Saving money is not always the easiest thing to do. Coming from us, trust us when we say that getting your financial health intact is a huge win for home buying! In lieu of that, we have formulated the ultimate 30-day financial wellness challenge for you! Download the printable calendar to check off each day you have completed the challenge.
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Download a budget app to track all your expenses. Use this app to record expenses and budget properly from this day forward!
Create a financial plan for the month and stick with it. Split your income into three categories- necessities, savings, and wants. Determine a percentage to go to each area. Consider a highly effective and popular budget, the 50/30/20 budget.
Choose one guilty pleasure and give it up. At the end of the month, see how much money this saved you.
Buy a financial wellness book and begin reading at least one page a day. Do not forget to take notes!
Make today a no spending day. Get creative in your meals and be smart about your whereabouts.
Write down your groceries and meals for the week and find a way to restrict your grocery spending.
Formulate a plan to attack your debt and pay it off. The less debt the better you will feel!
Review and cancel subscriptions you do not use.
Automate your bills so they are never missed and always paid on time.
Automate your retirement savings. Work with your employer to set up your plan for retirement and start contributing. Retirement may seem far off, but it is important to begin contributing as soon as you are able.
Sign up for a financial literacy class. There are many free classes you can sign up for. Become familiar with financial terms.
Today is another no spending day. Leave the wallet at home!
Automate your savings. Therefore, funds will go directly to your savings on a consistent basis. Start building that savings.
Look up your credit score. Then, research some ways to increase your credit score. Apps like Credit Karma will give you tips to increase your score. This is a big consideration in home buying.
Find ways to minimize things you purchase that are not essential.
Find three to five credible financial literacy websites and subscribe to their newsletter. Now, you will have tips, tricks, and knowledge coming your way often.
Explore ways to make some more income. Many apps like Door Dash, Wags, and Instacart allow you to make money in your own schedule.
Learn about investing. Start reading about investing and begin thinking about it for you.
Create and define your financial goals. Create monthly, quarterly, bi-yearly, and yearly goals.
Looking at your financial goals, create a plan to get to each one and put it on your calendar.
Today is another no spending day.
Make a commitment to check in with your spendings and statements at least once a month (yes, even when the challenge ends). Put the day you will check in each month on your calendar now, so you do not forget.
Find a finance podcast you like and listen to it.
Before shopping today, look to see if there are any coupons and use one on your purchase.
Create a “fun” account or money jar. Put a consistent amount of money each month in this account. This is used for the random fun outings you go on. This way, you feel okay to spend the money and not overspend.
Evaluate your credit card options. Do you have the best ones for you? Do some research and shop around…the goal is to maximize your benefits.
Consider meeting with a financial advisor to set yourself up for success.
Since you researched investing, create an investing budget. Determine what amount you can contribute to investments.
Create an emergency fund! Determine a consistent monthly amount or percentage of income that can be put towards this.
For the past month, analyze your total monthly spending in terms of your total income. How much of your income is being spent?
There you have it! That is your 30-day guide to financial success. For more challenges like these, stick along. Follow us on social media to be alerted of a new challenge. When the challenge is complete, and you are ready to be a home buyer, contact a team member today!