New Year Resolution – Hop On These 5 Saving Challenges

The Fellowship of Penny Calling Penny
December 26, 2022
New Year Resolution

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The new year is approaching, and so is the time to make New Year’s resolutions. Whether it’s to get fit, save more money, travel more, or begin saving for your retirement, setting goals for the year ahead is a great way to kick things off. However, often we don’t achieve our goals because we don’t have a plan of action to help us stay on track.

To eradicate this, we’ve provided a guide for you to help keep you close to achieve your saving targets. Here are five saving challenges to help you trudge your way toward reaching your financial goals..

Tips on Saving Challenges

Following are the tips on saving challenges

1. You can become a millionaire by investing in life insurance.

The thought of leaving your family with no financial security is enough to make anyone lose sleep. It’s not just the idea that you won’t be there to support them through tough times—it’s also the fact that it could cost a fortune to keep them in comfort.

But what if we told you it doesn’t have to be this way? What if we told you that by making a small investment today, you could pay off that debt and provide for your loved ones for many years to come?

That’s right! Now is the time to make plans for your financial future by focusing on a term life insurance policy. And while we understand that this may seem like an investment at first glance, it’s actually something everyone should consider doing because it can help you secure your family’s future while providing peace of mind.

Bestow offers term life insurance policies at rates starting at $16 per month—and that’s just for the beginning!  They also provide financial security for your family, so they don’t have to worry about money or bills when you’re gone. Plus, with Bestow, there are no medical exams required—just a fast quote (under 54) and some paperwork from your place of work!

Companies such as StateFarm (ages 18-75) and TransAmerica (18-80) offer life insurance to those in a given age range.

2. Call Off Your Car Insurance Plans

If you have multiple cars or use only one of them regularly, it doesn’t make sense to pay for full coverage. Instead, look into how much money you can save with insurance plans that are more tailored to your needs.

We suggest SmartFinancial, a company that has been in the business for years now and is known for its low rates on car insurance plans. If you take their first-year package, which costs $22 per month, your savings will go up to $700—that’s just one year! 

You can also check with Geico, USAA, Allstate, Progressive, and Travelers for better deals and huge cashbacks! And once you start looking for a website that suits your needs best, you might wonder what took you so long.

The best part about switching from one company to another is that it saves you money! A total savings of $700 over the course of a year will pay for itself in just a few months.

3. Save Smartly – Best New Year Resolution

We all want to start saving now, but we are not always sure what to do.

It may not be possible for everyone to have a portion of their money set aside. Many issues can hinder an individual from successfully investing or saving their money. Such issues include student debt, repaying loans, and handling responsibilities as a single parent.

Investing in the stock market is a wise decision when attempting to save money. This can help you save more and, on average, bring you a return of approximately 7-8% after adjusting for inflation over the long term.

Keep in mind that the market is not always the most reliable source of savings or profits, as it constantly changes and comes with the potential of losses.

According to a financial coach for women, Maggie Germano,

“A high-yielding savings account is one of your best bets outside the stock market.”

Germano also recommends that locking up emergency funds or savings means giving yourself a life free from any financial burden. Even your usual savings account can do wonders. Still, a high-yielding account is highly advantageous, which helps make you earn at least 15 times more than the regular national average rate for your savings account… which is 0.06%.

For instance, if you have $5,000 in your savings account and its annual percentage rate or annual percentage yield is 0.09%, you can earn up to $4.50 in interest after one year. On the contrary, when you leave your account with $5000 and 1.50% APY, you can earn up to $75 after 12 months. So can you see the difference? The money you add to your account in the entire year?

4. You’ll Stay Away From Higher Fees

I’m sure you’ve seen ads along the lines of “Save $5 with no monthly fee!”.

Well, the truth is that these come with a catch.

At usual and long-established brick-and-mortar banks, you’ll find that savings accounts tend to have a monthly requirement or fee, like maintaining your balance to defer that fee.

For example, In order to avoid the monthly fee at my former bank, I had to keep at least $1,500 in my savings account. 

However, some banks and credit unions provide no-fee, high-yield savings accounts without the need to maintain costly branches. Therefore, some customers can benefit from lower fees or higher rates. Furthermore, even if having a $5 monthly fee added to your account may seem like a hassle, it is worth it in the end since it contributes to building up your savings.

5. Search for Some Helpful Account Features

If you are looking for a bank account that is easy to manage and provides the right services, then Ally Bank is the best option. It is one of the most popular banks in America today.

With this bank, you can open a savings account with no minimum or low balance requirements. You can also nickname your savings accounts, so they are easily identifiable to you while accessing them.

Another great feature offered by Ally Bank is its automatic transfer feature that allows you to move money from your checking account into your savings account. This is a convenient way of saving money without even thinking about it.

In addition to providing peace of mind, this feature allows for greater control over how much money goes into your savings account each month. If you want to save more money this month than last, simply adjust the amount that gets transferred from your paycheck!

Also, you will be able to easily split the direct deposit from your paycheck—which means no more late fees or overdrafts on your checking account!

Time to Start Your New Year With Painless Savings

One of the best things about New Year’s Day is that it marks the beginning of a brand new year, which means it’s time for a fresh start! If you’ve been putting off saving money for years or decades and are starting to feel like it’s never going to happen, maybe this is your chance.

We’re here to help you start your New Year with a bang. We know that saving is hard. When it comes to saving, you want to do it the right way, which doesn’t always mean the most efficient way. But with these steps in mind, you’ll be able to save like a pro—and it will feel great.

So what are you waiting for? Start saving now! Subscribe to Penny Calling Penny today and get instant access to all our money-saving tips and tricks—plus exclusive content only available on Penny Calling Penny!

Happy New Year From the Penny Calling Penny team!


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