Happy New Year! It’s a new year and a new you, right? Well, let’s kick this year off with a year-long challenge! Don’t worry. This challenge isn’t meant to be daunting but rewarding. It’s all about a little bit at a time.
I know saving money can be challenging. If you’ve read my book, you know that we found saving money was a whole lot harder than paying off debt! That’s why I created the Broke to $5k challenge! I wanted to make saving money simplified.
How it Works
The goal of this challenge is to save a little bit every week – so we’re saving for a total of 52 weeks. You get to choose what the savings are for.
- Emergency Fund
- Sinking Funds
- Christmas Fund
- Vacation Fund
- New Car
- Down payment
It doesn’t matter what you’re saving for! All that matters is that you take action every week towards meeting your goal of saving $5,000 this year!
With this challenge, I’ve got you a printable tracker that you can use to track your progress. There are two versions. One version is already planned out for you. The other version is blank, so you can come up with your own amounts. I know not everyone is paid every week so you may need to modify this challenge to help you stick with it. That’s 100% okay!
You’ve gotta make this challenge work for you! So maybe since you get paid every other week, you’ll decide on those paydays you’ll contribute around $200 to meet your $5k mark! There’s no right or wrong way to do this challenge.
The Key to Sticking to it.
As I said above, it’s hard to save money. The key to sticking to this is first to make sure you have a clearly defined place to put this money. The reasoning being is you need to see that money grow, or else you’ll be tempted to steal that $20 you’re supposed to put in your Emergency Fund this week and go grab a bite to eat instead. (Trust me, I know this firsthand.)
So you’ve got to get clear on where the money’s going. Then you’ve got to put the money there. Set up a reminder in your calendar or write it down in your planner to do it every week. To spend just a few moments every week moving your money to your savings.
The other thing I recommend is keeping the account where this $5,000 will be saved in an “out-of-sight, out-of-mind” account. We keep our savings accounts at online banks because they charge no fees and typically have way higher interest rates than regular brick-and-mortar banks do. We prefer CIT Bank for our Emergency Fund and Sinking Funds.
So if you’re ready to take on this challenge, sign up here! It’s free! Let’s make this the year we make savings a top priority!
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Money controlling you? I know the feeling. My family has been living this real life on a budget for a long time and I can tell you that there's never a perfect season, but with a few changes you can start to reign in your money issues.
Join the 5-Day Challenge today and start getting your money life in order this week!