Savings Challenge: Save $100 This Week

Saving

Today’s post will be a short, but important one. I’m issuing my dear readers a savings challenge! 

Around here at JSS we aren’t just consumers of theoretical money knowledge, no, we are action takers! 

When I was first beginning on my journey, I partook in many such challenges. Doing so helped me stay accountable and it taught me what good spending habits looked like. Remember, consistent correct actions leads to your eventual success.

“If you know how to spend less than you get, you have the philosopher’s stone.”

Benjamin Franklin, The Way to Wealth

The savings challenge is to save $100 this week. 

Why $100? Because it’s all about the Benjamins, of course.

That may seem like a lot but the way this is going to work is you’re going to give yourself credits for various actions. This is to help build the habits and help estimate costs saved. If you actually know how much money you would’ve saved by avoiding something then feel free to use the exact amount. 

Some examples could include: 

  • Not going out to eat, $20 credit. 
  • Not buying a coffee, $5 credit. 
  • Walking or biking instead of using your car, $10 credit. 
  • Sticking to your grocery list, $10 credit. 
  • Avoid impulse shopping, $20 credit per store avoided.

Other creative options could include:

  • Renegotiating your car insurance premium to save a bigger chunk of change over a month or year. 
  • Switching to a lower cost internet or cell phone provider. 
  • Initiate a balance transfer on an old credit card so you’ll be free from interest for a few months (huge win!). 

These are just a few examples. Feel free to assign credits to money-saving actions as you see reasonable and fit. If not, the above guideline is a good starting point. If you never go out to eat, don’t award yourself a credit for not doing it. You only get the credit if you replace a current less-than-optimal habit or you avoid an impulsive decision.

At the end of 7 days if you total to $100 or more, you win!

You reap the prize of good decision making and habits. It might not seem like a lot but each week will eventually start to make a huge difference over your lifetime. That’s extra cash that can go straight to debt. 

I’m going to participate too. This post comes out Tuesday, so I’ll begin Wednesday and provide an update by Wednesday of the next week (Oct. 27, 2021) so be on the look out.

If you’re just starting the challenge, I’d love to hear from you. I want to hear about your experience. It’s always fun seeing how creative people get in order to avoid spending or to save for various goals they’re highly motivated to achieve. 

If you’ve completed the challenge, reach out as well so I can offer my congratulations!

Good luck and remember… if you want to see different results you have to try something different. Don’t be afraid to experiment and see how you can best get ahead.

Here are ways to support, stay in touch, and work together:

I look forward to speaking with you and helping guide you down this life changing path.

In health and in wealth,

Seth