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Money and Holidays: Remembering the Reason for the Season

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Money and holidays - remembering the reason for the season

Money and holidays. These two things are enough to stress most people out. However, instead of biting your nails and worrying about having all the biggest, best gifts under the tree, take some time to reflect on the real reason for the season. Your mind (and your wallet) will thank you.

Here are some ways I’m being more present and spending less this holiday season.

DIY Holiday Gifts

Every year, I make some kind of Christmas gift. One year, everyone got a homemade crocheted scarf, the next everyone got handmade socks, or their favorite Christmas cookies in a tin.

This year, I’ll be making several gifts for my little one’s grandparents. Overall, nine gifts across all the grandparents will only cost me about $100. That’s just over $10 per person – not bad! More than the financial aspect though is that I will spend time with my little one, friends, and family while creating these crafts.

Video Calls

During the pandemic, most people were interacting with their loved ones via video call. This is still a possibility and necessary for those of us who don’t live close to all of our family members. Set up a few dates throughout the holiday season to sit down and video chat with folks who live farther away. Spending time catching up can be an amazing gift for both parties and help you reconnect – that’s one of the biggest joys of the holidays for me.

Throw a Party

It is easy to get lost in the hustle and bustle of the holidays. Don’t forget that the season is meant to be spent with the ones you love. Throw a potluck get-together to keep cost low and enjoy yourself. You’ll get to see everyone near-and-dear to your heart without the pressure of swapping gifts.

Gift Swaps

Speaking of swapping gifts, we have plans to go to a gift swap this year with other families who have babies. While I have not been a fan of swaps in recent years, I love the idea of it. You get to enjoy the feeling of giving a gift without the pressure of buying a gift for everyone. There is no guilt over how much you spent, nor is there guilt over buying every single person a present.

Money and Holidays: Reflection

These are just three things I’m doing to step out of the mall and into the season this year. There are plenty of things you can do to improve your outlook around money and holidays too. For example, you might schedule a time for your family to be at the local soup kitchen, volunteer your time, or adopt a family in need.

The point is that you don’t have to go bankrupt to have a beautiful holiday. In fact, some of the most memorable moments will be those that you didn’t spend a dime on.

Try to step outside your own expectations and remember the real reason for the season. Happy holidays!

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How Inflation Will Impact Our Holiday Plans

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How inflation is impacting the holidays

Inflation is hitting everybody hard this year. Prices are through the roof. In fact, the price of turkey alone has gone up 23% in the last year. Eggs? 35%. So, getting together for large meals with all the traditional foods may be a bit more difficult this year. Here is how it will impact our holiday plans.

Inflation: A Look At The Numbers

While many government officials have been hesitant to use words like “recession” and “inflation” when speaking about the United States economy, everyone is feeling it.

@districtmediafinance Thanksgiving dinner is looking a lot more expensive this year. #greensbeanspotatoestomatoes #thanksgiving #savingmoney ♬ GREENS BEANS POTATOES – DJ Suede the Remix God

Though the upbeat song in the video above makes you feel a little less anxious about it, the rise in cost of everyday essentials is crippling some families in the U.S. When it comes to celebrating the holidays this year, things are looking very different. People are swapping out their big turkey dinners for something a little cheaper. In some cases, they may choose to skip the big gathering altogether.

Here is how inflation is impacting our holiday plans.

How Inflation Is Impacting Us

This year, we aren’t going to be doing any extensive travel around the holidays. That is the biggest change that will be happening. However, we are also making some changes to our typical menu for Christmas.

Our family typically does a turkey and a ham on Christmas. This year, I am hosting the holiday gathering at my house. We are likely going to only do one main course protein. Sides and other items will be decreased this year as well. After all, it is only one meal. How much do you spend on your weekly dinners?

Tips For Your Family To Beat Inflation

As mentioned in a previous blog post, household debt is at an all-time high in the U.S. For people like us trying to avoid racking up credit card and loan debt, this is simply not an option. How do you still enjoy the season without breaking the bank?

  1. Change the menu. While turkey and ham are the traditional main course items during the holidays, consider changing it up to save money. Swap your turkey for roasted chicken or your ham for a pork loin.
  2. Downsize your celebration. A lot of people get hung up on doing these huge, elaborate celebrations. Downsize things a bit to help you stick to your budget this year.
  3. Find joy in the simple things. The best thing you can do to beat inflation is to find joy in the simple things. A Christmas movie night in your home or driving around to see the lights will provide memorable moments too.
  4. Check out local events. Churches and other organizations in the community may be providing free dinners or items for your holiday meals.
  5. Get help where you can. Whether it is checking the local food bank or asking everyone to bring a dish, it’s okay not to do it all yourself!

