Look at my savings!
It is time to check in on my 30 day financial challenges.
If you have been following along, I decided to utilize the “30 day challenge” concept popular for fitness, for finance.
I chose two challenges.
The first challenge is something I am familiar with, the five dollar bill challenge. It is pretty simple, every time you find yourself with a five dollar bill; you put it away and do not spend it.
Although November is not quite over, I have saved $25 bucks.
I am a debit card kind of girl, so I don’t normally carry or transact in cash.
This $25 is a huge win for me and I am motivated to try and hit $50 by the end of this month.
My second challenge for November was to take the value spent on a non-essential activity or item and put that away. So for example, if I spent $15 on a bottle of wine, then I would need to put an additional $15 in my savings jug.
Soooo, maybe I stocked up on some of my favorite non-essentials in October and have not had to spend much on non-essentials this month…maybe. That may be true if said non-essential item was wine.
I did order sushi one evening versus eating the leftovers from the previous night’s dinner. I had to pay $12.50 for my sushi and then put another $12.50 in the jug.
Both of these challenges have been effective in helping me save money. They have also been equally effective in helping me reign in some of my spending.
Overall I have been reminded me that I need to be more judicious with my purchases.
In my efforts to not only pay with cash, but receive change, (preferably five dollar bills), I definitely put on the brakes for more than a few impulse or extras that somehow landed in my cart.
If you only have $25.00 with you, you are less likely to sneak in those little extras.
Knowing that I would have to pay the equivalent to my jug has also halted a few unplanned purchases. Paying $4 for a drink at Starbucks seems innocuous enough once in awhile, but double that amount and it becomes much harder to justify.
So I have $37.50 saved up month to date.
With less than a week to go, I am hopeful I may just hit that $50 dollar mark.
I think taking on a little financial challenge is a great way to get back in touch with your inner financial disciplinarian.
Budgeting for most of us is a constant lifestyle exercise. Like any exercise, sometimes you are more focused than others.
These 30 day financial challenges are a really fun way to refocus and even halt a few bad habits in their tracks.
I would highly recommend employing something like this if you feel you are straying a bit from your long term goals.
The challenge aspect makes it fun and it allows you to work harder with your savings without all of the guilt trips and negative thinking.
So now that I have shared my performance I want to hear from you!
Share how you have performed with your financial challenge.
I mean technically, aren’t we all winners?
Great job on the challenge! I think like anything you have to get into a rhythm with it and make it a habit. Once that habit sticks, it’s a lot easier!
Thank you @Budget and the Beach! It was actually kind of fun. I saw this as a great way to reinvigorate my saving goals. I totally agree with you about the rhythm and habit, it takes consistency. Thank you for stopping by and have a Happy Thanksgiving!!
Nice work! Do you think you will keep it up past the 30 day mark? The all-cash system is what would kill me. We literally never use cash…
Hi Dee,
Honestly, I do think the $5 dollar thing is easy to do. Let’s face it, finding that you have an extra $20 stashed away comes in very handy LOL. The other result of this latest challenge is that I plan to return to carrying cash, but for specific trips. The cash only factor really added an extra layer of discipline to my shopping trips. Wishing you a happy Thanksgiving!
I really like the idea of putting away (for debt repayment?) the amount of money spent on non-essentials. I am too tempted by non-essentials, particularly meals and snacks at restaurants, and this policy would make me think twice. I don’t think I’ll give this idea a try in December, but January would be a good time to start a 30-day challenge.
Hey Prudence,
I think starting something like this in January is perfect! So you are going to take the non-essentials match challenge? That is a very tough challenge because in addition to fighting the impulse, you have to fight your urge to justify the purchase. I think you can rock that challenge! I will be anxious to hear how it goes in the New Year. Wishing you a very happy Thanksgiving!
I too rarely carry around cash, but putting the non-essential money aside would be a fantastic challenge for me. I have trouble with eating out, I do it too often and would love to see more of that money in the bank.
Hi Stefanie,
Okay another non-essential challenge person! As stated above, I think this is the more difficult of the two challenges. I say go for it! It’s reaps a bigger rewards from a saving perspective. Can’t wait to see how it goes!!! Thank you for stopping by and happy Thanksgiving!
Yay on the $25! Its a great start. I hope you are able to reach your goals soon!
Hi Debt and the Girl,
I really appreciate your support 🙂 Have a happy Thanksgiving!