by 40 days is $25 a day – I can do that! You can do that, and I’m going to give you 40 ideas how!

Here are 40 ideas to help your $1K 40 DAY CHALLENGE:

Cash-in old savings bonds // Government issued savings bonds stop growing after 30 years, so it might be time to dust them off and cash-in!
Cancel streaming audio // Streaming audio is really convenient. Who doesn’t want to listen to 90’s Boy Bands commercial free?! Cancel your subscription to Pandora and Spotify just for one month. You’ll be listening to “Bye, Bye, Bye” on demand again before you know it.
Sell old video games and consoles // Do you really need every platform of Playstation? When was the last time you blew on those old Nintendo cartridges and actually played? Some vintage games go for a premium on eBay or Facebook market. For an easy sell for less cash go to a video game store like GameStop.
Skip the groceries & empty the cupboards // Have you ever wondered how you would survive after an apocalypse. Come on, don’t act like you didn’t want The Walking Dead to happen a little bit. This is your chance to rummage through the cupboards and eat every last calorie you own instead of loading your cart. This could save you hundreds! Note: You might want to buy the staples like milk, bread, and some fruit so you don’t get scurvy.
Limit your travel // Get strategic with your trips to town. We live 30 minutes away from most entertainment, stores, and restaurants. If you do as well, try to get all your errands done in one trip instead of several individual trips.
Put in some OT // A quick and easy option for you if you work at a job that allows overtime. This is actually one of my least favorite options, because most other options can be done as a family and this one will take you away from your family. If this is for a splurge, don’t do more than a couple extra hours a week. This is totally acceptable, however, if you’re trying to fill your emergency fund ASAP.
Stick to the grocery list // Might not seem like a savings tip, but I come home with AT LEAST $25 more in groceries when I shop at places like Sam’s Club. Stick to your original list, and don’t do your grocery shopping hungry!
Buy generic // Buying generic can feel like finger nails on a chalk board. I mean, nothing compares to Kraft macaroni and cheese, but there are many recipes that you would have no idea if you replaced a name brand for generic. Over the counter medications and kidney beans are great examples. Not sure why I listed kidney beans…
Lower your utility bill // This could probably be a whole section itself, but simple ways to lower your utility bill include putting plastic on your window in the winter, keeping your lights off when the sun is shining, if there’s nobody in the room, or when you’re not home (I hope my wife is reading this), unplugging electronics you aren’t using, and having your whole family use the same water to bathe in. I’m not serious about the last one, but I know it’s a thing.
Skip the babysitter // I am all about date nights, and I’m all about supporting local, but it might be time to call grandma for a free babysitter or have an at-home date night. You could also switch off with your friends, watching their children one night and they’ll watch yours another. Maybe you can charge your friends $25 towards your fund. 🙂
Cancel lawn or cleaning service // Yes, it’s super convenient to have someone maintain your lawn or clean your house, but how much could you save by mowing your own lawn for a week and giving the maid a break?
Lower your cable or satellite bill // Did you know that you can lower your cable bill or satellite bill just by calling and asking? Many times they’ll thank you for being such a loyal customer and lower it on the spot. Other times, if you press just a little bit, they’ll finally cave in. Especially if your contract is up and you could leave at any time. It’s better for them that you spend a little less per month than leave.
Cancel cable or satellite // Why are you still paying from an annual contract? Cancel it totally, if you can. If you miss it so bad a month later, they usually have a new introductory rate, or you can finally switch the streaming, like YouTube TV or Hulu TV and only pay month-to-month.
Lower your car insurance // Another example of simply picking up the phone and asking. Sometimes your insurance agent can find another plan that has the same coverage at a lower rate, or you might find out that your coverage is way too much for what you’re driving.
Finally use your gift cards // How many Target or Walmart gift cards do you have floating around the house? What are you waiting for? The perfect moment? This is that perfect moment! Use up your gift cards for a “free” night out or even more romantic, “free” groceries! One of my best friends says, “It always tastes better free.” He’s right.
Sell your unused gift cards // If you’re never going to use it, then get rid of it. Some start having fees and lower in value after a certain amount of time, so the sooner the better. If it’s a $50 gift card, don’t be shy about selling it for $40 or $45. It’s still more than the $0 it’s worth if you never use it!
Adjust the thermostat // For the entire month, turn the thermostat up three degrees if it’s hot, down three degrees if it’s cold, or turn it off completely if you can hack it.
Order off the Kid’s menu // If going out to eat is super important to you, let go of your pride and order a kid’s meal. My family orders from the kids’ menu at Culver’s, paying a fraction of the cost and still getting more calories than we need. And I get even more than when I steal some of my three year old’s fries. Drink a pop and you can have unlimited calories! Don’t actually do that though…you’ll get sick.
Drink water // Skip the energy drinks, fountain pops (or sodas, if you’re from the South), fancy teas, sports drinks, and just drink water. Note: Don’t buy a bottle of water! That defeats the purpose here. Bring a bottle with you and refill it as you need.
Quit smoking and chewing // If there’s ever a time to quit, now is usually the best time. This is a great motivation to kick that habit that’s costing you a lot of cash every week.
Say “No” to your kids // Have you ever been sucked into buying something that your kid asked for? It’s okay to say “no” – they know that you love them. Eventually their breakdown in the Target toy section will be removed from the security camera history. Instead of saying “Yes” at the toy aisle, give them five minutes to touch every toy. Once the timer goes off, it’s time to go.
Pack a lunch for work // Nobody enjoys packing a lunch for work, and I know I like a good excuse to eat out for lunch like the next person, but try it. Just for a week. Or two. Or four.
