Get Good With Money Challenge – Day 2: Savings Secrets (Stretch Your Dollars)

Today’s Easy Financial Task: Get Good With Saving

How to rock this task:

1. No Spend Day
2. Video Lesson
3. Open A Money Bucket Account
4. Find More Money (Make The Calls)
5. Subscriptions
6. Dream Catcher High-Five
7. Unexpected Money
8. Utilize Savings Tools
9. Homework

Welcome to Day 2 of the Get Good With Money Challenge!

Saving money- if it was easy, EVERYONE would be doing it.

And, it can seem especially daunting when you feel like you're barely making ends meet.

But with a little creativity and determination, you can find ways to save, no matter your financial situation.

Let's uncover those hidden savings opportunities together.

1. No Spend Day

First things first, let’s put the money mindset skills we picked up yesterday into immediate practice. (yup, no time to waste)

Today, I want you to calculate how much you spend daily on things that are non-essential.

You’ll see just how much you can save when you pay attention to things that add up here and there.

Rules:

Only buy things you need today.

Cut out all non-essentials.

Here’s my free >> NO SPEND CHEATSHEET << again to give you ideas.

Also write down each time you would NORMALLY spend money (morning coffee, fast food or restaurant breakfast, lunch, or dinner, casual online shopping, etc.)

At the end of this lesson, you'll see a form to fill in to let us know what you were able to save!

NOTE: You should continue completing the actions in today's challenge day!

Just track your no-spend progress throughout the day and tally it up on the form when you wrap up your evening.

2. VIDEO BREAK 🍿🥤

Before we dig into learning more about savings, please pause here for a quick lesson on why you don't want 'jambalaya' money accounts.

Got it? Good!

Now that we’re in the zone and the right mind frame, let’s tackle the rest of the day.

Let me show you where to park any money you are able to save.

3. Open a Money Bucket Account

It’s time to open up a Money Bucket Account. What’s a Money Bucket?

After it rains, the water disappears. Why? Because the ground soaks it up.

You’re just like the ground. When it rains money on payday, you too soak up the water a.k.a. your paycheck.

You need to save some of that “rain” (income) with a bucket.

The perfect place for a Money Bucket is an online-only savings account or High Yield Savings Account (HYSA).

The purpose of this task is to show you how easy it can be to start saving.

When you open your Money Bucket, use any coins saved today to add to the account.

After today, transfer something weekly, monthly, or whenever you can.

And, hey! If you can’t make a deposit today, don’t get discouraged. At least get your free account opened up because you WILL be able to add to it one day. #claimingit

When I first started trying to save, I could only save $5 a month. And, I’m still proud of it to this day.

It’s not the amount that matters, it’s establishing the discipline to do so. You got this!

Here’s what to look for in a Money Bucket/Online Savings Account:

FDIC-insured (this means the Federal Government insures your money in the bank up to $250,000)
Has NO fees
Has NO minimum balance requirement
Has a comparable interest rate

Need help finding one? A good ole "best savings account" internet search will give you the most up-to-date information.

4. Find More Money (Make The Calls)

Now, it’s time to find even more opportunities to save.

I want you to call your service providers (like your cable, phone, car insurance Sirius) and ask for a discount. Yup, I’m serious! Call them up and negotiate a discount.

Do you feel nervous about making the calls? No worries!

>> CLICK HERE FOR A FREE SERVICE PROVIDER SCRIPT AND DO’S AND DONT’S CHEAT SHEET <<

P.S. Do this every year to ensure you’re always getting the best deal from your service providers

5. Declutter Your Subscriptions: A Quick Win for Your Wallet

In today's digital age, it's easy to sign up for subscriptions without realizing how much they can add up.

Let's take a moment to declutter your subscriptions and free up some extra cash.

1. Gather Your Subscriptions: Make a list of all your recurring subscriptions, including streaming services, gym memberships, software, and any other monthly or annual fees.

Need help figuring out what is what? I have a tool that does triple duty by automating your budgeting, sending you spending alerts, and notifying you of subscriptions you may want to cancel.

>> CHECK OUT ROCKET MONEY HERE. <<

Dream Catchers have found lots of $$$$$ to save with Rocket Money's help over the years!

2. Evaluate Your Needs: Honestly assess whether you're actively using each subscription.

Cancel Unnecessary Subscriptions: Cut the cord on services you no longer use or need.

3. Consider Alternatives: Explore free or cheaper alternatives, such as library memberships or ad-supported streaming services.

