It’s always a great idea to have a stash of cash on hand to ready yourself for that proverbial rainy day. In fact, when it comes to saving, we think a magic number does exist – it’s $1,000!
Putting away $1,000 is the first savings milestone we want people to strive to reach. It’s the perfect amount of money to prepare for an unexpected expense, help out in an emergency, reduce debt, or save for a first big purchase.
So, how do you get started with saving $1,000? That’s easy: challenge yourself!
The Bank OZK “Thirty-Eight 50” Challenge
The Bank OZK Thirty-Eight 50 Challenge helps you build $1,000 in savings in just one year. The premise is simple: Save $38.50 every other week, and by year’s end, you’ll have $1,000 (plus $1).
Do you have a job that pays you weekly? Try saving $19.25 a week instead of $38.50 every 2 weeks. The goal is to automate your savings, no matter how often payday comes, by having the same amount go into savings every time you get paid.
It’s that simple. Transfer $38.50 twice a month – or $19.25 every week – into your savings using the Bank OZK mobile banking app.*
A Few Small Changes Can Help You Save $38.50 Twice Per Month
These days, it may feel like every penny is accounted for. But saving money can be a matter of discipline and common sense:
- Brew your own coffee instead of hitting the coffee shop daily.
- Reduce lunching out; last night’s dinner leftovers make great lunches.
- Set a budget for your nights out.
- Does your supermarket offer a discount card? Get one.
- Cancel unused and redundant streaming and app subscriptions.
- Eliminate a “bad habit.” Giving up cigarettes or sugary drinks is a great start.
By making small changes like these, you can easily move more money to savings. Doing the little things really does add up!
Challenge Yourself
The Bank OZK Thirty-Eight 50 Challenge is a conceptual challenge. It doesn’t require you to open a certain account or do some sort of online enrollment. It’s a personal commitment to work toward saving $1,000. The only person who can truly motivate you to save money is you. But it helps to have people on your side. Bank OZK is always in your corner. Visit your Bank OZK branch anytime to open a savings account or to talk about your savings strategy. We’re ready to cheer you on.
*Mobile features require enrollment in Mobile and Online Banking. Availability may be affected by your mobile carrier’s coverage area. Carrier data charges may apply.
