4 years and 11 months ago my husband and I decided to file for bankruptcy. This was not an easy decision because I automatically associated Bankruptcy with FAILURE. Both my husband and I had masters degrees.... we had good jobs.... we paid our bills.....and we didn't live lavishly. However with some state budget cuts and economic difficulties which led to both of us being laid off in 2008, we found that we were bringing in less than half of our normal income; roughly $50,000 short of what we normally made for the year. During these past four years and 11 months we've had to budget very tightly. I struggled with this because I'm used to buying the things I want to buy when I want to buy it. I'm also an emotional spender. However, for the past 6 weeks, I'm proud to say, that I have been saving CONSISTENTLY and without fail!! It doesn't seem like a long time but it's a big accomplishment for me.
I decided to take the 52 week challenge about month and a half ago after realizing that we did not have money saved to travel home for my husband's grandmother's funeral. I'm using my two older boys savings account to practice doing this and my own savings account as well. Each account already had a few dollars in it (my two older boys had $2 a piece and I believe I had 3 in my savings account) and so for the past 6 weeks I have successfully saved $21.03 in each account. Again,not a big deal to many, but a big deal to me. Every Sunday I have a reminder for my calendar to send in each week's appropriate amount and no matter how much money I have in my checking account I pay that bill. Below is a picture of the 52 week challenge and it's pretty simple:
Week 1-deposit $1
Week 2-deposit $2
Week 3-deposit $3
By the end of the year, you will have saved almost $1,400!! Pretty cool huh?
I'm hoping that by the time I have to deposit $50 or $45 that I will have a little more income. I'm adding in the fact that on February 1st I will have paid my very last amount for our bankruptcy to the trustee and we will officially be out of bankruptcy!!!
Here are 2 ways to make the challenge even better:
Way #1: Automate
How to automate the 52 Week Money Challenge Chart:
1) Open up a FREE, NO FEE, Savings Account. I suggest using an online account, so you won’t have easy access to your money. Online accounts typically take 2-5 business days to withdraw funds. This will discourage impulse spending. Use MagnifyMoney.com to help you choose the best bank for you. I currently use Ally Bank. They have free, no-fee savings accounts that take less than 7 minutes to open online!
2) Set up automated transfers (on the same day each week) from your regular bank, to your new, online Savings Account. Most banks have an online calendar where you can schedule transfers (when and how much). I encourage you to set up the transfers in bulk, a month/4 at a time, or do the whole year. The scheduling should take a matter of minutes and this service is FREE! You don’t have to do the transfers manually each week, unless you think you may not have the funds available in your regular bank account and want to avoid over-drafting.
3) Make sure that you have the money available in your regular bank account each week.
4) Sit back and watch your money AUTOMATICALLY grow and grow and grow!
Automation is the new discipline. :)
Way #2: Reverse It
As you well know, most people don’t stick to New Year’s Resolutions. The reason being is that as the year wears on, your resolve diminishes. I suggest saving $52 in week 1, and $1 in week $52. In this way, the closer you get to December (and holiday shopping), the less you’ll have to save.
I've also signed up for the Live Richer Challenge . This plan promises to help you achieve your financial goals in 36 days! I invite you to join me. SIGN-UP HERE NOW: http://www.livericherchallenge.com/
It begins in January 2015. I'm hoping to see 2016 with less worry about money.
No comments:
Post a Comment