Can the 365 Day Penny Challenge Help You Save Money

Can the 365 Day Penny Challenge Help You Save Money SAT / ACT Prep Online Guides and Tips Saving money can be really hard. It’s also really important. If you don't, it can be impossible to reach your financial goals, whether purchasing a house or paying for your child’s college education. Saved money also helps pay for sudden, unexpected expenses, like a car repair or an surprise doctor’s bill. However, if you’re stuck in the trap of living paycheck to paycheck, saving money may seem totally out of the question. That’s where the penny challenge comes in! Designed to help you save nearly $700 in one year, the penny challenge makes saving money manageable and fun by breaking your goal into tiny daily payments. In this article, I’ll talk about how the penny challenge works, whether or not it’s a good way to save money, and offer tips to help you succeed if you try it. What’s the Penny Challenge? The 365 day penny challenge (or penny-a-day challenge) makes saving money easier and more manageable by having people deposit a small amount of money every day into a savings account or small jar. Basically, you start by depositing one penny into your savings on the first day of the challenge. The next day, you deposit two pennies. On the third day, you deposit three pennies. You keep increasing the amount of money you deposit by one penny every day, until you deposit $3.65 into the account on the final day. After a year of doing this, you’ll have saved $667.95. The penny challenge helps you save money in manageable small increments. Instead of struggling to put 20% of your paycheck into your savings account, or paying a larger amount of money into your account on a less regular basis, the 365 day penny challenge gets you into the habit of saving a small amount of money very regularly. Penny Challenge Printout Use this printout to keep track of how much money you should deposit into your savings account every day of the 365 day penny challenge. You can also download a larger, PDF version of this chart here: Penny Challenge PDF. Tips and Tricks for the Penny-a-Day Challenge Use these tips and tricks to make following the 365 day penny challenge easier and more fun. #1: Make Saving Easy and Fun Looking for extra motivation to make your savings exciting? Use a fun jar or piggy bank! Find a safe place in your house to put your makeshift savings account. Using a fun jar can incentivize saving money by making it fun and more game-like to deposit your pennies. You can also visualize your progress and see the physical fruits of your savings labor every day. If you'd rather deposit money into an online savings account or an account at your bank, you should try to minimize the frequency of your transactions. If you're depositing the money into a physical savings account, collect all the money from each day of the week in one place and designate a specific day of the week that you'll deposit that into your savings account at the bank. If you'd rather make online transactions, tally the money that you're supposed to deposit each week and transfer it from your checking to savings account in one transaction. You can schedule those online transactions ahead of time if you're worried about forgetting them. I'd highly recommend using a fun jar or piggy bank to save your money during the penny-a-day challenge. Depositing your money that way will make saving money more easy and automatic, since you won't have to make weekly trips to the bank or remind yourself to transfer funds online. #2: Deposit Your Money First Thing in the Morning One of the best things you can do to make the penny challenge easier for you is to get into the habit of depositing your money first thing in the morning. If you get into the habit of depositing money first thing in the morning, it’ll be easier for you to remember to do it every day. Turn saving money into a part of your morning routine, just like brushing your teeth or washing your face. That way, you’ll never forget to do it! It’s better to deposit money in the morning, rather than at night, because when you deposit money first thing in the morning, you won’t have encountered any opportunity to spend that money. If you wait until the end of the day to deposit your money, you may have already spent it on a movie ticket or dinner or other purchase. Depositing money first thing in the morning prioritizes saving over spending. #3: Track Your Progress A great way to motivate yourself is to track your progress. You can track your progress by watching your savings account online, or by updating a small card or placard near your piggy bank. You’ll be surprised how quickly the saved pennies add up, and tracking your progress can also motivate you to continue saving if you're struggling. #4: Place the Chart Somewhere Easy to See Worried about forgetting about the penny challenge? Print out our penny challenge print-out and paste it somewhere you’ll see it every day, like your refrigerator or your bathroom mirror. If you see the challenge every time you reach for a snack, you’ll be less likely to forget about it. Does the Penny Challenge Work? So, is the penny challenge actually effective at helping you save money? If you’ve failed at larger savings challenges, like the 52 week challenge or the bi-monthly challenge, the penny challenge is a solid way to save a bit of money every day, leading up to a decent savings account at the end of the year. Because the 365 day penny challenge requires depositing only a small amount of money every day, it’s a great way for people who struggle with money to start saving. Even if you’re living paycheck to paycheck, you can likely find several pennies every day to put into your savings account. Many people who do the penny challenge are absolute beginners at saving money - which is okay! The penny challenge helps you form a consistent habit of saving money by getting you into the practice of saving money everyday. The biggest con of the 365 day penny challenge is that it doesn’t ultimately save that much money. While $667.95 is a decent amount of savings, it won’t go very far in helping you pay for larger purchases, like a house or a car, or facing unexpected costs, like a hospital bill. You’ll need to eventually start putting away more money in order to fund any larger purchases. Review: How the Penny Challenge Can Help You Save Money The penny challenge is a great way for people who struggle with saving money to get into the habit of putting away a small amount of money each day. By saving pennies every day, you’ll build your savings account and develop smart habits about saving money.

