Here’s How To Save $50 by the End of the Day, According to Financial Activist Dasha Kennedy
Written by
Adam Palasciano
Edited by
Cory Dudak
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Saving money consistently is critical to maintaining financial security. You don’t want to be caught without funds if you get hit with an emergency medical bill or an unexpected car repair. However, too many Americans find themselves without significant emergency savings.
A Federal Reserve report indicated just 63% of U.S. adults could use cash or its equivalent to cover a $400 emergency expense. At the same time, only 54% of U.S. adults had three months’ worth of emergency savings in 2023.
These statistics might scare you, and for good reason. If you find yourself fitting into one or both of these categories, don’t freak out: you can take action to improve your finances.
Financial activist Dasha Kennedy explained there’s a great way to save money every day: the $50 End of the Day Savings Challenge. The general goal of Kennedy’s challenge is simple, requiring that you simply reduce or eliminate expenses to save at least $50 before the end of each day. Here are a few ways you can follow this smart money-saving strategy:
Identify and Cancel Unused Subscriptions
There are so many monthly subscriptions that we all pay for. Spotify, Netflix, HBO Max and Hulu are just a select few — and the list goes on and on. Unfortuantely, it’s incredibly easy to subscribe to a service like these and stop using them without even realizing, only to then continue paying for it. You’ll want to review your bank statement to identify any unnecessary recurring charges. After that, if you log into your accounts and cancel one unused subscription per day, you’ll free up extra cash for other necessary expenses or debts.
Ask Insurance Companies and Cell Phone Carriers for Special Discounts
Insurance and cell phone service are arguably two services that you can’t live without. However, you might be paying too much for your existing plans. Once a day, make a call to negotiate the price you’re already paying. If you’ve been a loyal customer, you might just get a better deal because a service provider doesn’t want to lose your business. Alternatively, if you wait until a day near the end of a service contract to ask for a lower price, this can be an effective strategy to lock in monthly savings.
Find Coupons and Deals
Couponing is a smart way to reduce everyday expenses. Each day, spend a bit of time looking for coupons on things you always buy, whether online or in person. Also, combining coupons with sales and deals can lead to even greater savings. By purchasing coupon-eligible and sale-only items each day (only for the things you need, of course), your savings might quickly add up to $50 per day or more.
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