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This post is part of the START SAVING Challenge. Make sure to read previous posts.
Day#11: Budget For A Rich Life
START SAVING Challenge: Day #12
Today's easy saving task:
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Create a plan to live a richer life.
Welcome to day #12 of the START SAVING Challenge. Let's do a little recap. Yesterday we talked about what it means to have a richer life. You wrote your LOVES on your Monthly Spending List and determined how much you would need to achieve those things. Now it's time to set up a plan on how you are going to achieve them.
Tomorrow we will discuss how to generate extra income, but first let's discuss your plan.
- How much money will you need every week to achieve richness: Take the monthly amount that you calculated from yesterday and divide it by the number of weeks in a month (4). The purpose of this task is to look at obtaining your LOVES by accomplishing smaller tasks. Take it week by week. For example: Say you need an extra $150 a month to obtain your LOVES. So every week you will need an extra $37.50 ($150/4). Do you see how $37.50 seems a little easier to achieve than $150?
- Decide how you will fund life richness: Yesterday I told you that you did not need to use your new savings amount to obtain your LOVES. Figure out how you want to fund life richness. Will you use 1/2 of your new savings amount or only $10 of your new savings amount? Will you generate extra income by getting another job or from turning a hobby into income. We will discuss more tomorrow on how to generate extra income, but for now I just want you to think about the different ways you can generate the money you will need every week for your LOVES.
- Write down a list of possibilities: Use the Life Richness Plan Worksheet to help you with this task. Having a plan in place for the things you want to achieve makes it easier for you to take action.
Download your FREE Life Richness Plan HERE
DAY #12 RECAP
- Determine how much you will need every WEEK to obtain your LOVES
- Fill out the LIFE RICHNESS worksheet
- Talk about your plan with your accountability tribe.
NEXT STEPS:
- Make sure to talk through your plan with your accountability tribe. How much do they need every week to obtain life richness? Use this time to brainstorm some ideas on how to generate extra income if you don't plan on using your new savings amount. Maybe your accountability tribe has some great suggestions.
Don't forget about the TBM Family members! Do they have an idea you haven't thought of? I would love to hear your thoughts on today's challenge. Did you decide to use some of your new savings amount? Let me know about it in the comments below rather than emailing me!
Make sure to share your savings progress with friends. Use the sharing buttons to spread the wealth.
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NEW COURSE!
If you have been part of my previous Savings Challenges, we shook things up for 2020. Let’s resolve to have 2020 vision when it comes to seeing how we can become better savers. This year we have 24 savings challenges, two each month. These are designed to be fun. Saving should be fun because you make things easier for yourself. My course will guide you on a year of savings so you will be better off when 2020 comes to a close. Sign up for the Savings Challenge course to kickstart your savings.