Biography of Queen Alexandra

Biography of Queen Alexandra Queen Alexandra (December 1, 1844 – November 20, 1925) was the longest-serving Princess of Wales in British history. She was the wife of King Edward VII, the successor to Queen Victoria. Although her public duties were limited, Alexandra became a style icon and did significant charity work in her lifetime. Fast Facts: Queen Alexandra Full Name:  Alexandra Caroline Marie Charlotte Louise JuliaOccupation: Queen of the United Kingdom and Empress of IndiaBorn: December 1, 1844 in Copenhagen, DenmarkDied: November 20, 1925 in Norfolk, EnglandKnown For: Born a princess of Denmark; married Queen Victorias son and heir; as queen, held little political power but was influential in fashion and charity workSpouse: King Edward VII (m. 1863-1910)Children: Prince Albert Victor; Prince George (later King George V); Louise, Princess Royal; Princess Victoria, Princess Maud (later Queen Maud of Norway); Prince Alexander John Princess of Denmark Born Princess Alexandra Caroline Marie Charlotte Louise Julia of Denmark, Alexandra was known to her family as â€Å"Alix.† She was born at the Yellow Palace in Copenhagen on December 1, 1844. Her parents were minor royalty: Prince Christian of Schleswig-Holstein-Sonderburg-Glà ¼cksburg and Princess Louise of Hesse-Kassel. Although they were members of the Danish royal family, Alexandras family lived a comparatively low-key life. Her father Christian’s income came only from his army commission. Alexandra had several siblings, but was closest to her sister Dagmar (who would later become Maria Feodorovna, Empress of Russia). Their family was close with Hans Christian Andersen, who occasionally visited to tell the children stories. The Danish royal family became more complicated in 1848, when King Christian VIII died and his son, Frederick, became king. Frederick was childless, and because he ruled both Denmark and Schleswig-Holstein, which had differing succession laws, a crisis arose. The ultimate outcome was that Alexandra’s father became the heir to Frederick in both regions. This change elevated Alexandra’s status, as she became the daughter of a future king. However, the family remained outside of court life, partially due to their disapproval of Frederick. Princess of Wales Alexandra was not Queen Victoria and Prince Albert’s first choice to marry their son, Prince Albert Edward. Nevertheless, Alexandra was introduced to the Prince of Wales by his sister, Princess Victoria, in 1861. After a courtship, Edward proposed in September of 1862, and the couple were married on March 10, 1863 at St. George’s Chapel at Windsor Castle. The wedding was a less festive occasion than many had hoped for, since the court was still in mourning for Prince Albert, who had died in December 1861. Alexandra gave birth to their first child, Prince Albert Victor, in 1864. The couple would go on to have a total of six children (including one who died at birth). Alexandra preferred to be a hands-on mother, but she also continued to enjoy her social life, carrying on hobbies such as hunting and ice skating. The couple were the center of society, bringing a youthful fun to a court long-dominated by a strict (and now mourning) queen. Even after rheumatic fever left her with a permanent limp, Alexandra was noted for being a charming and cheerful woman. Although most accounts seem to show that Edward and Alexandra had a fairly happy marriage, Edwards affection for his wife did not stop the prince from continuing his infamous playboy ways. He carried on several affairs throughout their marriage, both flings and long-term extramarital relationships, while Alexandra remained faithful. She became increasingly isolated, due to a hereditary condition that caused her to slowly lose hearing. Edward ran in scandalous circles and was very nearly implicated in at least one divorce hearing. As Princess of Wales, Alexandra performed many public duties, taking on the burden of some of her mother-in-law Victoria’s public appearances