The 7 money challenge is a way to jumpstart your savings and get on the path to financial security. The challenge is simple: save $1,000 in 7 months by setting aside $143 each week. This may seem like a daunting task, but if you break it down into smaller goals, it becomes much more manageable.
The first step is to create a budget so that you know exactly where your money is going each month. Once you have a budget in place, start setting aside $143 from each paycheck into a separate savings account. This account should be separate from your checking account and used solely for the purpose of saving for this challenge.
To stay on track, make sure to set up automatic transfers from your checking account into your savings account so that you don’t have to think about it every week. At the end of 7 months, you will have saved $1,000 which can be used for anything you want – whether it’s an emergency fund, a down payment on a house or car, or just extra money in the bank!
Tip #3 Reevaluate monthly bills
3. Reevaluate monthly bills
You may not realize how much you’re spending on things like your cell phone bill, internet service, or even your gym membership. Take a close look at your monthly expenses and see where you can cut back. You may be surprised how much money you can save by simply reevaluating your monthly bills.
Tip #4 Take measures to remove temptation
When about saving money, one of the best things you can do is remove temptation. If you have a hard time resisting spending when you see something you want, make it harder for yourself to access your funds. One way to do this is by hiding your cash or keeping it in a safe place where you can’t easily get to it. Another option is to set up a separate savings account that requires more effort to withdraw from. This way, even if you’re tempted to spend, you’ll have to go through extra steps that will hopefully deter you from making an impulse purchase.
If credit cards are your downfall, consider freezing them or cutting them up so that they’re no longer accessible. You can also ask your bank to lower your credit limit so that you can’t rack up as much debt if you do use them. Whatever method works best for removing temptation, make sure to take measures so that saving becomes easier and spending becomes more difficult.
Tip #6 Check in with your finances often
If you’re like most people, chances are you don’t think about your finances very often. But if you want to stay on top of your money and make sure you’re always financially secure, it’s important to check in with your finances regularly.
One way to do this is to set up a budget and track your spending. This will help you see where your money is going and ensure that you’re not overspending. Another good idea is to invest in a financial tracking app or software program. This can help you stay on top of your finances and make sure that all of your accounts are in order.
Finally, be sure to check in with your credit score on a regular basis. This will give you an idea of how financially responsible you are and whether or not you need to work on improving your credit score. By checking in with your finances often, you can rest assured that you’re always making the best financial decisions for yourself and for your family.
Tip #7 Make the decision to pay off your credit cards
Credit card debt is one of the most common problems people face. It can be difficult to keep up with payments, and the interest can be crippling. If you’re struggling with credit card debt, there are a few things you can do to get back on track.
One option is to consolidate your debt into a single payment. This can help you get a lower interest rate and simplify your monthly payments. Another option is to transfer your balance to a 0% APR credit card. This will give you some time to pay off your debt without accruing any additional interest charges.
If neither of these options is right for you, there’s still hope. You can try negotiating with your creditors for a lower interest rate or a repayment plan that fits your budget better. And if all else fails, you can always consider filing for bankruptcy protection.