Are you desperate? Hopeless? Wondering why you can not get out of the financial rat race? Well worry no more! My 10 day money challenge will begin to set good money habits in your life now and forever!
Day one: Why do you want financial stability (set money goals)
First things first. Sitting down and being honest with yourself about why you want a change in the first place will put everything into perspective. Write your goals down on paper and read them everyday! By doing this you keep yourself motivated to do exactly what you set out to do. Save $3.00 on this day. You can toss it in an existing savings account, old shoe box, piggy bank etc. just put it away. Remember this, if you don't save it, you will spend it.
Day two: Self observation
Some folks call it a budget, I call it money watching. Today, take a look into your bank account. Out line expenses that are 'unusual and unnecessary'. These are the expenses you need to cut completely out of your life. For me, it was trips to the nail shop, and eating out instead of cooking dinner with my kiddo's (the food taste better when they help :). Save $5.00
Day three: Check your credit and credit score
Credit karma creditkarma.com is my favorite credit score tracker. It provides you with a soft pull of your credit score so that it doesn't impact it in a negative way. Checking your actual credit report isn't a bad idea either. You are allowed one free credit report from ALL THREE of the credit bureau's annually. visit annualcreditreport.com the process is almost seamless. Save $10
Day Four: Evaluate your retirement saving options
If you are employed (my condolences) get with your HR department about any 401k plans they offer. If you are already invested in one, max out your contributions. It may seem tight, but trust me you won't even miss the money. If your employer does not offer a 401k plan, research IRA (Individual Retirement Accounts) options and begin to make a plan to save for your future! Save $12
Day Five: Take some time to review your credit card accounts
This step is important in saving money, believe it or not. Interest rates on your credit cards could be eating you alive. For example, let's say you have a $1,500 balance on a card with a 23% interest rate. If you only make the minimum payment, you will pay interest on the revolving balance ($345 per month) additional! yeah, that's in addition to the charges you ran up. Lots of credit cards operate on a variable interest rates also. Sit down and review your credit card statements. Balance transfers to lower interest rate credit cards may be necessary to help you save a few dollars. Save $15.
Day Six: Thirst for money knowledge
There is a wealth of knowledge out there on the internet! SO many credible resources offer up to date money news and tips to help you strengthen your financial freedom. The New York Times, MSN money, and Yahoo Finance all are great credible sources. You can spend as much or as little time as you want on these resources. However, use this time to get acclimated with financial terms and language. This step is important because understanding today's money will almost always be different than understanding yesterdays money. Save $18.00
Day 7: Rest and review
If you have made it to day 7 congratulations! You should have an additional $63.00 in your stash! It takes me about a year to save $63.00 in change :). Give yourself a pat on the back! Today is a day to look back and review all of the information I have given you thus far. Set a goal, look at your expenses and cut unnecessary costs, look at your credit card statements, review retirement savings accounts, and learn as much as you can about money! Save $20 and get geared up for the last 3 days.
Day 8: Open a new savings account
Today is day 8! It is a brand new day and hopefully the sun is shining bright! Go to a local bank, take the $83 you have saved so far and make a deposit. I recommend opening a savings account at a bank separate from your checking account and where you do your normal banking. The separation will make it easier to leave the money ALONE. Continue savings and watch your money grow. Save $21.00, add to your deposit :)
Day 9: Get resourceful, get organized
Download a money/ budget tracking app. An app that connects to your bank account, and lets you set goals or limits will be the most resourceful. My favorite is mint.com. I have been using mint since 2012 and the app continues to improve and grow. It's my personal money assistant. It alerts me when I spend too much money in a category (dining out). All of the settings are custom and personal to suite your needs. Take some time to do your research on these apps and try a few of them out. Eventually, you will find your app soulmate. Save $23.00.
Day 10: Find at least one additional source of income
This is going to take some creativity. Now, if you already have one ADDITIONAL source of income, get 2 additional sources. This all depends on your circumstances, your drive, and your passions. If you have a service you can offer (cleaning, organizing, assisting) first offer it to your family, friends and friends of family. And whatever you do, DO YOUR BEST. You have to give everything you do your absolute all. By giving it your all, you produce quality work. Quality work spreads like wildfire. Remember, there is no limit to your earning potential when you take things into your own hands. As each day passes, make an honest effort to save any additional money you can. Saving money should become an addiction. Once you've saved up enough money to invest in an asset (something that is going to make you even more money) then jump right out there and chase your dreams! Save $25.00 and throw it in your new savings account. You have $152 if you have followed my plan thus far. $500 is just around the corner. $10,000 is right past that.
