Money Savings Challenges That Will Change Your Life


alright guys I’ve gotten lots of
feedback that you guys love my saving challenges and just love these videos
I’ve done two of them already so it is time for a third if you guys want these
quarterly how often do you want these there’s are so much fun I’m loving them
so we’re talk about save the challenges saving money I’m gonna give you some
different ones I’ll be honest these are a little difficult sometimes because
there’s only so many different ways that you can save so there’s the five-dollar
challenge and 52-week challenge and all these different ones and it’s like okay
well how else can we do it so I got pretty creative with this one I got
little outside the comfort zone some of these may stretch you a little bit but
guys I think that’s really good you know we get into these habits we get into
these just same mindsets we need to be stretch up so our comfort zone to really
make you know an extra effort to get us to the next level where if we’re gizelle
intends and hitting our savings goals are hitting our debt path goals or
whatever it may be then you need something that’s going to stretch you
you need something that’s outside your comfort zone so you may not like me by
the end of this video but I promise you I’m I’m trying to help you all out I’m
trying to stretch you outside your comfort zone so let’s get into these
savings challenges like I said I do have a previous couple of similar challenges
one of them includes this free printable that I have here and I’ll have the link
down below on how to download your own free printable this is the 52-week
Saints challenge if you complete this you will have saved one thousand three
hundred and seventy eight dollars which is a win so this is a fun one I will
have this linked for you guys down below in the description box and then of
course with this video there’s a blog post I’m really really trying hard to
make a blog post with each of my videos so that is my goal but doesn’t always
happen but there will be a blog post with this as well let’s go check that
out as well in the description box alright first wine let’s this is a doozy
let’s do this one first one is the 10k challenge so you guys have all seen it
floating around Instagram a lot of people hosting it I posted one as well
that did you know that if you just mindlessly splendid $27
40 cents everyday which is like a dinner and a lunch or a trip to Target or
something small that will blow through ten thousand dollars a year guys that is
crazy ten thousand dollars a year by just spending – Lee twenty seven dollars
and forty cents a year that’s crazy but let’s turn around guys so if you
also save twenty seven dollars and 40 cents in a year you will have ten
thousand dollars saved in a year so if you had asked me like three to five
years ago when I really started this YouTube channel and started documenting
my journey and started paying off debt really aggressively if I could save ten
thousand dollars in a year or if I could put ten thousand dollars towards my debt
in a year I would have laughed at you there’s no way I ever thought that I
would be able to do that like not on my salary I was making $30,000 a year
$35,000 a year at that time I would have there’s no way I would have been able to
do that but guys $27 that just goes out the window like it’s nothing so it’s
possible twenty seven dollars and forty cents a day you can do it you can do it
so ten thousand dollars a year I challenge you that would be amazing so
if you want to put ten thousand dollars towards savings $10,000 toward your debt
split it up 50/50 whatever you want to do but 2740 a day y’all got this you can
have 10k in the bank the next savings challenge is one month’s worth of
expenses so don’t want to throw shade not throwing shade okay but a lot of
people a lot of financial gurus not climbing myself a financial guru by any
means but a lot of financial gurus recommend $1000 of emergency fund I do
not I used to but I’ve grown it and I’ve just realized that’s not gonna cut it
for so many people it’s not gonna cut it for us it’s it’s not enough I personally
recommend 1 months worth of expenses I think that is a great number to have
it’s a great way just to feel comfortable in that and guys not to
throw any shape but when Dave Ramsey came up with FPU Financial Peace
University that was like 25 years ago that was 25 years ago
and look at inflation look at cost-of-living look at how much money
has changed in 25 years a thousand dollars back then when he created the
program is not the same as a thousand dollars now it’s not and honestly for a
lot of people that’s not going to cut it now IRC in the mindset of you want your
mergency fund to be small enough that it scares you you want it to make you
nervous so that you get gizelle intends to path your dad I totally get that but
at the same time I think you need at least one month’s worth of expenses in
the bank in case something happens and trace the transmission goes or anything
like that if anything is that big it’s not going to be enough to cover it it’s
not so one once worth Rick senses so really challenge yourself to get there
what do you have to do how long will it take will it take you 1 month 2 months 3
months whatever it’s gonna take six months how long it’s gonna take you
maybe a year but get there work towards getting towards one month’s worth of
expense that’s really gonna be huge do you guys want me to make a printable on
that I think that would be a great printable so let me know down below in
the comments if you couldn’t print a bowl on one month’s worth of expenses
and I can do some jars or whatever it may be but really work towards that and
then ultimately work towards a year’s worth of expenses we have six months
worth now we are working towards a full year’s worth of expenses for us now that
we’re homeowners in this house that’s our goal
but $1,000 that’s not going to cut it any more all right before we get into
the next one if you’re finding value in this I would love for you to subscribe
to my channel hit the like button the like button it really does help with the
YouTube algorithm I don’t know why I don’t know what it is but YouTube they
like the like button they just love it so hit the like button it really helps
promote the video it helps YouTube to say hey people like this I’m going to
show more people so it is a great free way to help me out so hit the like
button subscribe hit the bell notification all of that number three is
to track every expense tracker expense for 30 days now I do recommend that you
do this all the time I track everything but really it in the beginning it just
tracker for a month track it for 30 days however long the month is five years a
short month 28 days that’s it so track it for a month every single
penny that you spent everything put it in a budget I personally use Excel you
guys know I love Excel I have my budget templates I’ll have them linked down
below for you guys on Etsy but everything needs to be tracked when you
do this a couple things are gonna happen first it’s gonna be eye opening you’re
gonna see where you’re spending money you’re gonna see where you’re
