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Are you ready to reclaim your finances this year?
Let’s admit, 2020 was definitely a year of uncertainties. It seemed like everything that could go wrong, went wrong. Many Americans found themselves facing their own personal finance crisis.
I get it, when it comes to saving sometimes it’s much easier said than done, right?
I know because I’ve been there and I can relate. I was a huge spender. In fact, the salesman at Nordstrom had my phone number and he knew which items I liked. When new items would arrive, he’d place my size to the side and would call me to come in to try them on. I had it bad, I never kept money in the bank. If I realized there was “extra money” sitting in my bank account, I had to spend it.
A few years ago, I went on a Christmas shopping spree that left me broke!
I completely lost my mind when my credit card statement arrived int he mail. Long story short, my minimum payment was in the ballpark of $200.00! I knew that my credit card bill was going to be high but I did not assume it would be outrageously high like this.
Here I was a full-time graduate student working part-time as a substitute teacher. I was $90.00 a day. All of the money I earned from substituting went towards credit card debt. If I had any money left over, it went towards dumb stuff like more shoes! Thankfully, I was living at home with my parents. If I had any other bills, I’d be screwed!
What Is A Money Saving Challenge?
A money saving challenges is a guide that tells you how much money you will need to set aside to reach a particular savings goal. All of the work is done for you, all you have to do is commit to it. I started this challenge because I was tired of being broke and living paycheck to paycheck. When I decided I was ready to change, I found a money saving challenge that was practical and made sense. Here I am already living paycheck to paycheck and giving the creditors “all of the church’s money” (not literally, lol). So why not try it, right?
I decided to try the money saving challenge and one year later, I saved $1,378.00. (Disclaimer: I was late to the program, I didn’t start in January – I started the money saving challenge in March).
Money Saving Challenges can be classified as asavings snowball method. If you’re familiar with Dave Ramsey, he often talks about the debt snowball method.The debt snowball method is a debt reduction strategy where you pay off debts in the order of smallest to largest.
A savings snowball method is similar, however, you aren’t paying off debt, you are paying yourself (or investing in yourself) by depositing funds into your savings account.
There are numerous money saving challenges to choose from. Depending on your savings goals, there is a challenge for you. If you cannot find a challenge that meets your needs, you can create one.
That’s exactly what I’ve been doing!
If you’re looking for fun and exciting ways to save money – give a money-saving challenge a try!They’re easy and you can see what it takes to save a specified lump sum of money.
How to save $2021 with the 52-week Money Saving Challenge
Stop paying those creditors and reclaim your money!
Need to save money for a vacation, pay off outstanding debts and perhaps build an emergency fund?
This Week Money Saving Challenge can jump-start your savings account!
2020 Money Saving Challenge
Saving Goal: $2,021.00
Duration: 52 Weeks
How It Works:
- Print out the challenge worksheet and place it somewhere where you will see it daily (Mine is on the refrigerator).
- For every time you get paid, make a transfer and then cross off one box (for monthly pay schedules – cross off four boxes; for bi-weekly pay schedule – cross off two boxes).
- Open a high yield saving account with a bank (I prefer Ally Bank). Schedule an automatic transfer to come out of your paycheck on a bi-weekly basis and watch your account grow to $2019.00 in 52 weeks.
Questions about the Monthly Savings Challenge
(1) Does this method work if you get paid monthly or biweekly?
Yes, it does!
I get paid biweekly so I cross off two boxes every time I complete a transfer.If you get paid monthly, you would complete a transfer on a weekly basis.
(2) Do I have to start the challenge in January for it to work?
No, you don’t.
You can start the challenge whenever you like! Once you start, just know that it will take you 52-weeks (a year) to complete it. A few years ago, I started my challenge in March and I completed it in February of the following year.
Leave 2020 behind get hyped about this saving money this year!
It’s my goal to become debt free! My desire to get out of credit card debt and to stop living paycheck to paycheck is my driving force to save money. It feels like it was taking FOREVER to pay off one credit card. I realized that it’s taking forever because credit card companies are making money off of consumers by charging fees. Interest charges, annual fees, and penalty fees are the primary source of revenue for credit cards? According to CNBC,U.S. consumers have paid $100 billion dollars in credit cards fees and interest in 2017!
Who wants to give money away on a continuous basis? Lord knows I don’t. Can you imagine how much money you’d have in your savings if you did not have to pay creditors. Yeah, when you break it down it hurts to think about it. I’ve had a credit card for 4 years and the amount that I’ve paid in interest makes my head spin.
I’ve stopped using my credit cards and I’ve made a declaration that I am going to pay down my debt and start building wealth.
If it weren’t for these money-saving challenges, I don’t know what state my finances would be in right now. These challenges make saving money fun and they’re extremely EASY! Once I mastered the basic 52-week challenge, I began to make my own to match my saving goals.
Don’t beat yourself up about being in a dark financial place. I am there with you. I haven’t paid off all of my debts just yet, I’m technically living paycheck to paycheck but I have a plan to get out of debt and achieve financial freedom
Join me in the challenge today!!!
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