“If you don’t tell your money where to go, it WILL leave.” – Dave Ramsey. Today, I’m going to help you tell your money where to go: to that dusty savings account in the corner.
The savings challenge is here, and I’m pumped to get back on track financially this year. February is a month of a lot of things, but here, it’s going to be a month of saving money so that we aren’t drowning later. In 30 days to 500, you’ll have accumulated $500 in your savings account, and you’re going to leave it alone. Yes, just let it hang out there as you continue the next 30 days to add another $500. $1000 in savings sounds nice, right? I know! Let’s do this!
It Starts with the Budget
Oooh the budget. Scary word, but it’s such a helpful tool in keeping everything on track, especially if you’ve got money goals. On here, we always have goals, and a lot of those goals revolve around money. Why? Because everything costs money. Even time costs money.
As you start this challenge, take a look at your budget. If you don’t have one, check out this post to start one or grab it here. Trust me, it’s awesome and addictive.
Hear me out. When I write about saving money, I take into consideration that you’re not making a million dollars. My budget planners and trackers are tailored to those who are in the lower to middle class income bracket (like me!). I don’t make a ton of money at my day job. I don’t even make enough to do much after bills, but saving is always possible. If you really want to do it, you’ll find a way. And trust me – you really want to do it.
Diversify Your Income
We don’t like stress around here, and I know you’re probably thinking – well, where the heck am I going to find $500 to put away?!? Don’t stress out. It’s simple. Pay yourself first, and then figure out your bills. Listen. You’re not working your butt off at a lousy (maybe great) day job so that you don’t get anything out of it. If you are doing that, maybe you need to rethink your revenue streams.
Side hustling is an easy way to add income to your bank account without going out and getting a second job. You can do it from home on your own time. Make the time, put in the work, and you can make the money.
Need side hustle ideas? Check out this post where I share 30+ Side Hustle Ideas (for the introvert) and pretty much everybody. In this post, I share 12 companies that hire remotely (work at home jobs). This post shares how I made $1000 in a month transcribing online from my home office. See, if there’s a will (get the will), there is a way.
Consider Blogging as a Side Hustle
I will forever promote blogging as the ultimate side hustle. Why? Because it’s awesome. You get to write stuff, people read it, and you can make a pretty good income from blogging. It’s not just a dream that’s beyond reach anymore – it is very possible to create a successful blog that can transform your income and your life. Don’t get me wrong. It is a ton of hard work, but it is worth it.
If you don’t have a blog yet or want to make yours loads better and start bringing in money, check out these free goodies: Ultimate Guide to Starting a Blog* and 12-day Blogging Bootcamp*. They’re both totally free as can be and I’m sure you’ll enjoy them and find them tremendously useful.
Want to really get down to business with your blog? Join us on the BBC where we’re getting 1,000 bloggers to earn $1 Million each – that means a collective $1 Billion. Oh yeah, we are serious and welcome you to join us. We’re at half capacity, and cut off is at 1,000 members, so… Interested? Check out BBC here*.
Grab the 30 Days to 500 Savings Tracker
I have an Etsy shop where I sell printables (they’re cute, check ’em out), and for this challenge, I created a simple financial goal tracker for you. There are 30 slots for each day, and you can write down what you’ve put away into savings that day.
My recommendations: Because I can’t make you do anything. I can only point you in the right direction.
- Download Print out the free Savings Tracker and Budget Planner (form is below).
- Complete the Budget Planner so you know where you stand financially and how much you’re going to set aside each day to reach your goal.
- Write down your Goal on the Savings Tracker. How much do you want to save in 30 days? I say start with $500, but if you really, really (really, really) can’t, then start where you CAN. Push yourself.
- PHYSICALLY move money into your savings account every day. You can use an app or bank site, but you need to actively move the money and see it go from checking, wallet, whatever INTO your savings account.
- Admire your savings in it’s home, and let it be.
- Repeat every day for 30 days.
- At the end of 30 days, write down the total amount that is in your Savings Account – not what you’ve tracked. I say this, because who’s to say you haven’t moved money (BAD!!!) out of your savings?
- Does your Savings amount match your Goal amount?
- If yes, let’s have a little dance party! Go you!!!
- Repeat every 30 days.
- Watch your savings grow, grow, grow!
At the end of the first 30 days, you should have at least $500 (or whatever your goal was) in your savings account.
If you didn’t make it to $500 or whatever your goal was, I want you to reflect on some of the challenges you faced.
- Is your savings account better now than when you started?
- If yes, hooray!!!
- If not, what went wrong?
- What happened along the way?
- What could you change for the next 30 days you continue this challenge?
Repetition Creates Habits
30 Days to $500 is a challenge that can be started whenever, wherever, and with whatever income you have. It’s not something that has any strict rules other than save something every day for 30 days. You are creating a habit, and when that habit has solidified in your routine, you won’t even really think of it anymore.
Also, you’ll become really addicted watching your savings account balance grow, day after day. It’s such a fascinating process to watch, and if you think back on it after 30 days, you will realize that you could’ve started this a long time ago. Aren’t you glad you started now? I know I am.