When you first start out trying to save money, it can be a bit overwhelming.
Most of us seem to be either big-spenders or money hoarders and there isn’t much of an in-between. Although one might land you in hot water more often, both of those relationships with money can be quite unhealthy.
However, in this money-saving challenge, I’m focusing on either 1) the big spenders who have trouble saving or 2) those living paycheck to paycheck and just can’t afford to save money.
You may also like my guide to starting a budget (even if you suck with money)
If you live paycheck to paycheck, this may be a bigger challenge for you, however, the amount of money you will be setting aside week by week isn’t large in any way.
With a money challenge, the best thing you can do is have a separate savings account, not attached to your debit card. When the week starts, transfer the money immediately.
This is the ‘pay yourself first’ mentality that the rich have.
Completely forget that money exists. It’s not in your bank account anymore.
And make do with what you have on hand. Whether that means eating out less, using public transit, or canceling a couple of subscriptions; look for the wiggle room.
At the end of the 12 weeks, you will have $1,000 in your bank account! This is a huge deal! Did you know that more than a quarter of Americans have less than $1,000 in their savings account and can’t cover an unexpected emergency of $400?
You want to get into the habit of saving money, whether it be for an emergency fund or a vacation; you will never regret having money saved aside for a rainy day.
If you decide to attempt this money challenge, let me know how it goes!
Did you find it easy or hard? Why do you think you struggle to save money? I love to hear from you guys!