September 2023

Would you consider yourself a patient person? Waiting is HARD especially if it is something you want. This week is about challenging ourselves on what we want versus what we need when it comes to our purchases.

It is so simple now to scroll on your phone and end up ordering things you really don’t need. We have the excuse it’s free shipping or it’s on sale. When you are at a store and see something that isn’t on the list but impulse has you buying it. Who’s guilty of this?

Something I started with online shopping is putting it in the cart, but I have to wait at least 2 days before purchasing if it is a want vs need. For groceries, I do 90% of the time with delivery so I don’t have impulse to grab stuff not on the list. It’s finding something that works for you.

This week I challenge you to be intentional with thinking about if this a want or a need before each purchase.

Easy Challenge:
Before each purchase ask yourself if this is a want or need.

Medium Challenge:
Write down for 1 week the purchases you make into want and need. Total it up at the end of the week. You will be shocked at the numbers. Make sure to follow your normal pattern to be real with yourself.

Want more – go through your account for the past month. Be prepared to be shocked.

Hard Challenge:
Practice delayed gratification. If it is a want, make yourself wait. It will suck at first, but then when you actually do purchase it you will actually appreciate it more. It’s weird but works.

Halfway through these finance challenges and this one is going to be easy for some and hard for others. I’m in the hard category….

This week is about stopping the swiping (even your debit card) and starting to use cash only for your non-bill purchases. You would be amazed at how you think twice when you know you only have so much in your wallet and when it’s gone…you are SOL.

You could do the Dave Ramsey envelope system. We have done that for our non-fixed bills like groceries and going out to eat.

For everyday spending, Joe and I call it our “allowance” for the week. It’s our own discretionary fund that we can spend however we want. We can spend it or save some for a rainy day.

Easy Challenge – Go cash only for one day

Medium Challenge- Go cash only for a whole week

Hard Challenge- Go cash only for an entire month!

What challenge are you up for?

When was the last time you looked at your paycheck stub? Most paychecks now are electronic so you have to be intentional to look it up online. It’s not just the amount that gets deposited that you need to review. It’s all the deductions…the money you don’t see. It is your responsibility to make sure it is correct so you don’t have a big surprise at tax season.

Easy Challenge:
Look at your last pay stub. Do you understand what each deduction line means? If not, google it or ask your HR. Are the dollar amounts correct?

Medium Challenge:
Look at your past months paychecks. We’re there any differences?

Hard Challenge:
Start setting long term goals for your money. Long term means 5+ years out. Maybe it’s to earn a certain dollar amount which means you need to work for a promotion or starting a side hustle. Maybe it’s to have a certain amount in your 401k which means you may need to contribute more to it now?

Tip: Make sure you at least match your employers 401k match. That’s easy free money to you. That’s the minimum amount you should contribute.

Think about the last time you gave your time or money to a church or non-profit. How did you feel afterwards? Giving not only helps others, but makes us feel good inside too.

This week’s challenge is about doing it intentional instead of reactively. Reactively means without much pre thought put into it.

Ready for your challenge?

Easy: Think of causes that tug on your heart. Those causes that mean something to you. Find 1-2 ways that you could give your time or money to them.

Medium: Now do those 1-2 ways you thought of in your easy challenge. Put your action where your thoughts are.

Hard: Giving (especially if it means something to you) should never be a one and done thing. Sign up to be a regular volunteer. Set up a reoccurring automatic donation. Be intentional with what God has given you.

Week 2 of our financial challenges and this is about saving money. Creating an “emergency fund” in case you need to pay a insurance deductible, unexpected medical bill, appliance went out, or even if you lose your job. It can seem impossible to save money especially with the cost of everything going up. I can promise you that piece of mind where you won’t have to ask your parents or increase your credit card will be worth it! Using what you learned last week on where you could potentially cut back and save.
I am going to preach some Dave Ramsey here. If you are in debt, you still need at least a $1000 emergency fund. This will help you not stop the momentum of paying off your debts even if something happens.

Easy Challenge: Decide why you need an emergency fund. Knowing why you are doing it will help you stick to it.

Medium Challenge: Investigate how to set up an automatic transfer either through the bank or your paycheck. You can set up multiple accounts with your paycheck. Doing it this way, it’s almost like you never had the money to start with. Instead of seeing what’s leftover, you pay yourself first.

Hard Challenge: Now you have your why, set your goal for the year. Divide that by 12 to know what your monthly savings would need to be. Set up your automatic transfers to achieve that goal.