This 7-Day Savings Challenge is The Perfect Way to Prepare for 2025
By Laura Bogart
Most likely, you have heard the old saying about the journey of a thousand miles beginning with a single step. Maybe you even rolled your eyes at it. Still, some words of wisdom are trite but true, and the idea that you need to start small to achieve big things ranks among them. For many people, there’s no bigger goal than saving money.
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When you’re building your savings, you likely have a pretty hefty number in mind. The more commas, the better. Reaching that number can seem daunting, but it doesn’t have to be. In fact, taking one small step every day for a week can propel you far toward hitting your savings goals. Ready to get started? This challenge is the perfect way to set yourself up for a successful 2025.
Day One: Take Stock of Your Finances
While the thought of sitting at your kitchen table, shaking your head over bills and bank statements, may conjure a sense of dread, consider it a chance to play detective in your own life. Look through your checking and savings accounts to determine how much capital you have. Take note of your investments and get clear-eyed about what’s in your retirement accounts. Does your emergency fund have more cobwebs than cash? Be honest about how much is missing.
Once you’ve done your inventory, you’ll know what you’re working with. More importantly, you’ll know how much you need to save.
Day Two: Review Unnecessary Expenses
Be honest with yourself: Do you really watch all of those streaming services? Would the groceries chilling in your fridge give you the side-eye over yet another DoorDash delivery if they could?
By reviewing your bank statements, you can spot patterns in your spending, including the patches of lifestyle creep that have become financial quicksand where you sink more money than you should. Pull yourself out by cutting out what you don’t use or need.
Day Three: Contact a Financial Planner
A highly qualified financial planner can be an essential partner in your long-term success. They can help you plot the best course to meet your financial goals, guiding you through peaks of solid investment periods and helping you navigate the valleys of debt.
With a financial planner you trust, you gain expert financial support through major life events and someone who can explain the benefits of everyday decisions, like choosing the best insurance plans to fit your needs or plotting a solid course toward retirement.
Day Four: Check Your 401(k) Contributions
Speaking of retirement, if you want your future self to be eternally grateful to your current self, look into maxing out your contributions to your 401(k) now. Investing more money into your retirement can come with tax advantages, investment growth, and the assurance of golden years that shine a little brighter.
Even if you’re not quite ready to go all-in on your 401(k) contributions, you can still make smaller contributions that will add up and benefit from the power of compound interest over the years.
Day Five: Review Your Insurance Policies
Once you’ve purchased an insurance package, it tends to go out of sight, out of mind. After all, who has time to think about their long-term care insurance amid the rise-and-grind of daily life? But taking the time to review your insurance policies ensures that what you’re paying for matches your needs, potentially your money.
You might be surprised to discover gaps in your health insurance coverage that could lead to major medical bills in the future, or to learn that you’re eligible for discounts that could lower your homeowners insurance premium.
Day Six: Prepare Your Home for the Winter
While winter weather may get the sleigh bells jingling, it can also trigger alarm sirens when it comes to your heating bills. If you don’t want your bank account–and your nose–to get frostbite as the temperatures plummet, consider having your home’s insulation checked. With proper insulation, you can keep your home warmer without cranking up your heat.
Winterizing your home across the board can prevent costly weather-related damage. Simple tasks like checking your roof, changing furnace filters, insulating your pipes, and cleaning your fireplace can make a massive difference.
Day Seven: Get Your Car Inspected
Bringing your car to the shop may seem counterintuitive to saving money. Think of it this way: Would you rather take on a relatively small cost, like getting an oil change or splurging on winter-ready tires, to avoid more costly repairs down the line? Ensuring your car is running smoothly now can steer you away from the bumpy road of having to buy a new one in the new year.
By tackling one task each day, this seven-day challenge can help you take control of your finances and set yourself up for a more secure 2025. Small steps really do add up, and with a little effort now, you’ll be well on your way to reaching your savings goals and preparing for whatever the new year has in store.
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