How is your family dealing with inflation around the holidays this year? Let me know your tips and tricks in the comments.

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5 Things Many Families Forget to Invest in and Prepare For

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It’s up to you to prepare your family for a better future and there are various ways you can invest in achieving your goals. You will probably be looking over your life, wondering how time flew fast, and regret if you don’t have a plan. Also, emergencies occur in life, so it’s best to stay prepared for your family’s future to be in safe hands. However, you can put yourself in a great position if you implement the following things most families forget to invest in and prepare for.

 

Family Ties

Besides building financial stability, investing in a family is an important goal everyone should implement. Having a happy family that relates peacefully with each other is a significant factor that many families lack. When a family is united, they are always there for each other, and their children acquire brilliant qualities from responsible families where they grow to be great men and women.

A united, loving family sticks together and cares for their elder ones, making them age gracefully. About 51% of care receivers reside in their own home, 29% live with family caregivers, and 4% live in assisted living facilities and convalescent homes. When a family is well invested, they find ways to take care of their own, according to research results shown above. Therefore, investing in your family should be a priority in every home.

 

Family Friends

While having a family may seem enough, spending quality time with family and friends is vital in several ways. Hanging out with family and friends affects your happiness and mental health. For instance, your family may be coping with stressful moments. When friends are around, you can be open and talk to them about the challenges you face. You can devise solutions for dealing with the issues and engage in fun activities to help you forget sad moments.

The grieved were inquired about how different death rituals helped with anguish. Up to 83% said family and friends assisted greatly, 60% said receiving consolation cards, and 54% said receiving flowers. As you invest in family friends, ensure you create healthy relationships that are long-lasting to avoid finding yourself in toxic friendships that can impact your family lifestyle.

 

Water Conservation

Water is among the resources you need to survive in life. Therefore, conserving water is essential to ensure that everyone gets adequate access. Investing in water-saving techniques can also save money that could be used in the treatment process, pumping, and heating. You can stop all the leaks by finding a professional to identify all the leaking parts in your home, like toilets, outdoor sprinkler systems, and treatment units. According to the Environmental protection Agency, an average family can waste about 180 gallons weekly or 9,400 gallons yearly from homestead leaks. That equals the water required to do more than 300 loads of laundry. Ensure you conserve water in the kitchen and bathrooms and keep the taps closed when not in use.

 

Financial Stability

Financial stability refers to a measure of all your valuable assets minus any debts and liabilities you possess. There are various reasons a family needs to build wealth and generate more. Some reasons include improved mental health and resilience when unexpected situations occur. After building financial stability, you can invest in various businesses to ensure positive cash flow that exceeds your regular value of expenses and savings that can be utilized in the future.

 

Health Insurance

Poor health can lead to premature deaths, and if you are passionate about your families, you need to invest in their health. Ensure your family eats healthy foods, enough exercise, and positive mental stimulation. Great health investment can enable you and your loved ones to work longer and minimize the expenses of personal insurance. If your family is not applied to the life insurance policies, ensure you find the right company offering better insurance deals to keep your family in a safer position.

You should start to plan your finances early so that as time passes, you will have a wide range of possible solutions to how to invest. Working with professionals can help you identify all the things you need to be prepared for and to invest in. Remember that consistency, hard work, and responsibility are ideas that can guide all your decisions.

Earth Day: How Recycling and Thrifting Can Help Improve Your Finances

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recycling and thrifting

Recycling (or upcycling) items and thrift shopping are two of my favorite ways to save money. A lot of the time, you wind up finding items just as good or better as what you would’ve found at your traditional retailers for half the price (or less). Earth Day has me thinking a bit about my own recycling and thrifting and how it’s save me money.

It’s Earth Day!

Today, April 22, is Earth Day. If you don’t already know the origins of Earth Day, April 22, 1970 was the beginning of the environmental movement. In the decades leading up to the first annual Earth Day in 1970, Americans were largely uninformed about the issues facing the Earth’s environment.

In 1969, the entire country witnessed a huge oil spoil in Santa Barbara. That prompted politicians and more people to back what was initially considered to be a “hippie movement.” The junior senator for the state of Wisconsin at the time was Senator Gaylord Nelson. He took students who were protesting wars and, well, anything they didn’t agree with and put their energy towards educating themselves about the environment.

