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This post is part of the START SAVING Challenge. Make sure to read previous posts.
Day#13: Generate More Income
START SAVING Challenge: Day #14
Today's easy saving task:
Review each of the Easy Savings Tasks & reflect on the changes you have made.
Can you believe there is only one more day of the START SAVING Challenge? Before we end our journey together, I wanted to take the time to really reflect on the amazing changes you have made towards saving successfully. I truly hope that the tasks from last 13 days gave you the tools and knowledge to save more money and live a richer life. So let's do a little recap on what you have learned so far, and make sure you continue to do them successfully in the future.
Your saving promises will change as your life changes. This is completely normal. I don't want you to feel like you are stuck on the promises you made to yourself during the challenge. Maybe next year you might have a new saving promise to save $1000 for a down payment on a new car. Tackle one saving promise at a time, and move on to the next one.
I wanted to create a challenge based around community. I wanted to have open conversations about real money solutions and give you the opportunity to meet really awesome people. You shouldn't start a new journey alone. My hope is that you continue to connect with your accountability tribe after the challenge and really form lasting relationships.
Whether you decided to open an online-only savings account using the resource I provided or you decided to open a savings account at a local bank/credit union, don't feel like you only have to one. I have 5 Savings Accounts at 4 different institutions that all have different purposes. I use one for my emergency fund, one for vacation money, and so on. If it helps you organize, take the steps I gave you in Day #3 and go for it!
Determining your LOVES from your WANTS is huge when it comes to changing your saving mindset. As I told you before, this was one of the hardest challenges for me. Don't beat yourself up if you make a mistake, or go crazy buying shoes one day. We are human. We make slip ups. Move on & learn from it. Make sure to always ask yourself, “do I WANT it or do I LOVE it?”
You can plan for things until you are blue in the face, but unless you add action to the equation, you won't make progress. If your saving promises do change, make sure to follow the steps from Day #5 to take action,
It's always nice to get a morning coffee every now and then and you shouldn't deprive yourself from life's little pleasures. So make sure to designate ONLY 2 “necessary spending” days in a 1 week time frame. You will be able to save money without feeling like you are depriving yourself from the little things that you enjoy.
This is by far the most important day of the challenge & the greatest opportunity to reach out to your accountability tribe. You will not be able make progress towards saving successfully if you don't know how to properly budget. In my experience, it could take over a week before you actually develop a working budget – this is completely fine. You will have access to this challenge as long as you need it – so don't be afraid to come back to Day #7 and follow the instructions. Make sure you take advantage of the FREE worksheets.
Day #8: Reduce Your Expenses: We talked about ways you could reduce your current monthly expenses and I want you to continue to do this once a year. Service providers are constantly changing their rates and promotions, so it's important for you to check on these things to make sure you are getting the best price year after year.
You need to know what makes up your debt story in order to change it. Come back to this challenge every now and then and reassess your situation.
If you have a hard time saving, or are new to saving, then this step is so important. Human nature gravitates towards instant gratification, so save yourself from you by implementing automation into your savings plan. Make sure to check out my FREE resource if you haven't already.
On Day #11 we started focusing more on your LOVES. It's important to know how to implement your LOVES into your savings plan. Our lives are made up of so much more than just money. It's important to realize that living a rich life does not just mean focusing on a dollar amount. Strive for life richness.
After figuring out what it means to add richness to your life, it was time to develop a plan and take action. We save to reach our saving promises and to reach a happier life. Figuring out how to get there and developing a plan of action is the first step.
Sometimes working with the income you have might not be enough, and that's ok. This challenge was a way for me to let you know that there are other ways to make more income so you can achieve your saving promises and a richer life. Realizing that you possess many talents, knowledge and skills that can possibly help you make more money was the challenge's main goal. There are ways to make more income, you just have to know where to find it.
Day #14 Recap:
- Inspect previous challenges and make sure to identify any shortcomings and perfect your actions
- Reflect on your progress and shares your thoughts with your accountability tribe.
Be ready for tomorrow and Day #15![tweetthis twitter_handles=”@thebudgetmom”]I just completed day 14 of the #StartSavingChallenge[/tweetthis]
Don't forget about the TBM Family members! Share your successes from the challenge with other members. Share encouragement and inspire others. What are some of your reflections on the last 14 days? Let me know 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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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.