Need to catch up? Click on the link where you left off and then come back!
Day 3: The Money Bucket For Savings
Day 4: Purposeful Spending
Day 5: Make a Move
Day 6: Review, Reflect, Relax
Day 7: Weekly Inspiration
Day 8: Essential Spending
Week 2: Implementation & Automation
Today’s Easy Financial Task: Create a budget using the first chapter of my book The One Week Budget.
How to Rock This Task:
- Grab Day 1 of The One Week Budget.
- Read the first chapter to learn how to create a Money List (a.k.a. budget).
- Fill out your Money List using the templates below.
- Write down how much you spend monthly on each expense on your Money List
- Add up your expenses and subtract the amount from your monthly take-home pay. This will show you if have any money left over to save. (If you’re not saving at all, it’s okay; you’ll learn how to save more money tomorrow.)
Today we have another video! Woop woop!
This is the most important day of the Challenge. I repeat: TODAY is the most important day of the Live Richer Challenge: Savings Edition.
How much money you save rests upon your ability to properly budget. It’s so critical that I’m going to walk you through creating a basic budget step-by-step here and in a video. You can watch my video at below.
But first, get excited!
Creating your budget may feel overwhelming at first, but I’m here to guide you through the process. Before you watch the video, please read the three steps in Day 1 of my bestselling book The One Week Budget (it won’t take you very long). Click HERE for your free copy.
If you don’t have much time, here’s a condensed version of the steps for you in case you want to get started now:
Step 1 Create a List of your Spending Habits: a Money List.
Create a Money List by writing down all of your expenses.
Step 2 Show me the money.
Write the monthly cost of each expense on your Money List. Put your Monthly Take Home Pay on the top of your Money List.
Step 3 Money in the Bank: Savings
Calculate your Savings by adding up your Monthly Spending and subtracting it from your Monthly Take Home Pay. Fill in the amounts for Monthly Spending, Savings and Total.
I explain how to do this today's video here:
For today, fill out the full Money List sheet provided except the Reduced Monthly Amount column. Leave that blank. We’ll tackle that later on in the Challenge.
Get your Money List templates here:
Click here for the PDF version of The Money List: my money List (updated).pdf
Click here for the Excel version of both templates: My Money and Debt List (in Excel with formulas)
Remember to share the budgeting skills you’ve learned with me in the comments vs. emailing me.
Today is really critical so make sure you connect with your accountability partner(s) today. Did they create their budget. Are they having trouble? Do they need help? If so, you both can get assistance from the Dream Catchers in the LIVE RICHER Forum.
Before you go, share what you're doing today on Twitter.Today I'm reading the One Week Budget by the Budgetnista Day 9: #LiveRicherChallenge. Click To Tweet
Remember, you can always find me here too:
Facebook: The Budgetnista
Forum: Dream Catchers (if you're not already a member.)
Tiffany "The Budgetnista" Aliche
A Freebie: Have you saved and printed the Live Richer Starter Kit yet? It's full of awesome freebies. Click the picture to get your kit.