{"id":1108551,"date":"2019-04-01T14:59:48","date_gmt":"2019-04-01T14:59:48","guid":{"rendered":"https:\/\/dailyreckoning.com\/?p=107058"},"modified":"2019-04-01T14:59:48","modified_gmt":"2019-04-01T14:59:48","slug":"your-30-day-financial-challenge","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1108551","title":{"rendered":"Your 30 Day Financial Challenge"},"content":{"rendered":"

This post Your 30 Day Financial Challenge<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n

A recent study by the U.S. Bank found that only 41% of Americans use a budget even though it’s one of the most effective ways to keep track of your finances. <\/span><\/p>\n

Building a budget, automating bills, consolidating debt, negotiating lower premiums…all these financial must-dos are easy on paper but for whatever reason prove challenging in practice. <\/span><\/p>\n

Why do you avoid doing what you know is best for your money?<\/span><\/p>\n

I roll my eyes whenever I hear that old proverb, \u201cA journey of a thousand miles begins with one single step.\u201d But I have to admit, it\u2019s true. If you\u2019re feeling stuck financially, like you don\u2019t know where to start even though you know what you should be doing, let me help. <\/span><\/p>\n

Set aside five to 30 minutes each day over the next 30 days and follow my financial checklist. Don\u2019t worry about trying to be perfect, this is an exercise in action. Here\u2019s the full 30-day challenge: <\/span><\/p>\n

Day 1: Make A List Of All Your Income and Expenses. <\/b><\/span><\/h2>\n

Use an app like Mint or software like Excel to help you. Your goal is to have a clear picture of where your money goes each month. <\/span><\/p>\n

Bucket your income and expenses into different categories like Savings (retirement, emergency fund), Mortgage\/Rent, Household Expenses (food, utilities, heating oil, etc.), Auto (car payments, tolls, Uber), Debt Repayment (student loans), Entertainment. It doesn\u2019t have to be perfect, you just need to capture everything.<\/span><\/p>\n

Day 2: Continue Day 1. <\/b><\/span><\/h2>\n

You might need a second day to get all your income and expenses tracked. If you can go back as far as one year, that\u2019s even better. You\u2019ll see irregular expenses like property taxes and gifts you might not have budgeted for looking at only the last 3 months. <\/span><\/p>\n

Day 3: Build a Spending Plan.<\/b> <\/span><\/h2>\n

Based on the data you collected in days 1 and 2, build a plan for your money. <\/span><\/p>\n

Are you happy with how your money is being spent currently? Are there areas where you\u2019d like to spend less money? Choose one area in your budget you want to reduce spending. <\/span><\/p>\n

Day 4: How are You Going to Save in That One Area?<\/b> <\/span><\/h2>\n

If you decide you\u2019re spending too much on eating out, think of ways you can save in this one area next month. You can try meal prepping an entire week\u2019s worth of lunches on Sunday or use the envelope method for meals out. <\/span><\/p>\n

Day 5: Reduce Your Fixed Expenses.<\/b> <\/span><\/h2>\n

Rather than trying to save in areas that require willpower like skipping Starbucks, look at your fixed, recurring expenses and figure out where you can save without having to lower your quality of life. <\/span><\/p>\n

For example, if your cell phone bill costs you $80 per month now, how much could you save by calling your provider and negotiating a lower bill? A 20-minute phone call might save you an extra $15\/month or $180 per year.\u00a0<\/span><\/p>\n

Areas to look for recurring savings: <\/span><\/p>\n