The first step to financial success is saving money. Many people struggle with their finances, and saving money can be tricky, but it is worth it! A good savings plan can help you pay off debt, start investing, or set aside money for larger purchases like a house. It's important to start small and make saving a habit.
Starting Small
The key to saving money is starting small and then progressing over time. You might think that if you start with a large amount, you will be more motivated to continue your savings efforts each week, but this, unfortunately, is different from what frequently happens.
Instead, I recommend starting with $10 per week (or whatever amount is reasonable for your budget) and adding another $10 each month until the end of the year.
Remember that this challenge is about building a habit of saving for the future! If you're already comfortable setting money aside each month, keep doing what works best for you (but consider trying other ways too).
How it Works
Month 1: $10/week
Month 2: $20/week
Month 3: $30/week
Month 4: $40/week
Month 5: $50/week
Month 6: $60/week
Month 7: $70/week
Month 8: $80/week
Month 9: $90/week
Month 10: $100/week
Month 11: $110/week
Month 12: $120/week
Get the picture?
So, what do you think? Is this a challenge you're up for? The beauty of starting with $10 per week is that it's not much money. If you're like most people, chances are good that your budget has enough room to cut out $10/week and put it into savings. And if this isn't true for you right now, hopefully, by the end of the year, I'll have taught you some tricks to cut back on your expenses so that saving will be more manageable. Start now by making it an automatic transfer from your paycheck or bank account, so it happens without thinking about it.
Saving can be challenging, but it is worth it!
Saving money is like working out: the most challenging part is starting and sticking with it until you see results! It requires sacrifice, self-discipline, and determination. Once you start saving money consistently over time, it becomes easier as you automatically rebalance the budget and look for places to reduce spending! Ultimately, if you can build up to consistently setting aside $100 each week, that adds up to $5200 over a year!
Don't be discouraged if saving doesn't come naturally—the key thing here is that once you build up some momentum (and establish good habits), things will get easier from there on out!
I hope this challenge will inspire you to focus on your financial goals. If your money resolution for 2023 is to learn more about personal finance & investing, HerFinIQ.com offers many free resources and exciting courses to help you! Finally, check out Jessica's "Her Money + Investing Show," where personal finance and investing are fun and approachable to women of all ages.
I am are so optimistic you can do this! Join the Her Financial IQ community and get more information on investing your money, getting out of debt, and living a life you love! No matter what your financial goals are, baby steps and attainable goals will help you achieve them.
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