overspending you’re going to see different places that you may be able to
cut back in the future you’re gonna see all of that it’s gonna be very
eye-opening it’s gonna be like Barre Singh I was talking one of my coaching
clients this morning and she said Kelly I’ve been tracking everything I’ve been
so good at tracking but you’re gonna yell at me and I said it’s okay it’s
okay its beginning but it’s very eye-opening you know when you’re having
to write it down when you’re having to put in your your budget it’s like whole
crepes and I really do that I just spent 150 dollars at Target when I went in for
two things and it’s gonna be eye-opening so that’s the first thing the second
thing is is you can make progress throughout the month you can really see
what you’re doing so say you have a $400 grocery budget for your family if you’re
waiting to the end of the month it to track all of your expenses then that you
could already be at $550 and you have no clue because you’ve just been spending
and swiping now if you are tracking every other day every couple days you
can see halfway this is a month you’re at $300 and you’re like oh crap
we’re gonna eat them in the pantry we’re gonna eat them the freezer we’re gonna
do all this stuff because we have $100 for the next two weeks we are gonna like
Zone in and pantry challenge so you’re able to see halfway through the month or
you know quarter the way through the ones that’s or the first week if your
way we’re spending you can kind of rein it in and see what you need to do
differently to make sure you hit your goal at the end of the month because the
month at that’s that’s the budget but if you wait until the end it could be too
late and then third if you are in your budget
every other day every couple days like five days max like in between going into
your budget so I’m going to take you 5 or 10 minutes I log into our account
I don’t use caching more I use use cache now I don’t now I just log into our
accounts and I just track everything I log it into the budget it takes me five
minutes it’s super quick do you wait to the end of the
like I said before it’s gonna take you an hour you’re gonna hate it
you’re recursing my name Rumi like Kelly freedom in about it she sucks this is
I’m pulling my hair out this was just terrible but if you’re in every couple
days it’s gonna be super quick super easy not hard just do it with a cup of
coffee do it at your dinner or whatever it may be it’s gonna be mindless it’s
gonna be easy so vlog every single stinking expense my budget the way that
I have it broken down is you can see all of the transactions so it’s super easy
that I have them all broken up the grocery budget you have them all
individualized and then it feeds up to the top you guys have seen my report
card videos or my how to budget for a five thousand dollar month or four
thousand whatever it may be you’re eating out it feeds up to the top you
just ink them put them and then it feeds up it’s so easy it’s it does all the
formulas for you it has all the categories I was spending analysis guys
it’s not hard the tools are out there I’ve made the tools before you I put in
the time I put in the effort to make them for you so they’re there so log
every single expense number four is to set up a new bank account and set up
auto transfers so I recommend a bank account that is separate from your other
ones separate from like Wells Fargo Bank of America anything like that do an
online one that’s that has some distance so that it’s not easy to just pull out
money whenever you want so set up one like CIT bank that’s a great online
account that has a super high savings rate in high yield savings money that
they give you guys the interest on CIT right now is top top top it is amazing
what they’re giving in their interest which they can do an online bigs that
they can’t do at the normal retail ones like Bank of America could save so much
more overhead and paying for all these people in the building and all that
stuff so online banks give you that really really high
saving high-yield savings so I’ll have a link for them down below they’re amazing
but set up an auto transfers every single paycheck $25 $100 whatever it may
be have it like a bill have it set out so that you can just go and not have to
worry about it so that it just comes out and it’s it’s like a bill it’s just
you have to do which there’s no choice just like you have to pay your electric
bill you have to save you have to you have to make yourself a priority you
have to make savings in priority just like Warren Buffett says do not save
what is left after spending instead spend what is left after saving guys
that is amazing don’t save was after Spitz left after spending spend what’s
left after saving saving needs to be number-one priority and investing and
you know dealing with all of that so guys say say say say say set up an auto
transfer in a separate bank account that you’re not already using that you’re not
have all of your bills coming out of or anything like that separate I want
distance make sure it’s distant number five is to analyze all of your accounts
now next one maybe one that you have been procrastinating I know that I have
procrastinate so many times and years past of shopping around for car
insurance calling companies like my cable or company or main Internet
company to get lower rates that task is just not fun it just sucks but it’s
something that you can really really really save a lot of money on this isn’t
like a call Geico in 15 minutes you can save hundreds but really guys there’s so
many amazing services and now you don’t even have to call these companies and
you don’t have to like write down six different car insurance companies and
call each one and these are my limits this is what I want this is the coverage
I need no they now have sites that will go and do it all for you
Thersites like Gabby Gabby is an incredible company that will go and shop
around for all of the different insurances for you it’ll go and just
compare everything and just give it to a nice pretty package and say here here’s
how you save $200 it’s amazing then there’s ones like bill shark and
Bill shark will go negotiate your rates for you and go and really dig in there’s
bloom I did a video on bloom where they go and they look at your fees okay are
you to hide stocks or bonds for your 401k or 403b your Roth IRA all of those
there’s so many amazing services now that will go into it all for you it’s
incredible so I’ll have all those links down below but just take a little bit of
time and really just go through dig through it’s gonna take you like 15
minutes which not long at all but go through negotiate
some of these rates get lower bills because some when you have lower bills
you can put more true savings you can put more term set whatever it may be and
it’s really gonna save you a lot of money so don’t procrastinate any longer
go check out the description all the links will be down there it is gonna be
a game-changer guys a game-changer you all got this next we’re gonna talk about
eight ways to improve your finances that I’m gonna give you some really really
great tips that are practical eases you so eight ways to improve your finances
I’ll see you in that video

