The Road To Christmas Savings Challenge
Christmas is sneaking up on us again. How do you usually handle holiday expenses?
Do you make purchases throughout the year?
Do you save money in the months leading up to Christmas?
Do you pull it all out of one check?
Do you charge it and pay it off later?
Do you wing it and hope for the best?
If you’d like to prepare in advance this year, it’s never too early to start saving! Whether you want to use the money for gifts, travel, to have some extra money/savings just because, etc., this challenge will guide you through saving $1,200 by the end of November. I’ve built out a schedule with varying amounts between $30-60 to save each week. I’ll post reminders on instagram at the end of every week with the amount that you should transfer to your savings account. You can transfer the amounts weekly, half of the monthly total twice per month, or one monthly lump sum.
To make the challenge a bit more fun and interesting, I will be using the Dobot app to track savings and to add a visualization element. (Sign up using my link and the good folks at Dobot will give you a $5 headstart!) If you’ve ever used Qapital or Digit, Dobot is similar and it’s FREE. You set goals like you would in Qapital and it makes automatic transfers based on your spending like Digit. The Dobot algorithm is designed to prevent overdrafts. If an overdraft is caused by an automatic transfer initiated by Dobot, they will cover the fee. Dobot is also FDIC insured so you don’t have to worry about losing your money.
Note: You can turn off the automatic transfers at any point if you’d prefer to only do manual transfers, or you can leave it on and have more money saved at the end of the challenge.
So are you up for it? Sign up for Dobot (use code qxmue to grab your $5 bonus!) and get ready for our first transfer next week!