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Are You Ready For a Financial Challenge?

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<p>In more recent years internet challenges have become extremely popular. Usually they last the span of anywhere from one week to an entire year and, for the most part, they seem to help people reach their goals. From a 30 day squat challenge to a 365 day money challenge, these online competitions are pushing people to better themselves. But, outside of saving pennies a day, how can these online challenges help you financially?</p>::Pexels
In more recent years internet challenges have become extremely popular. Usually they last the span of anywhere from one week to an entire year and, for the most part, they seem to help people reach their goals.

From a 30 day squat challenge to a 365 day money challenge, these online competitions are pushing people to better themselves. But, outside of saving pennies a day, how can these online challenges help you financially?

Money Challenges

If you’ve been looking for financial challenges, you’ve probably already come across the 52 week money challenge and 365 day money challenge (and all the savings challenges in between). You may have also seen things like the “Debt Snowball Challenge” and other debt payoff challenges.

What I’ve found, however, is that there are very few internet challenges that challenge you to look at all of your finances at once. Why not challenge yourself to become involved in your finances?

As you know from previous posts, I just recovered from a financial crisis within the past few months. I’m finally in a place where I can start saving, paying off more debt, investing and simply bettering my life all around. So, I decided to challenge myself to become immersed in finance. Here’s the plan:

My Personal Financial Challenge

  • Budget. Budgeting is not my strong suit but I have made it a significant part of this challenge. While seeking new ways to make some extra cash, I will also be looking for places to trim my budget on a weekly basis. This will mean going out a lot less, eating out a lot less and really tracking my spending closely. To do this, I’ve picked out a couple helpful apps (Mint and Daily Budget).
  • Save. I’ve set a goal of saving $400 per month. This is feasible if and only if I stick to my budget closely. So, I’ll be using the apps mentioned. I will also be putting aside any change and any $1 bills I receive from a cashier at checkout to put aside. With my weekly savings and this, I’ll easily get $400 saved each month.
  • Invest. Part of that savings will be in investments. I am only starting out investing $20 a month. Currently, I am using Acorns to manage my small contributions to my investment portfolio. However, as my financial situation continues to improve I will be able to contribute more and more to this. I also plan on placing some savings into a Roth IRA before the end of the year, which will help prepare a stable financial future.
  • Pay Off Debt. Prior to moving, I paid off a sizable amount of debt. There is still a few hundred dollars that need to be paid off in medical debt that I will be tackling throughout this challenge series.
  • Build Credit. Sometimes paying off debt and building credit can clash. However, I’ve opened two very low ($300 each) credit cards that will help me further establish my credit. I buy everyday items on the cards and pay them off in full each month. I hope to see a raise in my credit score within a month.

I Challenge You!

All of that to ask you, what would you like to better about your life financially? Are you willing to both share and face your challenge with me? Take the plunge and challenge yourself to become financially fit.

Want to chat about your financial challenge? I’d love to hear from you!

The Importance of Meal Planning

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Meal planning
If you’re like many people you probably don’t know what you’re having for dinner until you pull it out of the freezer to defrost after work. However, there are even more people turning to meal planning to help them figure out the world famous question, “what’s for dinner?” Though many people start meal planning for weight loss purposes it can also be great for your wallet. In fact, it can be crucial for helping you stick to your monthly budget.

Check out the success I’ve had meal planning!

What is Meal Planning?

Meal planning is exactly what it sounds like. You sit down and plan out your meals for the week (or however long you wait between store trips) and then stick to the plan. As stated above, many people do this for weight-loss purposes. By planning out your meals you can have better control over your calorie intake and other nutritional factors. The same goes for meal planning and your budget, which is exactly why you should be doing it.

Why You Should Be Meal Planning

Planning out your meals can help you stick to a food budget. You’ll want to pick similar main ingredients for dishes throughout the week to save money. For example, you may pick up a pack of chicken breast for $15, which is a lot if you’re shopping on a $50/week budget. However, you will be able to make almost a week’s worth of dinner from that pack of chicken with proper meal planning. You may also want to be sure you have a list of all of your regular kitchen staples (which varies for everyone). Having a plan and lists prepared can seriously help you stick to your budget.

