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Day#4: Be A Smart Spender

START SAVING Challenge: Day #5

Today’s easy saving task:

• Choose one goal from Day #1 and take action.

The only way you are you going to start saving is by taking action. The great thing is, the action can be small. One of the biggest obstacles that stops us from being successful is the inability to make a decision and fear of failing. Today, I want you to let those fears disappear and to make a decision to take action towards one of your saving promises from Day #1. After you choose what saving promise you want to take action towards, identify how close you are to accomplishing that promise. After you have these two things figured out, I want you to think about the next best move to get you closer to accomplishing your promise. With your next best move established, put the plan into action.

MY EXAMPLE:

1. Saving promise from Day #1’s challenge: I want to save $300 for my son’s soccer program.
2. How close am I to accomplishing Day #1’s saving promise: I already have $25 saved toward my saving promise.
3. My next best move: I can open an online-only Savings Account (Day #3) and start putting my savings there.
4. Take action: I will save $5 TODAY and put it into my new Savings Account.

The purpose of this challenge is to figure out where you want to go and to structure a path in steps that are realistic, so that you can accomplish your saving promises one doable step at a time. You need to repeat these doable steps over and over again so you can establish positive financial habits that will help you achieve them. Later on we will talk about automating some of these steps, but for now just focus on the action you need to take TODAY to get you one step closer to achieving your desired financial promise.

Remember our challenge from Day #4? Reminding yourself of your financial priorities (LOVES vs WANTS) makes it easier to realize that spending less and saving more is not depriving yourself. A lot of people think that buying less is giving up a certain aspect of their personal lifestyle, but instead they are simply making decisions to spend more on the things that really matter rather than day-to-day spending.

The most important thing to remember for this task is that your actions don’t have to be huge and your financial promise doesn’t have to be accomplished overnight. Take small actions more consistently and change them into positive financial habits.

DAY #3 RECAP

1. Identify what savings promise from Day #1 that you want to take action on.
2. Make sure to identify how close you are to accomplishing that savings promise.
3. Determine what is the next best action you can take.
4. Take action.

NEXT STEPS:

• Make sure you take your action TODAY. Remember, your action can be small. You are working on your saving habits, so don’t worry if your action isn’t huge. Don’t forget – the first action I took was saving $5 from every paycheck. Don’t worry about the numbers. Your saving mindset and habits are much more important.

Wow! You my friend, are about to take one small step to get you closer to achieving one of your financial promises! High-five! Don’t worry – we will talk about taking more steps toward your financial promise a little later in the challenge.

So, get ready! What saving promise did you choose from Day #1 and what action are you taking to accomplish that saving promise? Make sure to reach out to your accountability tribe and ask them what promise they are working towards and what small action they are taking TODAY. Let me know also in the comments below! I can’t wait to hear about it! Make sure to share your progress in the private TBM Family group and cheer each other on throughout the day. Once you have completed your next step, give each other virtual high-fives. Woo-hoo!

Make sure to share your savings progress with friends. Use the sharing buttons to spread the wealth.

[tweetthis twitter_handles=”@thebudgetmom”]Today I am taking one small action towards my saving promise! Day 5. #StartSavingChallenge[/tweetthis]

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FACEBOOK: @thebudgetmom
TWITTER: @the_budget_mom
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kumiko Ehrmantraut

A little about me: I love helping women take charge of their financial lives. As an Accredited Financial Counselor, I love teaching about money management and realistic budgeting. Away from the computer, you can usually find me behind a camera lens or coloring with my 4-year-old son. Want to share your financial journey with me? Tag @thebudgetmom on Instagram or give me a shout-out on Facebook. I WANNA SEE IT!

kumiko Ehrmantraut

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