Are you ready to let this be the year you get ahead financially? Good! We are rooting for you and we have some helpful financial challenges to help you get there.
Challenges to Help You Get Ahead Financially
We recommend you choose one of these challenges to work on at a time. You could do one per week or even one per month. Just be sure you set these perimeters up ahead of time so you can ensure your success.
Challenge 1: Track Your Spending Challenge
You need to know where your money is going in order to get ahead financially. That is why the track your spending challenge is first on the list. For a set period of time, typically a pay period, you will track your spending. This means every purchase and bill is recorded. You can do this on paper, with an app or use my free spend tracker.
Challenge 2: No Spend Challenge
A no-spend challenge is exactly what it sounds like- you cut your spending for a period of time. Your no-spend challenge can last a day, a week or even a month. Now, you will still need to buy essentials and pay rent, so the no spend challenge over longer periods of time is best done with some set rules. We recommend a one month no spend challenge where you set three specific no spend goals. For example, this could be no amazon purchases, no cocktail purchases when dining out, and no spending on your pets. (Can you tell those were our very own goals).
Challenge 3: Save on Fridays Challenge
If a no spend challenge sounds like a bit too much for you, then this might be the perfect middle ground. The Save on Fridays challenge is structured to have singular no spend days. Pick one day a week and make it your no-spend day. Picking Friday or another day when you’re tempted to spend more than normal can be particularly effective at helping you get ahead financially.
Challenge 4: Pay Future You First
Transferring money to savings is what we mean by paying future you. Challenge yourself to prioritize your savings by saving the moment you get paid. Be sure to set a specific number and automate it so you stay on track with your saving goals.
Challenge 5: Create a Budget (or Plan)
You can call it a budget or your money plan, either way you need some way of figuring out where your money is going so you can start to work towards your financial goals and get ahead. A budget does not need to hard. I have several simple budgets if you want to check those out.
Challenge 6: Match your Spending
Reframe your spending habit as a way to actively save money. Every time you engage in said spending (such as clothes shopping or buying your latte) look at your receipt. Whatever you spent, you must transfer the exact same amount towards your savings account. This way you matched your spending with saving and can get ahead financially.
A Plan Will Help You Get Ahead Financially
Be sure you have a plan for the money you save. It should go into a high yield savings account and be dedicated to something specific like an emergency fund, travel fund, or your next debt payment. You can totally get control of your money and get ahead. I say this as someone who was right there in the ‘always spending never saving category’ for a long time. I know it’s possible. Rooting for you!