Show me where you spend your money and I'll tell you what they are.
-James W. Frick
Plan YOUR work! Work YOUR Plan!
Tuesday, February 19, 2013
52 Week Money Challenge - Week 7...Keep Cutting Back
Saving money is hard. It takes discipline and self-control to stick with the plan you developed. This year why not make it easy on yourself?
I am a huge fan of ING (ING has been bought by Capital One and will become Capital One 360. Doesn't look like much will change...). ING lets you automate your savings so you don't have to think about it. The greatest feature is that it takes a couple days to get money transferred back to your checking account. There are a couple ways around this, but not being able to touch the money in your ING accounts is great for medium/long term savings goals.
If you have an ING, or other savings account, simply automate your savings transfers each month according to the chart below and watch the money stack up.
If you don't have a savings account, GET ONE! Not just for this challenge but everyone needs at least one savings account - with an Emergency Fund.
This week $7.00 should be transferred to your savings account. We are up to $28.00 this year.
Things from this point on will start to grow pretty quickly. How are you doing? Any savings light bulbs going off? Have you planned what you are going to do with the money at the end of the year?
Challenge Total Week 7 = $28.00
Last week we focused on cutting back on eating out for lunch. This week, keep up with making a few morning cups of coffee a week at home or bringing and bringing lunch form home to help save money. Let's keep these going for this week.
To make something a habit you need to do it for 66 consecutive days, according to Examiner.com. Making a habit of bringing coffee and lunch from home is going to save a crazy amount of money. Instead of spending the money saved on something else, put it into the Money Challenge.
Even if you missed weeks 1 through 6, you can still get started today. Deposit $21 into a savings account and you will be caught up.