Are you sick of being in the red every month? If you’re like me, you’ve been trying to save for a long time. But it always seems like there’s something more important than saving money. I always had to check which bills could be delayed this week. I was tired of getting overdraft charges ,because I had no money left in my family’s checking account. Read on how I’m saving this year using multiple Savings Challenges to hit my Month Ahead Financial Goals.
First, congratulations on taking the first steps towards financial freedom! Getting a month ahead financially can seem daunting. However, once you start, you can see how easy it is to get ahead.
For my family, our expenses range from $3,000-$3,300. We decided we will save $3,500.
The Savings Challenges that I’m doing is the :
- 52 Week Challenge = 1,378
- 5 Dollar Savings =$150
- 500 Scratch Off Savings=500
- 12 Month Savings Challenge=1,750
Doing these savings challenges will put me just a little over $3,700. Which is great. We have given ourselves a year to meet this goal. Crossing our fingers, we can do this by the end of November.
How will I manage to save for these challenges?
The first step is to make sure that you have a budget in place. This will help you know exactly how much money is coming in each month. It will also help you know how much is going out. You should list out all of your expenses, including necessities like rent, utilities, groceries, etc… Once you have a list, start tracking your spending. This can help you identify areas where you can save money and cut back.
We have decreased how much we eat out. Instead of eating out every day, we will cook more at home and save money on groceries. We are a big family. I love doing grocery pickup. I do this on a weekly basis and the amount is based on my weekly budget. When you do grocery pick up, you can see how much you’re spending. Before I checkout, I can decide if I want to take things out of my cart. This helps bring my total down. Most of all it helps me not spend money on things that I need. If I shop in a store, I may get distracted by snacks at the checkout area and blow my budget. Eating out once or twice a week can save us at least $50-$100 a week.
Starting a side hustle is a great way to supplement income. It is even more gratifying when you can use your own skills and abilities to do it. My side hustle of choice was creating budget printables. I used my own knowledge and experience to help others who are in the same situation as myself. Selling your products on Etsy is a great way to promote your product. It helps you reach a lot of people.
Knowing that I’m helping others on their debt free journey is an incredibly rewarding feeling. If you have a talent or skill that you think could be useful to others, give it a try! Also, working part time in your local area is a great way to bring in some extra income. It can also be a great opportunity to gain new skills and experiences.
We’re currently working on reducing our debt. All we have left is our family car and student loans left. Try to reduce your debt. This can help you save money in the long run. You’ll be able to avoid paying interest on your debt. Every little bit counts. Take all the steps you can to reduce your debt. This will help you save money in the long run.
Last, but not least. We are using cash envelopes. Using cash is a great way to keep track of your spending and make sure you’re not overspending.I like to allocate a specific amount of cash into each envelope and only spend what is in the envelope.
Getting a month ahead financially takes time and effort, but with a little hard work, you can make it happen. Good luck!