The national potential for the program was recognized and there were 85 events put on across the country. Nearly 20 million Americans banded together to protest against the effects of global warming and other environmental factors. In 1970, it brought together Republicans, Democrats, and everyone in between. That’s something we hardly ever see anymore. While people from across the aisle aren’t banding together this Earth Day, there are still plenty of ways observing the holiday and what it teaches can benefit you in your everyday life.

Recycling and Thrifting

One of the ways being more conscious about my carbon footprint has benefited me financially is through recycling and thrifting. If something can be used again, I use it. Similarly, if I can get something secondhand and it works, I’ll take it. Here are some prime examples…

Jars at the grocery store can be easily recycled for different things around the house. Clean them out and use them to store small things like popcorn kernels, your own homemade tomato sauces, or seasonings. I have also reused old wine bottle to create bird feeders and terrariums instead of purchasing something expensive from the store. One of the big ones that has saved me quite a bit of money is cutting up old shirts to use as cleaning rags around the house.

That brings me to thrifting. You can decrease your impact on the environment by shopping secondhand or taking used items. Instead of these things going into a landfill, they are used for the entirety of the item’s life. I have thrifted most of my clothing for years. I’m doing the same with our daughter’s clothes. We have gotten bags and bags of clothing to last until she’s about 2 years old. Of course, we will have to purchase a few items, but not much. Once we are done using them, they’ll go to another family until they can’t be used anymore.

Obviously, these things have saved me some money over the years. When it comes to clothes for my little one, we’ve probably already saved hundreds by accepting hand-me-downs. Recycling items may not save me as much, but it greatly reduces how much I’m dumping out.

What about you? Do you try to recycle or thrift items? 

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The Easiest Ways Your Family Can Save On Vehicle Expenses

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There is no avoiding expenses when you own a vehicle. Not only do you need to purchase it to begin with, but you also need to keep it in good shape. You need to pay for maintenance, fuel, and other things. But there are ways to reduce these costs and make them more manageable. Here are some of the easiest ways your family can save on vehicle expenses.

Find a Trusted Mechanic

When it comes time to get repairs done on your car, you’ll need to hire a mechanic to do them for you. Unfortunately, some mechanics can overcharge you. If you want to save money on your repairs, you’ll need to find a reliable mechanic and stick with them. There are over 180,251 mechanics in the United States, so there are many to choose from. Take your time finding one. Look at reviews online or in-person from previous clients as well as their pricing. If you hire them and don’t like the experience, try someone else. If you can eventually find a good mechanic, sticking with them can help you save money in the future.

Get Good Insurance

Car insurance can mean the difference between paying huge amounts of money and paying nothing after an accident. It can cost you between $200 and $300 to replace your windshield without insurance, so make sure you get the best possible insurance for your family. Review it regularly and make sure that you let your company know about any changes to your situation that might improve your rates. Finally, don’t feel bad about shopping around for other policies. Sometimes you can get the same coverage for less money somewhere else.

Keep Track of Gas Prices

Gas prices can vary between different stations. If you keep track of what the prices look like in your community, you can save money by going to cheaper gas stations. Use apps that keep track of gas prices or write them down as you’re out in the community. Then you can keep an eye on different patterns and know what your best options will be when it’s time to buy gas.

As long as the distance that you travel doesn’t cancel out the savings, your family can spend less money on gas this way. However, don’t go overboard. If it will cost you too much gas to drive to a cheaper station out of your way, then it is not worth trying to save money that way.

Know When to Let Go

Eventually, you’ll need to say goodbye to the family car. When you reach a point where it is more expensive to repair it than it is to buy a new car, it will save you money to buy the new car. Be careful with your shopping and make sure that you’re buying something your family can afford.

You should look out for lemons. An estimated 150,000 cars made each year have repeated, unfixable problems and are called lemons. If you find yourself making the same repairs over and over, you should consider buying a new car. Even if it’s new and you want to try to keep your investment, a lemon will cost you a lot of money over the years.

Your family car will always cost you some money, but there are ways to make it less expensive. With a few easy plans and some careful research, you can save money on all different aspects of car purchasing and maintenance. Look to these tips to get you started. By making some easy changes, you can save a lot of money and make owning a car a more affordable investment for your family.