24 thoughts on “Money Savings Challenges That Will Change Your Life

  1. Videos and resources mentioned:
    💵BLOG POST: 5 Money Savings Challenges That Will Change Your Life: https://freedominabudget.com/5-money-savings-challenges-that-will-change-your-life/
    💵5 Money Challenges That Actually Work: https://youtu.be/UI7LK09VcpU
    Savings Challenges in 2020: https://youtu.be/HEcxCbDo_HQ
    💵To download the 52 Week Jar Savings Tracker: https://freedominabudget.com/savingschallenges/
    💵Shop Excel Budget templates on my Etsy shop!: https://www.etsy.com/shop/FreedomInABudget
    💵NEW Spending Analysis Template: https://www.etsy.com/listing/756090010/spending-analysis-template-formulas-pre?ref=shop_home_active_2&pro=1
    💵CIT Bank: Great Savings Account to Earn High Interest (1.75%APY): https://fxo.co/8VUW
    💵BillShark negotiates lower prices on your monthly bills to save you time, money and hassle: http://www.pubtrack.co/8PND1BB/686M1C/
    💵Gabi is a full-service, online advisor who compares all your insurance options to find you the right policy, all in under two minutes. http://www.pubtrack.co/8PND1BB/69KHPZ/
    💵Blooom: FREE 401(k) or IRA analyzer, Let the experts take a peek at your retirement account. Get real advice on how it's doing and how it could be performing better: https://blooom.pxf.io/QLxxo

