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?