How We Financially Prepare for the Holiday Season

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prepare for the holiday season

The holidays are swiftly approaching. It’s hard to believe we will be celebrating our first Thanksgiving with our little one next week! For many people, this is a stressful time of year. Most of us have more social engagements than usual. On top of that, we are spending more money than we normally do, possibly traveling, and probably not eating the best. Many people find themselves biting their nails over the cost of presents and celebrations. Here is how our family tries to prepare for the holiday season.

Confession: I’m Buddy the Elf

If you’ve seen the Will Ferrell movie Elf, you know Buddy. I am him, he is me. Christmas time is one of my favorite times of year (I’m also a huge fan of Halloween). I simply love the season of giving, family time, baking, colder weather, traditions. It is important to me to be able to spread my cheer each year. However, it is also extremely important we stay within our budget each year. Only a cotton-headed ninny muggins would go into debt buying presents, right?

While we certainly don’t plan to put any gifts on credit this year, many Americans do. In fact, more than 21% of Americans say they will go into debt buying Christmas gifts. About 29% of shoppers say they’ll go into debt but they pay it all off in full with their tax returns. In general, people are willing to go about $1,400 in debt just to celebrate the holidays. For our family, wracking up debt on gifts just simply isn’t in the cards and it shouldn’t ever be, honestly.

Establishing New Traditions

Because Christmas is such an important time of year for me, we want to establish family traditions. One thing we are going to try to do is work in a lot of low-cost or free activities into our holiday traditions. For instance, there is a giant village about an hour from our home that has an amazing Christmas lights display. We will likely pack some food, hot chocolate, and get in the car to see the lights each year. This is little cost to us and a great tradition.

We will also be doing low-cost crafts.  This is something I always did with my godchildren before. Each year, we plan a night where all our parent friends can get together with their kids and do some type of holiday craft. I also usually bake cookies for them to decorate. The entire event typically costs less than $50 and is so much fun. It is also a great tradition to keep (kind of like a Friendsgiving of sorts). We’ve also been considering doing things like volunteering and family secret Santa when our little one is a little older too.

Another thing I’ve seen online this year is people hitting the dollar store for their decor. This is great way to switch up themes and color schemes from year to year at a low cost. I’ve seen some folks on TikTok decorate their tree for less than $35. That’s pretty amazing! So, in essence, we are looking to keep costs as low as possible by establishing some low-cost traditions and focus on the reason for the season.

How Do You Prepare for the Holiday Season?

As always, personal finance is personal. If you are someone who takes out a loan every year and it works for you, keep doing what works for you. If you’re like me and start the countdown for Christmas on December 26, saving and planning throughout the year, that’s okay too. You are doing what works best for you and your family.

At the end of the day, it really isn’t about the amount of money you spend. Focus on spending quality time with your family this season. Those are the memories they’ll keep forever anyway. Happy Holidays!

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Here’s Why It is Hard to Save Money

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hard to save money

Our family has always struggled a bit with saving money. It seems every time we get an emergency fund established or a little money stowed away, Murphy’s Law kicks in and we have to spend that cash to stay afloat. However, we aren’t the only ones that struggle with this. In fact, most people find it hard to save money. Here’s why…

Is It Really Hard to Save Money?

You may be thinking to yourself, “That sounds like an excuse to just not save.” It’s really not. Saving is hard, especially when you are spreading your focus across multiple financial goals. For us, we are focused on becoming debt-free, saving money for a home, and stacking up our savings. Sometimes, saving takes a backseat.

Not to mention, every time something comes up, we may have to dip into savings to take care of the cost. Of course, this is better than swiping our credit card or taking out a loan, but it makes reaching that three to six-month emergency fund difficult to reach.

All that being said, we aren’t alone. Much of America has a difficult time even saving enough money to cover a $1,000 emergency. That’s pretty nerve-wracking. Many people don’t even save 5% of their take-home income and 20% of Americans don’t save any portion of their income at all. But why?

Why?

In truth, most Americans aren’t saving any money at all because of their own choices. They aren’t willing to scale back or dial down their lifestyle. That isn’t always the case though. There are several factors that contribute to the difficulty of saving money.

  • Rising cost of housing, childcare, education, and healthcare: This is completely out of your control, but everything is going up. With the rising cost of necessities, it is hard to save money.
  • Debt: One of our loan payments is $488 per month. Think about if that was going into savings! Debt is a huge killer when it comes to being able to save.
  • Not making enough money: Your wages simply may not be high enough to stash anything away and cover your basic needs.
  • Lack of organization: Many people don’t track their spending, which can help you identify areas where you might be able to save.
  • Social activities take priority: This is especially hard for younger individuals. Oftentimes, social engagements take a higher priority than your finances (and they shouldn’t). Plan for outings and don’t overdo it.
  • Financial ignorance: Most of what you need to know about finance wasn’t taught in school and parents often fail to teach their kids about managing their finances too.
  • No desire to learn: While you may not have learned young, you can learn how to better manage your money now. You have to want to do it though.
  • Lifestyle inflation: When you get a raise, start saving more money instead of inflating your lifestyle costs.

