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$2020 in 2020 Savings Challenge

Updated: Sep 13, 2023

It is a new year and a fresh start for you to start building a nest egg. We have compiled three simple things you can do that will help you save over $2000 by the end of the year. What would you do with $2000?

Tip 1 | Invest

Investing does not have to be complicated with hours of research on which stocks to purchase, or when to buy/sell. You can open an account through Acorns and start investing today.

With Acorns your spare change is invested into various options based on your preferences. You can link eligible debit/credit card(s), and each time you use the linked card your purchase will be rounded up. Save your spare change for a year and see how quickly it adds up.

If you want to keep a consistent flow of cash into your account, you can set up Acorns to invest $20 a month for you, which ensures you will invest $240 into your account by the end of the year.

To help kick start your account, we have included a link below to receive $5 when setting up an account. By the end of the year you will have invested $245, in addition to your spare change.

Tip 2 | Separate Savings/Checking Accounts

Open a second checking or savings account that you do not access for a year. Many banks offer a sign up bonus for opening a new account. Chase is currently offering new account holders the opportunity to earn up to $600 for opening an account with direct deposit. Choose an amount to save per paycheck and have it direct deposited into your second account.

You could save $1300 by using direct deposit to put $25 per week into a second account. Top it off with your opening bonus and you will have saved a great lump of money by the end of the year!

Tip 3 | Get Rewarded

Every month you buy gas and groceries, eat out, and pay bills with your debit card. Put those purchases on a credit card instead and earn points. Just be sure to pay off your balance at the end of each month, treating it as if you used the cash from your bank account. At the end of the year, you can use your points to get cash back or book a long awaited vacation.

Chase has several credit cards that offer rewards throughout the year, as well as sign up bonuses. You can earn $200 cash back with Chase Freedom Unlimited after you spend $500 in the first three months of account opening.

Be sure to leave a comment telling us what you are going to do with your $2000!

*be advised that we may receive a commission from you clicking the links provided in this article.

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1 Comment

Great ideas! I plan implement Tip 3! I’m looking forward to increasing my credit score also😉

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