6 Month Savings Challenge
- A weekly plan to save $6,000 in six months, with only $25 saved in the first week.
- The extra cash can become your emergency fund, which will provide you cushion to thrive during time periods of uncertainty.
How much money do you have in your savings account? If you haven't been managing your savings, now is the perfect time to get started.
During a period of economic uncertainty, the best money move you can make is to save. You want to make sure you have funds available to support you in case of an unexpected loss in income or an increase in expenses.
One way to ensure that you start saving is by creating or committing to a plan that already exists. You can't just walk around hoping you achieve your goals. You have to be willing to plan for your success in advance. Make the vision of your savings goals so clear that it has no choice but to become your reality.
A plan gives you a roadmap to your destination and allows you to think strategically about the best way to achieve your goal. The best plans come in written format and are available for you to reference as many times as needed to make them a part of your reality.
The first step to getting started is to take out a pen and paper or use an excel spreadsheet to document your goals and progress. Monitoring your progress on a weekly basis will be key to achieving the results you want.
Now, identify your goals. For example, how much do you want to save? When do you want to meet your savings goals?
If you want to challenge yourself to save $6K, you don't have to start from scratch. The below picture gives you a weekly plan of saving $6,000 in 6 months. Best of all, you only need $25 to get started.
As you can see from the above picture, the savings contribution amounts grow almost every week. However, don't be intimidated. The increased weekly contributions only mean that you will have to expand and grow to continuously meet the goals.
As with anything in life, financially based or something else, you have to grow into the person you want to become if you want to achieve things you've never done.
There are two ways to achieve your savings goals. You can either increase your income or decrease your expenses. If you can do both, you can achieve your goals a lot faster.
Saving $6K in 6 Month Challenge
In order to achieve the challenge of saving $6K in 6 months, you have to create a plan to achieve the amounts for Week 1, Week 2, Week 3, and Week 4. You must plan ahead. If you plan now, you'll be ahead of the game. If you forego this step, you risk being left behind.
Think about the decisions you will have to make to stay on track. For example, are you going to cut some expenses or create an extra stream of income to make this happen? In order to help guide your decision, list all your expenses and sources of income to determine where you can make adjustments.
If you need help to achieve your goals, don't be afraid to ask for it. Get an accountability partner or work with a financial coach who can help you assess your economic life and create the best plan for you. You'll be glad you took the time out to focus on your finances when you see an extra $6,000 in your account in the next six months.