Final Week #8 Challenge

Week 8 is here! Those of us that "stuck it out" are hopefully better financially now than we were just 8 weeks ago.

Your last challenge is to make one financial decision that will help you throughout the year. No matter how big or small find one decision.

About 4 years ago I participated in the 21-Daniel Fast, during which I could not have hamburgers. I made a decision not to go back on hamburgers after the fast. Was it life changing, no, but I think that I have eliminated unneeded "back fat". So over time, I am sure that it has made a difference.

So, what financial decision can you make to help you this year for example.

1. Start saving $10 per paycheck. Open an account with no ATM card.

2. Start a Christmas Club account at your bank.

3. Cut your cable bill by cutting back on services.

4. Ride share one time a week to work or even church.

5. Instead of spending ALL of your tax return, save 1/4 of it for emergencies.

So again, this week take time out to make a declaration about your finances. It is decision time!

Week #7 Challenge

Week 7 is here of our financial fast. So this week I challenge you to find "free" money. I know you are thinking "that's impossible", however there is free money out there and we are going to find it.

1. Find out if your employer will match your 401k plan. Many times if you contribute a certain amount towards your plan, your employer will match that amount. Contact your Human Resources department for more details. That is free money!

2. While speaking with a representative of my Credit Union, she begin giving me information in regards to purchasing CD's (certificate of deposit)for your self or your children. If I purchase a $25.00 CD today, it could be worth about $44.00 in 12 months. That is free money.

3. Coupons are actually free money as well. There are a lot of coupons out there, especially online. Before you shop, check online for coupons. They are everywhere.

Let's find free money. Post your comments and suggestions about other great finds!

Week #6 Challenge

Have you noticed the price of food lately? Everything is going up, slowly but surely. Also with the lack of rain in various portions of the country, more increases are anticipated in the food industry as a whole.

If you are like me, I can't afford to keep paying these higher prices. So something is going to have to be removed from my list.

So our challenge for week #6 is the cut our grocery budget by 15%! I know that is a lot, but we can do it and I am not sure about you, but I NEED to try. So here are a few tips to help slash your grocery budget and put more money in your pocket(savings)

1. First, Actually establish a monthly budget.- In order to accurately track what you spend per month, you need to keep track of your monthly grocery bill. Review your checkbook or bank statement and add up your grocery spending. Set an amount that you will spend, and try not to over extend this budget.

2. Set a goal for your new budget. If you are currently spending $1000 per month, try to spend only $850.00 on food this month. That is only a $37.50 a week cut.

3. Plan a weekly menu plan- making a food plan is not hard it just requires a little of your time. You can find online websites that can help you plan a weekly menu and print a shopping list as well. I use http://www.allrecipes.com/ for my menu planning and shopping list. It works great.

4. Make a shopping list and stick to it. Only purchase needed items. Watch out for items at the end of the aisles, they are there for a reason.

5. Use coupons! I registered at http://www.coupons.com/ and I save at least 5-7 dollars on my shopping trip. You can find a lot of coupons online for free. One caution is to only use coupons for the items that are needed and that you currently use. You can easily get "caught-up" and start trying new items.

6. Look at prices before you buy. Sometimes the bigger, "on-sale" item is not the better buy. Check the prices of the smaller item and make sure you are getting the best deal.

7. Last but not least. DO NOT GROCERY SHOP WHILE YOU ARE HUNGRY! You will spend up to 25% more in the store. So eat prior to hitting the store.

If you have other suggestions to saving, please post under the comments.

Week #5 Challenge-Financial Accountability

Financial matters can cause serious danger in marriages if not dealt with properly. Many couples are unable to have conversations regarding their financial status. As adults we often feel as though we should be able to spend OUR money when and however we want. But we must remember that everything we have belong to God and He is expecting us to make good decisions with what he has given us, which includes our finances.

So what is financial accountability. This is not to degrade anyone, but should be a blessing to you. You need to become accountable to someone, if you are married it needs to be your spouse. Why, my spouse? Well, how can two walk together unless they agree? This includes your finances. This may be one of the hardest challenges for some of you, but changes must be made. You will be less likely to “splurge” if you know your spouse will question or ask about the charge. Now, you can always “cheat and lie” but that is not helping your status. So discover at least 3 ways that you can become more accountable to your spouse. Such as sharing the checkbook, leaving a printout of all charges, or not making any decisions without the others permission.

If you are single, find someone that you can become accountable to in regards to your finances. Don’t get mad, when they tell you that you do not NEED to purchase shoes with your last $20. Allow others to help you. This has to be a person that you can trust and has your best interest in mind. But you have to be willing to listen and make changes. Develop at least 3 ways to become accountable to your friend. Such as sending weekly printouts of your checking account(WOW), and talking honestly on the phone at least once a week just about finances.

So let’s breakdown the barriers to financial freedom and begin having that crucial conversation with our spouses and our friends.