If you are struggling to save money every month, then you must try a Personal Finance Wellness A 30-Day Challenge to Save More Money This challenge gives you simple, everyday steps to feel more in control over your hard-earned money.
It comes down to building smart habits, saving more over time, and boosting your personal finance management.
How about we walk through four simple weeks in the direction of the best way to manage money?
Personal Finance Wellness A 30-Day Challenge to Save More Money
Week 1: Build a Strong Foundation
Start your journey of personal finance by building a strong foundation first.
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Track Your Spending: Make sure to track down your spendings simply by using apps like Mint or YNAB to find out where most of your money goes. Just doing this can help you cut down on your expenses on overspending by around 15%.
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Set a Realistic Goal: Focus on saving at least $200 to $200 this month. You can even pick any number as per your income or goals.
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Create a Budget: Make use of the popular 50/30/20 rule, in which 50% of your income is used for your needs, 30% on the things you want, and remaining 20% for savings or paying off debt.
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Cut the Subscription: Cancel any services like OTT subscriptions or gym memberships, if you don’t use it anymore, because they can add up really fast over time.
Check Top 5 Bank Accounts With Built-In Budget Apps to Simplify Personal Finance Tracking in India
Week 2: Slash Unnecessary Expenses
With your budget ready now with a strong foundation, now it’s time to cut down on unnecessary things that you don’t really need:
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Cook at Home: Always try to cook most of your meals at home, because it is a healthy habit and also it can save you $50 to $100 per week rather than going out or ordering food all the time.
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Shop Smart: Always use cashback tools like Honey or Rakuten while shopping online. Also make sure to check out local grocery deals to spread out your money further more.
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Limit Impulse Buys: Before you plan to buy anything, make sure to decide whether you really want this or not by waiting for 24 hours.
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Negotiate Bills: Try to ask for better deals from your internet or phone provider, because you would be surprised to know how often it works.
Week 3: Boost Your Savings
Since you are spending your money smartly, let’s grow your monthly savings as well:
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Automate Savings: Make sure to set up a weekly auto-transfer from your income account to savings account, because even $10 per week adds up to over $500 per year.
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Sell Unused Items: If you have some stuff laying around for no reason, then it’s better to sell it online and earn some extra money from it.
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Use a High-Yield Account: Make sure that you move your savings to a bank account that gives 4 to 5% interest. Check government savings interest rates here (source: rbi.org.in).
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Try a No-Spend Day: Try to pick 2 to 3 days from this week, in which you only spend your money on essential things. It helps in building discipline and it is the best way to manage money.
Week 4: Plan for the Future
Finally, let’s finish solid by getting ready for long-term financial success:
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Build an Emergency Fund: You can start building your emergency fund with just $500 to $1,000 in a separate savings account for any unexpected turns on events.
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Review Your Progress: Take a look back at your progress and find out if you reached your goal. And you can use the same strategy for next month too.
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Learn About Investing: Start investing your money in something like index funds or ETFs, which can give you returns over time, which is a crucial part of good personal finance.
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Celebrate Small Wins: Reward yourself every time you achieve any goal, because it keeps you going and keeps your confidence high.
learn about Best Investment Strategies for Beginners : A Step-by-Step Guide
Conclusion
This smart 30-day challenge is a good starting point towards better personal finance management. By tracking your expenses every day for a month, saving smartly, and cutting costs on unnecessary things can help you manage money effectively.
Just make sure that you keep the momentum going and trust the process with patience.