How to Create a Meal Plan

If you’re new to meal planning, don’t worry! I’d never even put thought into planning out my meals for the week until I started working out more. Once I started planning meals for the week and I started to see the positive affect it was having on me physically and financially I knew I’d stick with it.

To create a meal plan you first have to break down your meals of the day: breakfast, lunch and dinner (and sometimes snacks). Then write down some of your favorite meals for each (you’ll want to incorporate those into your meal plan from time-t0-time. Once you’ve got your favorite meals listed, also include some cheaper low-energy meals like spaghetti or PB&J.

After you’ve got a list of meals you’ll want to break down your meal plan on a calendar (check out this how-to on MyFitnessPal) and stick to it. Sticking to a meal plan saved me $20/week ($80/month) simply because I had a plan and wasn’t eating out anymore or grabbing last-minute food at the store’s deli. You could be saving just as much if you start meal planning now!

Do you meal plan? Have you seen any financial benefits? 

Photo: Fix.com

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How to Start Your Own Project Management Company

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Making your way in the world when it comes to your career is a tricky road. Learning how to navigate it can take an entire lifetime. You’re faced with twists and turns that you didn’t even imagine existed. So what happens if you’re not satisfied just following a basic path; what if you want to make your own way and be the one in control of your career? This is exactly why so many people choose to start their own company.

One field that is extremely popular with those looking to head up their own business is project management. As a project manager, you’ll be the one in charge of the planning and execution of various projects that you take on. It’s something new and exciting each and every day, which adds to the allure. Here’s a look at the steps you can take that will allow you to start your own project management company.

Start with an Educational Foundation

Before you can even think about starting up your own project management company, it’s necessary to get the proper educational foundation. What this means is enrolling in a masters in project and program management program. You can even enroll in an online MSMPP program, which will allow you to obtain the degree while working on the side.

By earning your degree you will be arming yourself with the most-up-to date tools, knowledge, and skills that are required to successfully manage projects.

Specialize in a Particular Industry

Another tip is to become an expert in one particular industry. This will help you to gain the upper-hand in that industry, which will set you apart from the competition. You’ll want to start specializing as early as possible so it’s clear from the start where your focus is.

Build a Marketing Plan

It’s pretty hard to build a company and make it successful if people don’t know about you and don’t know how to find you. This means you need a marketing plan. How do you plan to reach potential customers, where will you do this, how often, and how will you follow up with potential clients.

In today’s landscape, social networks tend to be an excellent place to market your services. What this means is that you need to be active on social networks such as Twitter, Instagram, and Facebook. You’ll also need a website that is SEO optimized, is user-friendly, and provides people with a reason to visit it. Adding a blog to your website can definitely help.

Get Out and Network

When it comes to starting your own business, no matter what industry it is in, networking is an absolute necessity. Attend industry events, seminars, conferences, and look into cross-promoting with other companies. The larger your network, the more opportunities will be open to you.

Keep at It

No-one has ever said that starting your own business is an easy process. It takes time, energy, motivation, and perseverance. All of this work just helps to make it more rewarding when your business does become a success.

Three Things Single People Should Do If They Want to Be Smart With Their Money

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If you are single and want to be smart with your money, you face different challenges and advantages than married people.

Last week I wrote a post about two things you should do before starting your debt free journey. Because I am married and this blog is called “Our Debt Free Family,” I focus my writing primarily toward married couples and young families.

But I have received some requests to write to the single person’s perspective.

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Our Monthly Debt Freedom Progress Report — August 2015

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I know, I know.

This is a little late since we’re already into October, but I wanted to catch you up on our numbers for the summer.

Since I took a little break from blogging over the summer due to our move, last week I brought you our June and July 2015 Debt Freedom Progress Report. And this week, I’m catching you up on how much debt we paid off in August when we downsized and moved into our dream house!
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Ways to Improve Your Chances Of Winning Sports Betting

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Gambling is a kind of addiction to mind. By its nature, it is a method of filling your time and trying to make money.  But those who are into a healthy betting and do it sensibly, they can make it fun and exciting to be a part of sports.

Sometimes it may result in an uncertain outcome as it is all about finding the best value for money. So, do you know the ways to make the most of your bet? Do you know the tricks to get the best?

