Yes we are back with another accountability session AKA Money Challenge Check In.
I hope you all are still in the game of saving those coins.
For those of you who are new, let me explain. At the beginning of the year MDHC challenged you all to save extra money this year by participating in a Money Challenge. This money challenge came in 3 different amounts for different budget ranges. Every 3 months, I post a money challenge check in with the intent to keep us all in the right track and to share with you all my experience as well. If this is something you are still interested in, I would encourage you to participate in the MDHC Money Challenge ($1,378 edition). This particular challenge is lower than the rest and can easily be customized to your own biweekly pay dates. Download yours today and get started!
The purpose for these challenges is to get into the habit of saving money consistently. In order to do so you must save with a purpose and save within your means. This challenge should serve a purpose within your financial journey for next year. Whether your dumping the full amount into your full emergency fund or your splitting the amount into 3 different areas of your budget (vacation, emergency fund,college courses), give each dollar saved a name. Its important to remember your purpose throughout the year to motivate you to continue no matter how tough it may get. As the challenge gets harder, your budget will need to be adjusted as well. Which leads me to my next point; save within your means A.K.A save what you can afford. When choosing my personal challenge this year, I knew I could not choose the highest value challenge because I had other financial goals that I needed to meet. Therefore I chose one that would comfortably allow me to save some extra money and meet my other savings goals as well.
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Our next goal with this 2017 money challenge is to increase our savings & change our behavior simultaneously. Some of us may find it easy to dump $500 into a savings account at once and not touch it for the rest of the year. But most of us know that if we have that type of money in an unmarked account, the money will slowly make its way onto a new purse or court side seats to the next basketball game in town. The money will just disappear and you’d be left wondering where it went and how stupid of me to let that happen. To avoid that ever happening again, giving your savings a purpose and gradually building up the funds can help you change how you handle your finances altogether and will hopefully motivate you to remain consistent and focused on your savings target.
So with that being said I hope 6 months later your still hanging in there. I will provide you with my 6 months update and I hope to hear yours as well. You can comment down below in the comment section, email me a private message or comment on any of the social media accounts mentioned here; Facebook & Instagram.
Where are you today?
Q: Which 2017 Money challenge did you participate in?
A: I participated in the $1,378 Money challenge this year. The lowest contribution is $3 and the highest is $103 in December.
Q: Did I secretly skip out on a payment and paid double the next time to catch up?
A: No I have not skipped a payment but I can’t say I have not wanted too. There have been moments when I thought of skipping and doubling up on the next one. But then I would think of how off track I would feel if I did that. It would sort of feel like I cheated at it and that wouldn’t be fair to myself.
Q: Is the money challenge kept at a separate bank, in cash or in your main checking account?
A: The money challenge is kept in a separate saving account but it is linked to the main checking account. This method makes it easier for me to transfer the money as soon as I receive it. So far I have not had any temptation to withdraw any of the money because I actually enjoy watching the money grow each week(sort of like a finance geek now lol).
Q: Has the challenge gotten harder, easier or stayed the same over the course of 6 months?
A: I would say that the money challenge has obviously increased but it hasn’t done any true damage in the last 6 months. I have not felt the pressure as of yet. It makes me wonder if I could have actually handled one of the other two choices.
Q: What are some challenges you may face in the future that may potentially affect the money challenge contribution?
A: I am booked for the next 6 months lol. Between weddings, vacationing and the holidays this money challenge may very well be compromised in the future. But that is nothing a good ole budget cant fix. Staying on budget within the next few months are crucial to my success with this years money challenge. So give me a 2 second prayer if you can.
Q: Has your purpose for raising the money challenge changed overtime?
A: No, my purpose for this year’s money challenge was to use the money to raise my fully loaded emergency fund and the plan has not changed. My goal is to raise 6 months worth of expenses placed in a separate account for emergency purposes only.
Q: Do you feel as though this challenge is holding you accountable to your financial goal?
A: Absolutely! Every time I check that box on my money challenge sheet , it gives me more motivation to keep on going. Each week I complete brings me closer to December’s last contribution and one step closer to fully completing my emergency fund. I have been counting on this money since last year so I am definitely holding myself accountable for every contribution I make.
If there are any questions you may want to feature on the next money challenge check in, feel free to let me know below.
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