Save over $650 with penny challenge

Looking for an easy way to save over $650 this year?

Michael L. Fitzgerald, the state treasurer of Iowa, is challenging you to take part in the 365 Penny-a-Day Challenge and put aside $667.95 by Dec. 31. Savers can use actual penny jars or online bank accounts, making this saving technique perfect for all ages.

Here?s how it works:

Each day of the year corresponds with the number of pennies to be saved. This means one penny will be saved on Day One, two pennies on Day Two, etc. Today, is already Day 27, which means you should save 27 cents today, and toss in an extra $3.51 to catch up.

By Day 365, the penny jar or bank account will total $667.95.

The most that ever needs to be saved in one day is $3.65, and this won?t be until the end of the year.

To easily track savings, use the table on page 5 of today?s Ledger. Looking for other ideas? Check out these additional tips:

? Count down from 365 and contribute $3.65 today, working down to a one cent contribution on the last day. This is perfect for people who have a little extra cash at the beginning of the year.

? There?s no need to follow a pattern. Add random pocket change throughout the year and cross off that amount on your Penny-a-Day Challenge chart.

? Make a ?virtual? penny jar by opening a new savings account online or at the bank. Transfer money between checking accounts and the penny jar account every week or every other week. This is especially easy for those who are paid biweekly.