There are many things to take care of, like the right market, the best time to put your bet on and other little things. These things are like a guide for you to see if you can make the most from your gambling experience. By following an approach that is structured, better can possibly win more than losing. Here are a few ways out that can help a gambler to have a winning bet on sports:

Look around for bookmakers, do not stick to one

In the competitive sector of betting business, there is a big emphasis on brand loyalty. The companies will try to convince you to choose them for bet through various loyalty schemes. They all have the same intention and it’s on you to choose the best. Shop around the best bookmakers who has the best price for the market you want. Check the offers available and as a result, bookies all have their own spin on it.

Know the bookmakers and their odds

At times, the popularity of the event you are betting on will determine the odds of the bookmakers. Their odds will be a reflection of what bookmakers expect the general public to play and actually not the real probabilities of either outcome. They will set their odds in order to attract the betters on their side and to balance their liability. So, choose wisely and opt to play with reputable ones like sports.williamhill.com/ who offers fair odds across all markets, even promotions. Calculate the margins of smart bookmakers, to find great value for your events and a profitable strategy.

Keep the past away and do not celebrate for too long

In the past, whether you lost or win, do not let it run throw you off your game. Keep it out of the league, out of your mind and start a new analysis. The spin will surely be on your side. Also, do not assume a false courage due to some past experience. Stick with your plan, have a good analysis.

Develop a long term stability

Who doesn’t want to get rich quickly, but that is not actually possible. It is a long term process. Getting rich through betting involves stability. You need to build a betting bankroll to increase the amount you bet on each game. When you steadily gain a stability you will find yourself making a decent pocket money and maybe also living wage out of it.

Maintain the records

Keeping a record of your betting game will help you in long term success. Keep a record of your betting by having a spreadsheet that will track your bets, the odds and what other things you want to add regarding your matches you bet on. When you do this, your betting will become more disciplines and it will assist you to keep a track of your profit and loss during every bet. Overall, it will enhance your betting discipline.

So, in a nutshell, follow these ways to have a win-win betting.

10 Ways to Save For a Home in a Hurry

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So, you’re ready to buy a home but don’t know where to start when it comes to saving. You probably have bills now (rent, utilties, car payment, etc.) and now you’re trying to save thousands of dollars for a down payment on a home. How do you do it?

How to Save for a Home

There is no “fast” way to save for a home. When it comes to saving, finding focus and consistency lead to success. So, how do you go about successfully saving for a house? Here’s where you can start:

  • Get an idea of the buyer-seller market in your area. Of course, everyone has their idea of a dream home but buying a lower cost home may help you in the long run. After years of adding to the home and any renovations you may have made, your equity will go up and you’ll be more likely to be able to afford a higher priced home in the future.
  • Automate your savings. Most banks have an option to automatically deposit cash into your savings account. For instance, if you get paid on the 15th each month and want to put $200 of each check into savings you can set it up to transfer on the 16th. Doing this ensures that you won’t forget to save (or find a reason not to).
  • Save every extra penny you can. In addition to automated savings, try to save 100% of all windfalls. This includes bonuses, gift money, and prizes. You may also consider participating in a money challenge to encourage healthy saving habits.
  • Don’t lose focus. Saving for a home can be consuming. Don’t lose focus on the other important things in life. For instance, if you are saving for a home it would be counterproductive to skip paying your rent. Although you don’t want to be renting any longer, you still need a place to live. Saving for your home is important but so is maintaining good personal finance practices.
  • Budget. Budget. Budget. Create a budget and stick to it. Budgeting will help you realize where you can cut expenses and where you can’t. This will help add to the savings for your home.
  • Generate more income. If you want to save more money fast, you may want to consider looking for ways to make more money.