The best piece of advice I can give you if you are struggling with saving like we often do is to stop comparing yourself to others. This is at the heart of why it is so hard to save money for many people. Unfortunately, when we compare ourselves to others, we wind up overspending and possibly even hindering financial progress altogether. All of this just to keep up with the Joneses. Don’t do it!

Readers, what part of your personal finances do you struggle with most? Why?

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Paying Off Debt vs Saving: Which Is Better?

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paying off debt vs saving

A few weeks ago we talked about how you don’t necessarily have to give up investing to further your debt freedom progress. Another hot debate in the finance community is paying off debt vs saving. Should you be stacking up savings if you haven’t paid off all your debt? Dave Ramsey would say no. Get your $1,000 emergency fund in place and focus on your debt payoff efforts. But which is really better?

Paying Off Debt vs Saving

First, let’s talk about why this is such a hot debate. If you’re an avid Dave Ramsey follower, you know paying off debt to be the number one priority as far as your finances go. This is because once all of your debts have been paid, you will have more money freed up to put towards savings, retirement, and investments.

However, this simply doesn’t work for everyone. I don’t know about you, but $1,000 isn’t enough to cover a huge emergency in my life. With a new addition on the way, I’ve been feeling the push to save more than ever. Of course, part of that is definitely getting some things paid off to have more cash flow in general, but actually saving plays a role too.

So, which is truly better? There is honestly a case for both.

The Case for Saving

When it comes to deciding whether you should be saving or paying off debt, there is a good case for saving money. The more cash you have to fall back on in the event of an emergency or major life change, the less likely you will be to rack up more debt. For example, if you have a few month’s expenses set aside, you are less likely to lean on your credit card in hard times.

Similarly, if you are expecting a big change like we are, saving more money may seem appealing. Again, you will have more money stashed away for when things change for you. In our case, having a baby is a huge change, especially from a financial standpoint. When you are facing something like that, stashing away some extra savings is never a bad idea.

The Case for Paying Off Debt

While you are saving, you could certainly be paying off debt with that money. Many people in the debt-free community would argue that savings could be saving you money on interest, etc. That is absolutely true, but it provides less peace of mind and immediate cash on hand in the event you run into a financial emergency. That being said, there is a case for paying off debt instead.

When you focus on paying off debt vs saving you will be able to free up more money on a month-to-month basis. For example, if you are focused on paying off your car, paying that off can free up some serious cash monthly. In our case, paying off our car would mean an extra $488 per month. That would make a huge difference. Arguably, once you pay off these bigger bills, you can start saving more quickly. You can also free up more money to put towards other debts, making even more money available month-to-month.

Bottom Line: Do What’s Best for Your Family

Whether you are on team savings or debt payoff, you should always make whatever decision is best for your family. There is no one-size-fits-all for finance. Personal finance is just that: personal. If having more savings in the bank decreases your anxiety when it comes to your financial situation, stash away some extra money. At the same time, if making progress on your debt freedom goals provides you with more peace, focus on that.

Readers, what side of the fence are you on when it comes to paying off debt vs saving?

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How to Create an Aggressive Savings Plan

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aggressive savings plan

Our family is attempting to save more money in the coming months with some big changes on the horizon. When we started trying to plan for this, we started throwing around some pretty big numbers. However, I know from previous experience these lofty numbers are difficult to reach and focus on. So, how do you create an aggressive savings plan?

How to Create an Aggressive Savings Plan

First and foremost, before you start planning out the perfect savings plan for you and your family, you should research some of the best high-yield savings accounts. These will give you more bang for your buck in terms of interest rates. Once you find a savings account that you want to use, then you can begin crafting the ultimate savings plan.

Set a Specific Savings Goal

You need to have a specific number in mind when you are setting a savings goal. Decide why, or what, you are saving for and focus on that. For example, you want to save $10,000 by the end of the year in preparation for a new baby. This gives a why, an amount, and a period of time in which to meet the goal. Your savings goal may be smaller. For instance, you may need to save $1,000 for an emergency fund by the end of next month. Whatever the goal is, it needs to be specific.

