Are you up for the challenge?
At Fox our mission is to partner with our members, community and Fox family to build stronger financial futures and we are inviting you to join the Financial Capability Month Challenge: 30 Days to a Better Budget. Have you ever wondered, where is all my money going? Well, in Week One, you’ll take stock of your spending to gain a greater awareness of where your money is coming from and where it’s going.
Manageable ways to cut back on spending
Even though about three quarters of Americans use budgets, many struggle to stick to them. In Week Two, you’ll think small by searching for manageable ways to cut back on spending. You’ve heard of the saying “death by a thousand nicks”. What might seem like some insignificant spending can add up over time. While you may not notice $4 or $5 for a daily favorite snack or drink, when you add it up over the course of the month, the total might surprise you!
Keep that momentum going
At the halfway point you will have a greater awareness of the ins and outs of your money and will have discovered some small ways to cut back. During Week Three you’ll keep that momentum going by taking time to adjust your plan. Maybe you’ll discover that you are spending more on weekend activities or food than you first thought. Consider playing a game with yourself and your loved ones. Who can think of the best free Friday night activity? Who can make the best homemade lunch? By keeping it fun and light you’ll be amazed at the ideas you come up with! It’ll be important to tweak your plan during this week and keep moving forward.
Ideas for increasing your income
In the final Week Four, you may find that you’ll need more income to balance your budget. Or you’ll realize that having some money set aside for emergencies would be wise. While you may not be ready to join the gig-economy just yet, you’ll be encouraged to find ways to earn a bit more money. One possibility is to take an inventory of your things in storage. Selling items you don’t need or use anymore can provide some nice short-term relief. Either way, you’ll be well on your way to a stronger financial future.
Don't forget to celebrate the small wins
Working on your financial well-being can change your life in powerful ways, so be sure to celebrate even the smallest improvements you make this month! It’s very helpful to have someone encourage you along the way. Whether that person is a spouse or good friend, we all need someone who can encourage us and keep us moving forward. Good luck and be sure to check out
this article for all the details.
