Few things change your life as much as finding out you’re pregnant- it’s an exciting period of time, but it’s also slightly stressful! One of the reasons is because the clock is ticking and you know you’ve got less than 9 months to get your act together. It lights a fire under you and it’s an amazing period of transformation, for all parties involved! And similarly when it comes to our money, a special circumstance can often be the stimulus we need to make wiser financial moves. Many people think about creating an annual financial checklist, but what if it’s not enough? Or what if you don’t have any unique excuses to get your financial house in order? Well that’s where money challenges come in handy. Sometimes the reason that we’re not able to make any progress with our money is because we don’t have clear actionable steps that we can immediately take. Maybe you don’t have any accountability or you think it’ll be a load of drudgery. Whether you’re looking to spend less, boost your earning, or invest more of your money, this episode is all about jarring you out of your typical routines and developing better financial habits. Sometimes what you need is a challenge that can serve as a wake up call to further you along in your financial journey.
Related ways to save money:
- Ideas to save money on water at home
- How to reduce your gas bill
- 13 ways to save money on electricity
- Start asking for discounts wherever you go! You’ll can save a ton of money by just… asking.
- Credit Card Tool – Looking for the right credit card for you? Then check out our new credit card tool that’ll help you to easily filter through all the cards based on your preferred airline, whether or not they have an annual fee, or simply by the cash back offer! Just toggle the sliders and you’ll know which card to consider.
During this episode we enjoyed a Double Barrel Wild Sinister Kid by Trillium Brewing – a big thanks to Ali for donating this delicious craft beer to the podcast! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!
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I’m exicted to start this challenge. A little nervous, just because I’ve always wanted a motivation to save money and listening to you guys puts my thoughts in order as in where to direct my money. Which made me realize that I’m a little behind but that’s okay because with this Challenge I want to save up towards my emergency fund. I’m not quite sure how much the 52 week challenge will help me save up but I do want to know how much do you recommend to put towards my emergency fund every week ? I want to mention after paying all my bills I have $300 left every paycheck but deduct gas and food from that amount. I do eat at home and I live 5 min away from my job which also helps me save towards gas. Would it be smart to save $50 dollars every week or more ?
Hey Reynaldo- so the 52-Week Savings Challenge will have you saving up $1,378 by the end of the year and you’re only saving $1 the first week. Of course it builds ($2 the 2nd week, $3 the 3rd…) but it can be a great way to feel a sense of accomplishment in a sustainable way.
But do what you think will work for you- maybe in your case you can double the savings amount every week so that you can double that savings amount to over $2700 by the end of the year. But either way sign up and we plan to offer tips and encouragement along the way. Thanks for listening to the pod!