#CHALLENGES
Emergency Savings Fund Challenge:
Approximately 39% of Americans would be able to cover a $1,000 setback using their savings account. That means that 61% of Americans have less than $1,000 in their savings account. When the unexpected medical bill or dead car battery pops up, using credit cards or borrowing money shouldn’t be your first option.
Having a savings account of at least $1,000 can provide you some comfort in case of an unprecedented event.
Before you start building your emergency fund, set a goal – Setting a goal allows you to identify a specific amount of money that you want to save. You will also be motivated to change your habits in order to achieve your goal. I recommend saving $1,000. Some can do it in 30 days while others will need more time.
RESOURCES:
No Spend Challenge
One of the big things I learned when I set up my budget was just how much I was spending on little things throughout the week. It’s so easy to overlook all those small purchases! Between a quick stop at the grocery store, dinner at the fast food place down the street and a coffee or two, it adds up unbelievably quickly.
A weekly spending freeze is such a clever money saving challenge because it is super easy – just don’t spend any money Monday through Friday. While it does take some planning to do it right, it’s actually a pretty painless way to save thousands of dollars a year!
Resources:
Frugal Living Challenge:
Learning to be content with less is a mindset shift that will change your life for the better. When you aren’t constantly striving for more, you become happier with what you have. You simply don’t need more money to have a happy life.
Being frugal means that you are happy living on less. A person who lives a frugal lifestyle:
1. spends less money
2. is resourceful – using what they already have instead of buying something new
3. tries not to be wasteful
4. always looks for a cheaper alternative