such as opening ceremonies, attending concerts, visiting hospitals, and otherwise conducting charity works. She was a popular young addition to the monarchy and was almost universally liked by the British public. In the early 1890s, Alexandra and her family suffered multiple losses that would also change the course of two monarchies. Prince Albert Victor, her eldest son, died in 1892 at the age of 28 after falling ill during a flu pandemic. His death devastated Alexandra. Albert Victors younger brother, George, became the heir and even married Albert Victor’s former fiancà ©e, Mary of Teck; it is from this line that the current British monarchy descends. Alexandra’s sister Dagmar also suffered a major loss in 1894: her husband, the Russian Tsar Alexander III, died. Dagmars son took the throne as Nicholas II. He would be the last tsar of Russia. Queen At Last Edward was the longest-serving Prince of Wales in history during his lifetime. (He was surpassed by his descendant Prince Charles in 2017.) However, he finally ascended to the throne upon Queen Victoria’s death in 1901. By this time, Edward’s taste for excess was catching up to him and his health, so Alexandra had to appear in his place for a few events. This was the only time that Alexandra was permitted to be involved in matters of importance. She held political opinions (for example, she was wary of German expansion from the beginning) but was ignored when she expressed them in both public and private. Ironically, her distrust proved prescient: she urged against the British and Germans â€Å"swapping† dominion over a pair of islands, which the Germans ended up using as a fortified stronghold during the world wars. Edward and his ministers went so far as to exclude her from trips abroad and forbid her to read briefing papers so that she would not try to exert any influence. Instead, she poured her efforts into charity work. On one occasion, however, Alexandra broke protocol and appeared publicly in a political context. In 1910, she became the first queen consort to visit the House of Commons and watch a debate. She would not be queen consort for long, though. Only a few months later, she was on a trip to Greece, visiting her brother, King George I, when she received word that Edward was seriously ill. Alexandra made it back in time to say goodbye to Edward, who died on May 6, 1910 after a bout of bronchitis and a series of heart attacks. Their son became King George V. Later Years and Legacy As the queen mother, Alexandra mostly continued her duties as she had as queen consort, focusing her efforts on charity work with a side of anti-German cajoling. Her generosity was renowned, as she willingly sent money to anyone who wrote to her asking for help. She lived to see her fears about the Germans realized with the outbreak of World War I, and rejoiced when her son changed the royal family’s name to Windsor to avoid German associations. Alexandra suffered another personal loss when her nephew, Nicholas II, was overthrown during the Russian Revolution. Her sister Dagmar was rescued and came to stay with Alexandra, but her son George V refused to offer asylum to Nicholas and his immediate family; they were murdered in 1917 by the Bolshevik revolutionaries. In the last years of her life, Alexandra’s health declined, and she died from a heart attack on November 20, 1925. She was buried at Windsor Castle next to Edward. A popular royal in life and death, Alexandra was mourned deeply by the British public, and she became the namesake for everything from palaces to ships to streets. Although she was not permitted any political influence, she was a style icon for the women of her time and defined an entire era of fashion. Her legacy was not one of politics, but of personal popularity and boundless generosity. Sources Battiscombe, Georgina. Queen Alexandra. Constable, 1969.Duff, David. Alexandra: Princess and Queen. Wm Collins Sons Co, 1980.â€Å"Edward VII.† BBC, bbc.co.uk/history/historic_figures/edward_vii_king.shtml.