Carpool/bike/walk to work // Time to get out the rubber bands to put around the dress pants to bicycle to work. You could also carpool, take the bus, or walk to work if it’s close enough. Gas prices are crazy, so any opportunity to drive less is a good option.
Skip the salon // I have a bald head, so I have no idea what it costs to get your hair done. I also have no idea what it costs to get your hair dyed, but I’m sure that the Cost Cutters end of the spectrum would still be a good cost savings. Let those roots show, maybe that will be the next new trend!
Cancel digital reading // Audio books like Audible are the only way I successfully get through reading books, but there are also free options available. Many libraries offer free apps from Hoopla or Libby that come with your free membership. It’s funny to me that you get one free audio book each month with an Audible monthly subscription. How is that free?
Cancel streaming TV // Hear me out! I’m only asking you to quit binging for a month. Maybe it will encourage you to try new things, like sunlight. This is also a great opportunity to watch the movies stored under your TV that you haven’t opened since you bought them. Your local library is also a great resource for free movies and TV shows. If you can’t tell, our family loves the library!
Offer to do odd jobs for friends // I joked earlier about babysitting for your friends, but it’s actually not all that crazy. If you tell your friends what you’re trying to accomplish and ask if they have any odd jobs they need help with, you might be surprised how many want to help. Plus, it’s not like you’re just sitting around, doing nothing, and asking them to donate to you Go Fund Me. What special skills do you have that they might find helpful?
Sell baby/kids clothes // As your kids outgrow their baby and kids clothes – sell them. Garage sales and Facebook Market are both great ways to sell kids clothes fast. I prefer Facebook, because then you don’t have to wait for you city to have a garage sale. Note: Don’t sell these clothes if you’re planning on having more kids.
Host a garage sale // Garage sales are one of my least favorite ways to make money, but they can be effective…if you have realistic garage sale prices. It important to remember that your goal is not to get the most money out of each item. The goal is to get the most items out of your garage. This can be a great way to get rid of a lot of stuff from a Minimalist Challenge.
Slow down your internet // Gone are the days that you just pay for internet. Now you have to choose from a menu of how many gigs you want, or if you want the Gamer package. Call your internet provider and have them move your internet down to a slower speed. You might end up noticing no difference and saving even more.
Cut the landline // If you are reading this explanation, your situation might be worse than I thought. It’s time to cut the landline. If the world ends, or if all cell phone towers break down, your landline will still do you no good because everyone you’ll want to call only has a cell phone. It’s time to let go.
Get rid of extra data // You are spending a premium for unlimited data on your phone. If you have access to Wifi at work and at home it’s pretty easy to minimize your data usage. Even streaming movies and podcasts can be downloaded when you’re in Wifi areas so you don’t have to use up data when you’re on the move.
Prepay your phone // An easy way to save a bunch on your phone is to switch it over to prepay. You can’t owe any money on your phone in order to switch, but we’ve saved at least $30 a month switching to prepay with Verizon.
Ask to lower to cell phone bill // It’s amazing how much you can save just by asking what the cell phone company can do to lower your bill. It’s even more amazing to see how low they will go when you threaten to switch providers.
Start your side hustle // I enjoy flipping LEGO sets and other stuff I purchase at garage sales. One of my friends enjoys fixing lawn mowers and snowblowers for some extra cash. What interests and skills do you have to start your very own side hustle? This usually takes some cash up front to get started, so make sure you get more money out of it than you put into it.
No spend challenge // Try having a No Spend November by trying to limit all spending as much as possible for an entire month. Live as cheaply as you possible can for one month and move all of that savings into your $1K account.
Skip the morning Starbucks // I put this close to the end because I was afraid you’d stop reading here. If you would just cut one coffee each week for a month you would easily save at least $20.
Pretend you went out for supper // This might sound a little crazy, but if you budget for going out to eat and choose not to, transfer those funds over to that $1K account. For example, we usually go out for lunch on Sunday after church. If we choose to skip and eat lunch at home, I would transfer those funds over to our savings.
Sell on Facebook Market or Craigslist // Is Craigslist still a thing? This is another great option if you’ve done The Minimalist Challenge. I used to sell a lot more on eBay, but the fees kill you and I really don’t enjoy packing stuff and mailing it through the post office. Facebook Market doesn’t have fees (for now) and it’s easy to meet someone quick and sell. Note: Meet in a public area like a gas station parking lot. I don’t like having people come to my house either.
Get creative // Look at your resources, your location, and your opportunities to figure out a fun way to get creative and make some money.

NEXT STEPS // Get that $1K Savings account opened up and get to work. Go through the list of ideas above, then brainstorm for 15 minutes about any other ideas that excite you and are best for your abilities and opportunities. I know there are so many other ways out there to make $25 or to save $25 a day.

You shouldn’t spend more than 30-60 minutes each day of this challenge. Working on it under 60 minutes a day would mean you’re making $25 an hour – not bad! Don’t get frustrated if you don’t make $25 in a single day, you’ll also have some $50 and $100 days, too. If you stay focused you will more than likely get it done in less than 30 days.

Once you complete your $1K 40 DAY CHALLENGE, please get back on this blog and leave feedback on how many days it took you to complete the challenge and how you did it. I would love to have more ideas on how people can make their $1K happen.

TO MY BOYS // “I’m so proud of you. I’m thankful every day that I get to be your dad! You are the very best parts of me. You are dearly loved by your mom and me. Now go out there and do your best.” – Dad