Are you new to the START SAVING Challenge? Learn about it HERE & sign-up.
This post is part of the START SAVING Challenge. Make sure to read previous posts.
Day#7: Be A Budget Rockstar
Welcome to Day #8 of the START SAVING Challenge! Are you ready to find some savings? Let's get it done!
Today I would like you to pull out that Monthly Spending List (Budget) that we created yesterday in Day #7. Today we are going to go through each line item from your monthly spending list and we are going to look for ways to save for each expense. Don't worry – I will help you do this! If you came up with a negative number for your savings (meaning you spend more than the income you bring in) – today's task is going to help you make it a positive number.
If you decided to read my Income VS Expenses from yesterday's post, then you know that your variable expenses (the expenses you have control over) are the easiest expenses to change. These things might include clothes, eating out, and fun money. You have complete control over these expenses, which means you choose how much you spend on them. Fixed expenses are things you don't have a lot of control over. For example: My car payment is $250 every month. That is a fixed amount I HAVE to pay – I don't get to choose the amount. Now, you do have an opportunity to lower these expenses, which is something I will walk you through today.
My first suggestion is to focus on your variable expenses first. Go through each of these line items and reduce them if necessary. For example: Instead of spending $80 a month on clothes, maybe you feel comfortable reducing that monthly amount to $70 a month. Every little bit helps, and this will allow you to get one step closer on achieving your saving promise from Day #1.
I am going to give you some help with lowering your fixed expenses. Remember, these may be a set price every month, but you do have an opportunity to have them lowered and here is how:
If you need help reducing your student loans or your mortgage payment, make sure to check out these resources:
Be prepared before calling.
Things you need to be aware of:
So call and get your current monthly expenses lowered. Once you do that I want you to write that new reduced monthly amount on your Monthly Spending List from Day#7. Here is what it might look like.
*Note* – The red numbers are the amounts that were reduced. This is only an example.
You haven't already, download your FREE Monthly Spending List! Here are links to the PDF and Excel Spreadsheet (with formulas):
Yes! You did it! Reducing your expenses is a huge step to take on your saving journey! Make sure to let me know how much you saved in the comments below. What expenses where you able to reduce? I can't wait to hear about it! Make sure to share your progress in the private TBM Family group and get the encouragement you need to complete today's challenge.
Make sure to share your savings progress with friends. Use the sharing buttons to spread the wealth.
[tweetthis twitter_handles=”@thebudgetmom”]I am working hard and reducing my expenses! Day 8 #StartSavingChallenge[/tweetthis]Not a member of the TBM Family – Join HERE
FACEBOOK: @thebudgetmom
TWITTER: @the_budget_mom
INSTAGRAM: @thebudgetmom
FORUM: TBM Family
If you have been part of my previous Savings Challenges, we shook things up for 2020. Let’s resolve to have 2020 vision when it comes to seeing how we can become better savers. This year we have 24 savings challenges, two each month. These are designed to be fun. Saving should be fun because you make things easier for yourself. My course will guide you on a year of savings so you will be better off when 2020 comes to a close. Sign up for the Savings Challenge course to kickstart your savings.
You must be logged in to post a comment.