  2. I started the daily reconciliation of my bank accounts in December of last year. You are so right!! I was frittering away $500 a month on worthless stuff. I used to think there was someone else sucking money out of my accounts. Now I know it was me!!!! This isn't that time consuming – I do it while I am drinking my morning coffee. So worth it!!!

  3. I think as a whole that the Dave Ramsey steps are outdated. I do think the steps can be useful for people who have no idea where to begin, but the numbers and ideas behind them definitely need updated. Dave and Chris do not want you to do the steps out of order, which makes no sense to me. There are different types of debt. Just be responsible and you can make it work.

  4. Dave Ramsey recommends a $1,000 "baby" emergency fund for people who have nothing saved to have while they are paying off debt. Then he recommends a fully funded emergency fund of 3 to 6 months of expenses. I think this needs to be clarified…

  5. Saving up for a fully funded emergency fund seems like a huge hurdle for us. Many interpret this as 3 to 6 months of income and that would take forever for us. Now my goal is to start at 3 months of bare bones living expenses. How much money to fund 3 months of paying for my 3 walls (I don't really count clothing, most have plenty of that). That should be enough for 90% of emergency situations. I will keep building it up to 6 months or so, but keeping much more than that I think you lose out via opportunity costs (investing in index funds instead of having money in lower earning savings vehicles). But anyway its all dependent on risk tolerance of the individual.

  6. On top of saving 10% which I have done for decades, I will throw $ 5 Dollars into a jar every night . I have never once felt deprived and both of these have served me very well. allowing early retirement. Best wishes Kelly

  7. I previously downloaded the "Jar" printable. I started this challenge with my daughter in January. We are holding each other accountable! Every Sunday we text each other the amount we have saved. Love this printable!!

  8. Haha I used to spend at least $25 a day on chipotle! Lol. Not no more!! 😆. Getting on this plan. Baby step 2! I felt the same no way my spending habits would’ve helped me save. Great video.

  9. One thing I have wondered about savings challenges is how do they into a zero based budget? Do you have to plan for them in advance of your budget? Otherwise they would just end up messing up your budget?

  10. You’re right, $1000 is not nearly enough. We have 4 kids, one with a lot of medical needs. 1,000 wont cover much of anything! Great video.

  11. Do you use the high yield savings account for 1 yrs worth of expenses?
    Also random question: Do you and Jayme have long term disability insurance? After watching the Financial Peace University videos where Dave Ramsey really pushes for it, I got some quotes for own occupation long term disability insurance…. and YIKES. Its like $500 a month for me!! I don't know if I should just hope I stay healthy until I'm done with debt or actually start buying it.
    (what happened to the Dumping Debt Fridays where I get my questions answered! Or some live events with your "crew" like Finn Mindset and JJ Buckner?)

  12. Ok – I did it!! I reviewed my cell phone plan (really old plan) and data usage, and was able to downgrade to a much cheaper plan that will save me about $70 a month!

  13. I love these challenges. I've been seeing the $27.40 per day = $10k per year on Instagram too. While spending tracking and reconciliation tells me how much I am spending on things that in hindsight I would prefer not to have spent on, it wasn't until hearing you say it as part of this video that I finally had an "a-ha" moment about how my frittering adds up the way it does.

  14. Love these challenges!! I like the one that says if you save a quarter a day, you'll have over $1000 by the end of the year 🤦‍♀️
    Seriously? A dollar a day is only $365, lol. Your challenges are ones that can actually work!

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