Your 3-Month Summer Savings Challenge

This summer, join our Summer Savings Challenge at Education First to transform your financial health. Spend your summer saving with these six simple and effective daily money habits.
The rules are simple and done over a period of three months:
  1. Set up daily automatic transfers to your savings account.
    • Building a habit of daily savings, no matter how small, can lead to significant financial growth over time. This practice reinforces the importance of saving and makes it a non-negotiable part of your routine. Easily set up an automatic transfer of any amount from your checking to your savings account every day.  Even by saving just $5 a day, you'll have $150 after a month!
  2. Track your spending in a journal or app. 
    • Keeping a daily record of your expenses increases your awareness of spending patterns and helps identify areas where you can cut back. This practice can reveal surprising insights into where your money actually goes. You can track your spending on the EDUCU Access Mobile Banking App.
  3. Read a Banzai or GreenPath financial wellness article once a week.
    • Investing time in financial literacy equips you with knowledge to make better money decisions. By reading one article a day, you can enhance your understanding of topics like budgeting, investing, and debt management.
  4. Do not take on any new debt.
    • Avoiding new debt during this 3-month challenge helps you focus on managing and reducing existing debt while living within your means. This rule encourages mindful spending and prioritizes saving over borrowing. For example, instead of financing a new gadget, this is your opportunity to save up and pay for it in cash, avoiding unnecessary interest.
  5. Set a daily spending limit.
    • Establishing a daily spending limit keeps your expenses in check and prevents impulsive purchases. This habit helps you stay within your budget and ensures you have enough funds for essential expenses and savings goals. For instance, if your daily limit is $20, you'll be more selective about your purchases and focus on what you truly need.
  6. Cook dinner at least five days a week.
    • Cooking at home is often more cost-effective than dining out and allows for healthier meal choices. By preparing your own meals, you can save a significant amount of money each week. Plan your meals, shop with a list, and meal prep to make this task easier. Preparing a large batch of soup, pasta, or meat and rice bowls can provide dinners for several days, reducing the temptation to order takeout. Plus, purchasing the ingredients in bulk can be more cost-effective too.

Embracing our 3-Month Summer Savings Challenge can lead to profound improvements in your financial health. By committing to these six simple rules over the next few months, you'll develop positive financial habits that can last a lifetime.