10 Ways to Speed Up Saving for a Home

<p>Speeding up your savings isn’t really possible without making more money or altering your life in some way. If you’re looking for ways to save for a home fast, think about taking on one or more of these tasks to generate more income: Ask for a raise. If you’ve been at your job for a while, ask for a raise. Negotiating a raise can be intimidating but remember that your time is worth money. Walk into the negotiation knowing what you’re worth and so will they. Having additional money each check will help you save for your home. Get a second job. Maybe you aren’t able to get a raise with your current employer. If that’s the case search for a second job. Consider weekend and part-time positions that won’t add too much to your plate but will help you save. Downsize your current living situation. Not everyone is able to do this but you can “generate” more income by downsizing for a short period before buying your home. Many couples move back into their parent’s home when saving to buy their own. Have a yard sale. Almost everyone has junk in their house they could get rid of and, chances are, there is someone out there willing to buy it and add it to the junk at their home. Hold a yard sale to generate some extra cash to add to savings. Make money with surveys online. There are survey sites that pay fairly well. You can make extra cash to stash away using the various survey websites out there. Make sure you get signed up with one that actually pays out though. Trim your budget. If you’ve taken the advice above, you have a budget. Are there any places you can cut down? Groceries are always my first go-to when I’m looking to trim my budget. Sell blood or plasma. There are parts of your body you can legally sell for money. Blood and plasma are both great ways to make extra cash to put in savings, especially if your blood type is rare. Many places will pay up to $400 for donating plasma, depending on the amount you’re able to give. Most donations equate to about $25 to $50 though. You can donate regularly though so if you want to add this to your list of ways to make extra cash it’s a good one. Open a high-yield savings account. Opening a savings account with a higher interest rate may help you save money faster by generating more money in interest than you would normally. However, many high-yield accounts have penalties if/when you withdrawal so before you open an account, read the fine print. Freelance. If you’re a writer or know a trade that you can freelance with, do it. Freelancing is a great way to make extra money to save for a home. You generally make your own schedule and only play off your own strengths. Talk to a financial advisor. Lastly, if you’re having trouble saving for your home or need more ideas on how to better prepare for your home, contact a financial advisor. They won’t necessarily help you generate more income but they can help you find money you didn’t know you had by sorting your finances. Getting ready to buy a home is an exciting and stressful time. Wanting to get it over with is natural but, when it comes to saving for a home, there is no fast track. However, take the tips and ideas above into consideration and you’ll be on your way in no time.</p>::Pexels
Speeding up your savings isn’t really possible without making more money or altering your life in some way. If you’re looking for ways to save for a home fast, think about taking on one or more of these tasks to generate more income:

  1. Ask for a raise. If you’ve been at your job for a while, ask for a raise. Negotiating a raise can be intimidating but remember that your time is worth money. Walk into the negotiation knowing what you’re worth and so will they. Having additional money each check will help you save for your home.
  2. Get a second job. Maybe you aren’t able to get a raise with your current employer. If that’s the case search for a second job. Consider weekend and part-time positions that won’t add too much to your plate but will help you save.
  3. Downsize your current living situation. Not everyone is able to do this but you can “generate” more income by downsizing for a short period before buying your home. Many couples move back into their parent’s home when saving to buy their own.
  4. Have a yard sale. Almost everyone has junk in their house they could get rid of and, chances are, there is someone out there willing to buy it and add it to the junk at their home. Hold a yard sale to generate some extra cash to add to savings.
  5. Make money with surveys online. There are survey sites that pay fairly well. You can make extra cash to stash away using the various survey websites out there. Make sure you get signed up with one that actually pays out though.
  6. Trim your budget. If you’ve taken the advice above, you have a budget. Are there any places you can cut down? Groceries are always my first go-to when I’m looking to trim my budget.
  7. Sell blood or plasma. There are parts of your body you can legally sell for money. Blood and plasma are both great ways to make extra cash to put in savings, especially if your blood type is rare. Many places will pay up to $400 for donating plasma, depending on the amount you’re able to give. Most donations equate to about $25 to $50 though. You can donate regularly though so if you want to add this to your list of ways to make extra cash it’s a good one.
  8. Open a high-yield savings account. Opening a savings account with a higher interest rate may help you save money faster by generating more money in interest than you would normally. However, many high-yield accounts have penalties if/when you withdrawal so before you open an account, read the fine print.
  9. Freelance. If you’re a writer or know a trade that you can freelance with, do it. Freelancing is a great way to make extra money to save for a home. You generally make your own schedule and only play off your own strengths.
  10. Talk to a financial advisor. Lastly, if you’re having trouble saving for your home or need more ideas on how to better prepare for your home, contact a financial advisor. They won’t necessarily help you generate more income but they can help you find money you didn’t know you had by sorting your finances.