4. Negotiate or Bundle: If you can't cancel a subscription, try negotiating a lower rate or bundling services to save money.

By taking the time to review your subscriptions, you can save money and simplify your financial life. Remember, every dollar saved is a dollar closer to your financial goals.

6. Dream Catcher High-Five ✋🏿 (Tonee ~ $20,000 Saved)

Ready to get inspired? Take a break from scribbling in your notebook for a super quick motivation boost. Learn how Tonee was able to get good with money to save $20K... and the positive impact it had on her life!

Guess what? If Tonee can do it, so can YOU! Now, let's keep going. There's more money to find...

7. Unexpected Money (UM)

What is Unexpected Money?

Unexpected money is any extra cash that comes your way, whether it's a surprise bonus, a tax refund, or simply spending less than you planned.

Two Types of Unexpected Money:

Unplanned Savings: This occurs when you spend less than you budgeted. For example, finding a great deal on a purchase, receiving a discount, or having a friend pick up the tab.

Windfalls: This includes unexpected income like bonuses, tax refunds, inheritances, or gifts.

Suggestions On How to Maximize Unexpected Money:

Act Fast: As soon as you receive unexpected money, allocate it towards a specific goal.

Pay Off Debt: Use it to reduce high-interest debt, like credit card balances.

Boost Your Savings: Contribute to your emergency fund or long-term savings goals.

Invest: Consider investing the money in stocks, bonds, or other investment vehicles.

Remember: The key to maximizing unexpected money is to act quickly and decisively. Don't let it slip through your fingers.

By using it wisely, you can significantly improve your financial situation.

Let's practice!

Unexpected Money Scenario : Your friend cancels dinner plans, saving you $30.

Here’s what I say: You were planning to spend that $30 — $30 was gone in your head.

So, let it really be gone -but put it toward your debt. And if you’re debt-free, put it toward your savings or investing.

What would you say? How would YOU allocate this unexpected money? Share your thoughts in the comments and in our private challenge group!

8. Utilize Savings Tools

Are we on a roll, or what? I hope you are starting to see that it is possible to be on the road to saving (if you’re not already doing it).

I hope this is giving you some, well… HOPE!

Now, time to keep it real for a minute. Forget that I’m “The Budgetnista” and Teacher Tiffany for a second.

The elephant in the room is that there are times when you “gotta spend”. Life costs money… period.

But why spend more than you have to?

There are all kinds of free apps that allow you to scan receipts and take other actions to earn rewards like gift cards and credits. (they’re great IF you take the time to “do the things” required)

An internet search will bring up a ton to compare.

But, the easiest -no strings attached- no work required (i.e. lazy)- way to sit back and earn cash back on purchases is a free money tool that I have been rocking with since 2013.

>>Rakuten is your secret weapon to saving money on things you need. <<

It’s the largest FREE Cash Back site -partnering with over 3,500 of the biggest name brands like Target, Sephora, Nike, Best Buy, Macy’s, Walmart, travel sites, food, entertainment and MORE.

YOU DO NOTHING to earn cash, especially if you add the browser extension to your computer. It will automatically prompt you to accept your cash back at any participating store.

As a special bonus for my community, >> new Rakuten users can earn a $40 welcome bonus. << (you must see my name at the top of the page to qualify for the Budgetnista gift bucks)

Cha-Ching!

Ideally, use Rakuten to save money purchasing items you NEED, with the occasional non-essential or gift.

[9. YOUR HOMEWORK]

1. Affirmation Time

I LOVE a good affirmation. Now, repeat after me:

I am a saver.

Not "I might save" or "I hope to save." I am a saver.

Speak it into existence. Imagine yourself as the person you aspire to be.

You will begin to surprise yourself with how you begin to make choices that support that next version of yourself.

2. Place reminders strategically. Stick a note on your fridge, your mirror, or use a screensaver to reinforce your commitment.

There’s so much more to learn about saving that we don’t have time to cram into one day: like how to automate, critical savings buckets, types, restructuring debt, and more…

I’ll share an all-in-one resource later.

But, in the meantime…

I’m excited to hear about your day: how much did you save? Got your money bucket account set up? Savings tools?

3. >>PLEASE FILL OUT YOUR SAVINGS TRACKER FORM HERE.<<

And then, don’t forget to check on your accountability partner today. What did they accomplish? We covered a LOT!

BONUS ALERT: Want and need to learn how to save even more? Stay locked into the challenge until the end for details on a special bonus live lesson on budgeting. (Day 7)

See you tomorrow.

Live richer,

Tiffany

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