Really Examine Your Finances

When I say really examine your finances, I mean with a fine-tooth comb. You need to know how much money is coming in, what’s going out, and be able to identify unnecessary expenses. When we took a closer look at what we were spending we realized we overspent on our grocery budget every single month. Why? We eat out too much. It is pretty simple, but when you see the numbers behind it (in our cases hundreds of dollars), it can inspire change. That money really starts adding up once you start stacking it in your savings account.

Stop Spending and Find Ways to Grow

When you examine your finances, you’ll likely find things you didn’t know you were wasting money on. Determine where your costs can be decreased and trim those expenses. For instance, if you are trying to save $10,000 by the end of the year, skipping your bi-weekly manicure will probably help you get there. In addition to finding areas in your budget to trim, you should also find new ways to bring in money as well. Look for a side hustle or part-time job to amp up your savings even more.

While saving money may be a top priority for you right now, that doesn’t mean you should cut all of the fun out of your budget. In fact, cutting everything out of your budget is a bad idea and can lead to abandoning your savings plan altogether. Instead, incorporate rewards for meeting goals and milestones into your budget. You should also keep one or two fun things in there as well.

What Makes a Savings Plan Aggressive?

Now, you may be thinking this doesn’t sound very different from any other savings plan, but what makes your plan aggressive is the amount of time and effort you are willing to put in. You may want to save $10,000 in the fastest amount of time possible. To do this, you may decrease your spending, pay down debts and reallocate the funds to savings, and look for additional work to increase your income.

All in all, an aggressive savings plan is all about how aggressive you make it. Some individuals will move out of their home, rent a room, and slum it for a few months to completely overhaul their finances. Other people, myself included, want to find a more comfortable way to master saving.

Be Patient With Your Progress

No matter where you are in your financial journey, patience is key. I have learned throughout my own debt freedom journey and my relationship with finance that when you run out of patience, you also run out of the drive to make your goals happen.

One thing you should always strive to do throughout your own personal journey is learning from your mistakes. When something doesn’t go as planned or things fall through the cracks, really think about why it happened and what you can do to improve. You may not get it on the first, second, or even third try, but not giving up is the important part.

Readers, have you ever created an aggressive savings plan? How much did you save? How much time did it take?

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3 Ways to Hack the 52-Week Money Challenge

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hack the 52-week money challenge

Have you ever heard of a money challenge? It is something the internet thought up a few years ago that helps people meet savings goals (usually within a specific period of time). The original challenge, the 52-week money challenge, helps people save right around $1,400 over the span of a year. However, that method and timeframe don’t work for everyone. If that includes you, here’s how you can hack the 52-week money challenge…

About the 52-Week Money Challenge

First, before we talk about hacking the challenge, you should have a good understanding of what the 52-week money challenge actually is. It was created online to help motivate people to increase and track their savings. Along with it came message boards and forums for support with people doing the same thing. Pretty cool, right?

The challenge also introduced free printable tracking sheets where you can record your weekly savings. It also walks you through how much should be saved each week.

With this challenge, you save an additional $1 per week (i.e. $1 on week one, $2 on week two, $3 on week three, and so on). You can see how this adds up in the graphic below (via Saving Advice).

hack the 52-week money challenge

How to Hack the 52-Week Money Challenge

“Hacking” an internet challenge like this is fairly easy. All you need to do is figure out what needs to change for the challenge to better suit your financial needs. Here are three ways you can do it…

  1. Change the contribution amounts. For instance, if $1,400 over the span of the year is too little for your savings goals, increase the weekly amount you deposit into savings. If the amount is too much, you can also decrease your contributions. Similarly, you can also switch around your contributions. Many people do the 52-week money challenge in reverse to account for holiday spending at the end of the year.
  2. Switch up your goals. You can also hack the 52-week money challenge by changing its objective. For example, most people use the challenge to save money. Instead, you could use the challenge to pay off debt. So, instead of saving $1 the first week, you’d add $1 to your current debt payments.
  3. Hustle. Lastly, you can “hack” the challenge by creating money to save. Let’s say you’re living paycheck-to-paycheck and there’s absolutely no way you are saving $1,400 this year. To hack that problem, you just need to find a hustle or sell things to create the cash to save.

Other Challenges to Try

Throughout the article, I’ve been referring to the 52-week money challenge, but that is far from the only internet challenge out there to try. No matter what your goals are, financial or otherwise, there is probably a challenge out there for you. Take a look at these other money challenges you may want to try…

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