Getting ready to buy a home is an exciting and stressful time. Wanting to get it over with is natural but, when it comes to saving for a home, there is no fast track. However, take the tips and ideas above into consideration and you’ll be on your way in no time.

Have you saved for a home? How long did it take?

20 Expenses You Can Cut From Your Budget Today

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A surefire way to speed up your debt removal process is to reduce your spending and increase your income.

This just might be the part that you enjoy most! This is where you have a chance to get creative.

This week and next week, we’ll find ways that you can trim your spending to make room in your budget for paying off debt or saving up for your next financial goal.

Today, we’ll focus on eliminating some expenses from your budget.

Examine Your Budget

Pull out your monthly budget.

Examine each expenditure. Go through line by line to come up with some potential expenses you can cut from your budget.

What are some expenses that you can get rid of completely?

Other than your basic necessities of food, clothing, shelter, and transportation, carefully consider each expense.

Do you really NEED these items?

Challenge yourself to write down at least ten expenses you can eliminate from your budget.

For now, these are just thoughts.

You’re not going to act on each item you list at this time, but I want you to spend some time on this and add as many ideas to your list as possible.

Get creative.

Don’t worry if an idea sounds ridiculous or impossible. It may lead to a better idea later.

Once you have at least ten items listed, add ten more.

No matter how big or how small the potential decrease in spending may be, don’t disregard any idea.

Small changes add up over time.

Expenses You Can Cut

Here is a list of 20 ideas to help you get started on your own list:

  1. Cable
  2. Dare I say… Internet?
  3. Landscaping
  4. House cleaning
  5. Pest control
  6. Gym membership
  7. Kids’ activities
  8. Hobbies
  9. Monthly insurance fee on cell phones
  10. Data plan for smart phone
  11. Modem rental fee
  12. Daily espresso
  13. Daily lunch out
  14. Alcohol
  15. Soda
  16. Snack foods
  17. Entertainment
  18. Restaurants
  19. Magazine subscription
  20. Vacation

Again, these are just ideas. It doesn’t mean you have to implement every single one, but understand that the more you trim your spending now, the quicker you’ll get out of debt.

You don’t have to be as drastic as Miriam and unplug your fridge to make quick progress. My husband Mike and I paid off $65,000 of debt in 11 months on a single, middle class income, and we haven’t cut all of the expenses that I suggest.

Every situation is unique. What worked for us may not work for you.

Trim Your Spending

The Point is to Be Intentional With Your Spending

I’ve stated this before, but the point of this whole process is to be intentional with your spending.

If you don’t cut an expense, then you should have a good reason for keeping it.

There are a number of expenses in our budget that we could cut, but we haven’t.

For example, we put our son in preschool last fall. We didn’t have to do that. We could have saved the expense and taught him his ABC’s and numbers at home.

But we feel that education is important, and we want him to be prepared for kindergarten when the time comes. While we’ve sung the ABC’s and worked on counting with him, he’s shown tremendous progress since September. He loves school and is already trying to read — at 3-and-a half!

Take Action

Decide on two expenses that you can cut this week.

Then take action to do so by the end of the week. Make a pact with your spouse or accountability partner that you will act on these ideas by the end of the week.

Put it on your “To Do” list or add it to your calendar of when you are going to remove these expenses from your budget.

Two items is manageable for most people, and you will feel accomplished by freeing up even a little bit of money in your budget. But if you want to cut more, by all means, trim away!

Read Our Popular Articles

If you are serious about getting out of debt, read our other popular articles:

Alice and Scott Paid Off $200,000 Student Loans In Seven Years
Ron and Thu Paid Off $137,000 in 7 Years
Make Some Passive Income With Paribus
Yes, You Can Pay Off Debt When You’re Behind On Your Bills

Lastly if you are snowed under with debt, consider refinancing with SoFi. They have solid customer service and a competitive model.

What About You?

Participate in the conversation. What are some expenses you have cut from your budget to reach your financial goals? What would you add to the list? Share in the comments below.