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Dana Anspach

Can You Spare a Penny?

By November 21, 2012

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If you see a penny on the ground, do you stop to pick it up? There should be no reason you can't spare one penny per dollar you earn this year... right?

Nod your head up and down.

Yes, you have now committed to the 1% challenge.

The goal is to increase your savings by 1% for the upcoming year. One percent is a penny per dollar you earn. That's it.

Suppose you earn $60,000 a year. One percent is $600. $1.65 a day would do it.

It may not sound like much. But suppose each year you bump your savings rate up by 1%? It makes a difference. It's progress. It's a step in the right direction.

Take your first step and tuck away your 1% today. For some specific savings ideas see 10 Ways to Save $10 a Day.

Why am I posing this challenge right now? A colleague, Jim Blankenship, who writes a blog called Getting Your Financial Ducks in a Row, has challenged his fellow bloggers to join him on a quest to help America raise their savings rates. You can find articles from all of us who have joined the challenge at C'mon America! Add 1% More to Your Retirement Savings This Year.

Why don't you join us on our quest? See how many of your family, friends, and co-workers will increase their savings rate by 1% too. Get people talking about saving instead of spending. You can make a difference.

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