Happy #FundMeFriday. I know that you know what I am going to ask you before I begin my blog. Have you funded yourself today? If you have been able to set aside small amounts of money each week this year for the #FundMeFriday event, by now you have a nice little savings account building. Kudos to you. If you have missed a few deposits, just keep trying and if you have not started at all, there is no better time than the present. Start that savings account today. Transfer those funds now even if it is only $1. Everything adds up.
It is time to get yourself in order and if you want to get ahead with your money, you have got to get it under your control. If you want to pay off all your debt, you have to get your money under control. Are you ready for a great vacation, get that money under control. How about your dream house or saving for retirement? You have the power to make all your dreams come true and all you have to do is get your money under control.
Here are five things you can do to get your finances under control:
Challenge 1: Buy a Piece of Amazon, Google or Other Companies
Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common, they own another company. If you work for a living and you do not happen to have millions of dollars lying around, owing another company or even shares in a huge company can sound totally out of reach for you. Nowadays, this is not a problem. Many people, including myself, are using special apps like Robinhood that allows you to be part of that is normally exclusive to the richest of the rich. Robinhood lets you buy pieces of other companies for as little as $1. Yes you read that right, you can invest in pieces of well-known companies, such as Amazon, Google or Apple, for as little as $1.
The best part? When these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.
It takes two minutes to sign up plus Robinhood will give you a FREE share as a sign-up bonus once you. Here is the link to get you started >>> join.robinhood.com/lorid134.
Challenge 2: Start a mini savings
Here is how easy this challenge is. Get a jar or a can and for every day of the month, you put that number of quarters in it. For example:
May 1st, put 1 quarter in
May 2nd, put 2 quarters in
May 3rd, put 3 quarters in and so on. On day 30, you put 30 quarters in (i.e. $7.50) and at this point you have saved $116.25….WOW, just by putting quarters in a jar. If you did this challenge every month, you would have saved almost $1400.00 in one year. Come on, this one is so easy. If times are a little tough, do it with dimes or even nickels but strive for the quarters.
If in fact your budget is tight, that is not a good enough reason not to save. Do a 365-day penny challenge, This works by setting aside a penny amount based on the day. For instance, day 1 – one penny, day 2 – two pennies, so on a so forth until the end of the year. At which point, you will have almost $668 in the bank. Can you believe how easy it can be to save money. This one is also a great challenge to do with your child.
Challenge 3: Pack your lunch
According to the Bureau of Labor Statistics, the average household spends approximately $3,365 on food outside of the home each year. That’s $280 per month! Buying lunch a few times a week may seem harmless in the moment (especially when your favorite restaurant is walking distance from your office), but you can save quite a bit of money just by packing a lunch! (This Information found on DaveRamsey.com)
Not only that, you can often purchase a week’s worth of groceries for the same price as two dinner meals out. Instead, prepare your food at home and watch your savings pile up, month by month.
Challenge 4: Sell everything (that doesn’t bring you joy).
Marie Kondo has the right idea. Get rid of the things in your home that you do not use, or that you are willing to let go of for the sake of your financial future. That vintage chair your aunt gave you? Sell it. That crystal vase you found at an antique shop? Sell it. You would be surprised at how much clutter you have in your home (that you do not even use or think about). And the cash you can make on those things can be the difference between living paycheck to paycheck and having a fully funded emergency fund.
Not sure where to sell your items, join eBay, Mercari, Letgo, facebook marketplace and you can even use Craigslist and so many other places. All you have to do is snap a picture and list.
Challenge 5: Check your credit score
Nowadays most banks give you your credit score for free but you need to be able to work with your report. Sign up with a company like Credit Karma, it is free and it is jam packed with all your pertinent information. Too many people ignore their credit reports which is a very costly mistake because many people have errors in their reports and those errors can cause you increased interest rates on car loans, mortgages etc.
You must get into the practice of checking your credit score and report on a constant basis. Companies like Credit Karma have apps that can be downloaded on your phone and you can set up alerts as well as having your credit profile at your finger tips.
I hope that you will find these money challenges interesting, fun and doable. These baby steps can lead to a very promising financial future. Get to saving.
My Loris Loop reading choice for this blog post is perfect for today. The book is called Money Management. Borrow a copy from your local library and if that is not an option, here is a link to get your own copy from Amazon >>> https://amzn.to/2NdxTMp
If you choose to shop in Amazon, I would greatly appreciate it if you could use the link I have provided. As an Amazon Affiliate, it is possible I can earn a bonus and therefore continue to provide continued content we all enjoy. Thank you in advance!
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