December marks the close of another year and with the looming financial hardships, many of us face now is the time to examine our spending. We must really evaluate wants over necessity and utilize our disposable income to create hardship saving (Savings that is used only in dire emergency) Ultimately, it comes down to this simple analogy, “We get rich or go broke a couple of hundred dollars at a time.” Wealth isn’t gained overnight; we must find small ways to increase our financial stability. Thus, we must create new saving habits by implementing small behavioral changes over time.
Dare II Dream, has issued a 52-week saving challenge, which allows us to establish our savings with this simple and effective savings tool. How does this challenge work? We start by finding a box of envelopes and then we mark the envelope each week with the numerical number (1-52)-place the dollar amount of the stated amount inside (for example, week 1, equals $1.00, etc.,) perform this deposit weekly and put the envelope in an area that is secure or gives to a trusted friend for safekeeping. Lastly, after 52 weeks, we will examine our savings and place the final amount into a savings vehicle (money market account, or certificate of deposit).
I’m wishing you all success email us and let us know how the challenge is going, always keep in mind we don’t strive for perfection, we seek excellence. Be Great!