I challenge you for the 2021 year, think of two or three personal, professional or business goals. Smart goal. Chart out your plan by using S.M.A.R.T. approach. Is it specific? Is it measurable? Is it attainable? Is it relevant? What time do you expect to reach your goal by?
The 52 Week Savings Challenge will help you to be intentional about what you’re trying to achieve. At the end of the 52 weeks, you will have $1153 and no longer be a statistic. In the US, about 70 percent of people do not have a savings account or $1000 in savings. You will no longer be unprepared for unexpected expenses, without an emergency fund, or living paycheck to paycheck. My goal is to help 100 people no longer be a statistic.
Are you in? Get in on the savings challenge by signing up and a form will be sent to you. Each week, for 52 weeks, we contribute the dollar amount of the week number, for example, in week one, you will contribute $1, in week two you will contribute $2, and so on. This will be your savings goal. Don’t forget to join the Money Boss Wealth Club! There, we will meet for our Sunday check-ins during the Dinner & Conversations live call.
There are no shortcuts. I want you to draw the cash from your bank account and be intentional about getting your cash to grow in your challenge savings envelope. Here’s what you will do with your envelope: store your 52 Week Savings Challenge form, every dollar you contribute, record your name and year of the challenge, the date of your deposits on the outside of your envelope. By week 52, you should be adding $52 to your envelope.
Change your mindset about money. Know where your emergency fund is kept and not dipping into the account, change your relationship with our money. This year is going to be so transforming, you’ll want to get connected with the people around you. Share with your household, talk to your loved ones and spouses, and other people in your tribe. You are ready to move forward. This is just the beginning. Don’t stop or procrastinate once you’ve learned how to manage your money. You’re not accountable to anyone but only to yourself. I encourage you to be true and honest to others around you about your progress Stay connected with the check-ins at the Money Boss Wealth Club Facebook Group.
Here are some other ways to expand your saving habits:
Pay yourself like you would an employee by taking cash out from the bank once a week. Hold this cash in your wallet for expenses or small transactions. If by the end of the week or your next time to withdraw, the money from that week is still in your wallet, then deposit it in your savings account. I recommend getting large bills because you’ll be less likely to break the large bill.
Soda bottle coin jar. In the case that you do spend your money, and have some change left over, consider cutting an empty 20-ounce soda bottle lid off and storing your change in there. Another fun idea is making one for quarters, dimes, nickels, and pennies!
Electronic piggybank. This is great for people who do not carry cash. After every transaction that you make online or with your debit card, transfer your change to your savings account just like you spend cash. Chances are if you spent, for example, $11.59, in your mind- you’ve just spent $12. Take that remaining $0.41 and moving it into your savings. Continue this trend and see how much you can save!
Waiting on those impulse purchases. We have all been there and especially when under stress, we tend to impulse buy. This one can be a tough habit to crack, but I suggest that next time you are browsing the online store, don’t buy that thing you really want or just happened to want to purchase right at that moment – wait 24 hours. Follow up and check-in with yourself before you make that purchase. This can change your savings goals when you are more aware of your spending habits.
Join the 5-day Money Challenge. This is a different challenge than the 52 Week Savings Challenge yet, it teaches you some simple strategies of ways to saving money, tracking your accounts, and storing your money. This is essential to the shift in your money mindset. Don’t wait, sign up today!
Stay connected by joining the Money Boss Wealth Club!