Reducing Costs: The Everyday Household Essentials
Key Points Build Continuous Savings: This challenge isn’t just about immediate savings; it’s designed to establish sustainable, mindful spending habits.
November 11, 2024
Day Six: The Passive Penny Challenge
Today's Action
Unlock free money with rewards, rebates, and more
Key Points
- Dedicate an Hour to Discover Free Money: Set aside an hour today to track down hidden savings and unused benefits that can boost your finances with minimal effort.
- Identify Sources of Free Money: Look for free money opportunities like 401(k) matches, credit card rewards, cashback apps, and online coupons.
- Commit Your Findings to Savings: Take the free money you uncover and commit some or all of it to your savings to strengthen your financial foundation.
The Passive Penny Savings Challenge
What if saving money could be simple, automatic, and effortless? What if, instead of constantly worrying about how much you can set aside, you build a system that quietly grows your savings in the background—day after day, year after year? That’s the idea behind the Passive Penny Challenge.
Dedicate an Hour to Discover Free Money
With many potential savings opportunities, it’s clear: we’re leaving money on the table. In fact, one in four employees don’t fully utilize their company’s 401(k) match, missing out on an average of $1,300 per year. Meanwhile, 87% of credit card holders have rewards cards, yet around a quarter of them fail to claim their earned rewards. And, on top of that, the average American could save over $1,400 each year just by using online and mobile coupons.
These missed opportunities add up, and today’s challenge is all about reclaiming that “free money” to give your savings a meaningful boost.
Set aside one focused hour today to explore where you might be missing out on free money opportunities. Think of this as a mini “treasure hunt” for funds that you’re entitled to but may have overlooked. Whether it’s unclaimed rewards, unused benefits, or potential discounts, spending just an hour can make a noticeable difference.
Identify Sources of Free Money
Rebates, bonuses, coupons, cash-back apps, credit card rewards, 401(k) matches, and other benefits won’t make you rich overnight, but they add up over time and can make a real difference. Begin your search for extra savings by exploring these common sources of free money:
- Employer Benefits: Take full advantage of your employer’s 401(k) match and other available benefits, as these can add significant, often overlooked, contributions to your savings.
- Credit Card Rewards: Log into your credit card accounts to review any unclaimed rewards. Many rewards programs offer points or cash back for daily purchases, so take a few minutes to redeem any outstanding points.
- Cash-Back App: Cash-back apps like Rakuten, Ibotta, or Honey offer rewards for everyday purchases. If you don’t already use one, download a cash-back app today and start earning rewards on purchases you’d make anyway.
Add to Your Savings
With each of these reclaimed savings sources, transfer the funds into your savings account as soon as possible. Whether it’s $10 from a cash-back app, $50 in rewards points, or $100 from cash-back bonuses, putting these funds to work helps them compound over time. Make it a habit, and soon you’ll have a steady flow of “free money” building up your account.
Next Read
Day Seven: The Passive Penny Challenge – Challenge yourself to hit the pause button on spending for a full 48 hours before and after your paycheck is deposited. While this involves avoiding unnecessary expenses, it’s important to recognize that saving money isn’t just about stashing cash in the bank—it’s also a psychological practice that can reshape your financial mindset.
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