Welcome to Week 4 of the 52 weeks to a better you journey.
Here we are on week 4! How are you doing so far? Next week I will post an update on how I’ve done with the first 4 weeks. Don’t be shy about sharing your journey with us in the comments.
I’m going to take a moment to review what baby steps we have already taken:
Week 1 – Drink 1 cup of water every day (Check out the post here)
Week 2 – Move for 15 minutes every day (Check out the post here)
Week 3 – Eat 1/4 cup of vegetables every day (Check out the post here)
This week, we will continue with our previous baby steps as we add our next one.
Put $5 into savings this week
The last three weeks have focused on improving our bodies. This weeks baby step focuses on our financial health.
Finances are an area where many people struggle. No matter what income level they are. Wealthy people can struggle with their finances just as easy as those who have much less. In this day and age where we have instant gratification available to us, largely in the form of credit, it is easy to dig ourselves into a financial hole.
No one wants to be in a financial hole.
Recommendations for being financially healthy include living with little or no debt, having an emergency fund of at least six months of your living expenses, and having funds in some type of investment. That could be retirement savings, regular savings, or places that help you grow your money.
Does that sound overwhelming to you? That is why this is a baby step. The sheer thought of trying to wrangle money strikes terror into many people. Some even go so far as to hide their heads in the sand and hope that money problems will go away. This baby step will not be a cure all. But it will be a start.
Now, I’ve picked a small amount here. $5 a week. If you can only scrape together a smaller amount, then by all means, get together what you can and put that into your savings.
I need to clarify something here. When I use the word ‘savings’, I mean it in a general sense. You do not have to have a savings account with a bank to do this step. What I want you to do is put that $5 somewhere that you will not be tempted to spend it. If you have a savings account at an actual bank and you won’t touch that money, then use that. If you don’t, just put that money away. Somewhere you will not be tempted to spend it.
Baby step for this week: Put $5 away (as savings) this week. Now, if you already have a healthy savings account, emergency fund, and little to no debt, give yourself a high five, keep being financially responsible, and come back next week. If you have some funds put away, then add this $5 to it.
Here are a few tips for setting aside $5 as savings:
- Put the money directly into a savings account when you get paid
- Put the money into a piggy bank that will have to be broken to get into
- Hide the money in a place that you don’t look very often (leave clues if you think you might forget where that is)
- Give the money to a reliable friend or relative to hold it for you
Here’s a few tips for finding the $5 you need to put away:
- Skip a day of the fancy coffee (sorry Starbucks: 🙁 )
- Skip going out to lunch and bring your lunch from home
- Sell something on websites like Craigslist or eBay
- Use coupons and put what you saved away
- Sign up for a rewards site like Swagbucks (see this post here on how I earned money to get a Digital Camera for FREE using those kinds of sites)
- Earn money providing goods and services on a website like Fiverr
- Places like Half Price Books will pay you cash for your books, movies, and music.
What about you?
How will you save your $5 this week?
Do you have any tips for finding that $5?
Share your journey with us!