Happy saving!!!
Day one: Why do you want financial stability (set money goals)
First things first. Sitting down and being honest with yourself about why you want a change in the first place will put everything into perspective. Write your goals down on paper and read them everyday! By doing this you keep yourself motivated to do exactly what you set out to do. Save $3.00 on this day. You can toss it in an existing savings account, old shoe box, piggy bank etc. just put it away. Remember this, if you don't save it, you will spend it.
Day two: Self observation
Some folks call it a budget, I call it money watching. Today, take a look into your bank account. Out line expenses that are 'unusual and unnecessary'. These are the expenses you need to cut completely out of your life. For me, it was trips to the nail shop, and eating out instead of cooking dinner with my kiddo's (the food taste better when they help :). Save $5.00
Day three: Check your credit and credit score
Credit karma creditkarma.com is my favorite credit score tracker. It provides you with a soft pull of your credit score so that it doesn't impact it in a negative way. Checking your actual credit report isn't a bad idea either. You are allowed one free credit report from ALL THREE of the credit bureau's annually. visit annualcreditreport.com the process is almost seamless. Save $10
Day Four: Evaluate your retirement saving options
If you are employed (my condolences) get with your HR department about any 401k plans they offer. If you are already invested in one, max out your contributions. It may seem tight, but trust me you won't even miss the money. If your employer does not offer a 401k plan, research IRA (Individual Retirement Accounts) options and begin to make a plan to save for your future! Save $12
Day Five: Take some time to review your credit card accounts
This step is important in saving money, believe it or not. Interest rates on your credit cards could be eating you alive. For example, let's say you have a $1,500 balance on a card with a 23% interest rate. If you only make the minimum payment, you will pay interest on the revolving balance ($345 per month) additional! yeah, that's in addition to the charges you ran up. Lots of credit cards operate on a variable interest rates also. Sit down and review your credit card statements. Balance transfers to lower interest rate credit cards may be necessary to help you save a few dollars. Save $15.
Day Six: Thirst for money knowledge
There is a wealth of knowledge out there on the internet! SO many credible resources offer up to date money news and tips to help you strengthen your financial freedom. The New York Times, MSN money, and Yahoo Finance all are great credible sources. You can spend as much or as little time as you want on these resources. However, use this time to get acclimated with financial terms and language. This step is important because understanding today's money will almost always be different than understanding yesterdays money. Save $18.00
Day 7: Rest and review
If you have made it to day 7 congratulations! You should have an additional $63.00 in your stash! It takes me about a year to save $63.00 in change :). Give yourself a pat on the back! Today is a day to look back and review all of the information I have given you thus far. Set a goal, look at your expenses and cut unnecessary costs, look at your credit card statements, review retirement savings accounts, and learn as much as you can about money! Save $20 and get geared up for the last 3 days.
Day 8: Open a new savings account
Today is day 8! It is a brand new day and hopefully the sun is shining bright! Go to a local bank, take the $83 you have saved so far and make a deposit. I recommend opening a savings account at a bank separate from your checking account and where you do your normal banking. The separation will make it easier to leave the money ALONE. Continue savings and watch your money grow. Save $21.00, add to your deposit :)
Day 9: Get resourceful, get organized
Download a money/ budget tracking app. An app that connects to your bank account, and lets you set goals or limits will be the most resourceful. My favorite is mint.com. I have been using mint since 2012 and the app continues to improve and grow. It's my personal money assistant. It alerts me when I spend too much money in a category (dining out). All of the settings are custom and personal to suite your needs. Take some time to do your research on these apps and try a few of them out. Eventually, you will find your app soulmate. Save $23.00.
Day 10: Find at least one additional source of income
This is going to take some creativity. Now, if you already have one ADDITIONAL source of income, get 2 additional sources. This all depends on your circumstances, your drive, and your passions. If you have a service you can offer (cleaning, organizing, assisting) first offer it to your family, friends and friends of family. And whatever you do, DO YOUR BEST. You have to give everything you do your absolute all. By giving it your all, you produce quality work. Quality work spreads like wildfire. Remember, there is no limit to your earning potential when you take things into your own hands. As each day passes, make an honest effort to save any additional money you can. Saving money should become an addiction. Once you've saved up enough money to invest in an asset (something that is going to make you even more money) then jump right out there and chase your dreams! Save $25.00 and throw it in your new savings account. You have $152 if you have followed my plan thus far. $500 is just around the corner. $10,000 is right past that.
Happy saving!!!
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