Personal Finance

  • Roth IRA 101

    Roth IRAs are an amazing retirement account option allowing regular people become tax-free millionaires.

    Roth IRA Explained

    Roth IRA Explained For Beginners Video

    This guide to Roth IRAs for beginners goes over a few things:

    • why you should open a Roth IRA
    • what a Roth IRA is
    • benefits of using a Roth IRA
    • my personal experiences with Roth IRA investing
    • my recommendations on how to determine where to open a Roth IRA and which investments to pick (I am not a financial advisor and this is not advice, just my experience!)

    Where To Open A Roth IRA

    Where To Open A Roth IRA Video

    I often get asked where people should open a Roth IRA. There are many good choices and I recommend three options that I’ve had experience with personally: Vanguard, Fidelity, and M1 Finance.

    Roth IRA Contribution Tracker

    Do you want a visual tracker to keep you motivated with maxing out your Roth IRA? Check out these Roth IRA trackers!

    $6,000 Roth IRA Saving Challenge Tracker – This will help you plan and invest money to max out your Roth IRA in 2021!! This $6,000 Money Saving Challenge is designed to help you keep track of the $6,000 over one year to invest in your Roth IRA to max it out.

    There are THREE different options included in this money savings challenge:

    • 3 different $6,000 Roth IRA investing challenge trackers with amounts to save each week for the whole year (52 weeks) to max out $6,000 contribution

    This is designed to pick one amount each week and put it in your Roth IRA in order to max it out at $6,000.

    $7,000 Roth IRA Saving Challenge Tracker – This tracker helps you plan and invest money to max out your Roth IRA in 2021!!

    There are THREE different options included in this money savings challenge:

    • 3 different $7,000 Roth IRA investing challenge trackers with amounts to save each week for the whole year (52 weeks) to max out $7,000 contribution

    This is designed to pick one amount each week and put it in your Roth IRA. The $7,000 Money Saving Challenge will help you keep track of the $7,000 over one year to invest in your Roth IRA to max it out.

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  • 52 Week Money Challenge $10,000

    Are you looking for a 52 week money challenge with $10,000 as a savings goal? You’ve found it!

    Save $10,000 In One Year Savings Challenge Video

    Using a money savings challenge can help you save up $10,000 in 52 weeks for whatever goal you have from an emergency fund to a down payment.

    Each week you save the amount listed and after 52 weeks you’ll have $10,000 saved up.

    Could you use an extra $10,000 in a year? Would it help you buy a home? Send your child to college? Fund an early retirement? Just having an extra $10,000 saved allows many people to dream of new possibilities.

    Why Do A 52 Week Money Challenge?

    Saving money can be hard for many people especially when the amounts get larger. Doing a 52 week money challenge to save $10,000 allows you to strategically save up the amount over a year.

    Here are some of the benefits from doing a year long money challenge:

    • The saved money. Obviously the amount of money saved up at the end of the challenge is the main benefit. Having your money goal reached is a huge benefit to doing a money saving challenge.
    • Improved relationship with savings. For many people a savings challenge can help them improve their relationship with money and saving it. If you’ve always spent every dime you had available a money challenge might be the thing to change that tendency. You will also be creating a new or better habit of saving.
    • Improved discipline. Saving money is hard. I run a personal finance blog and I still struggle with saving money sometimes because it’s much more fun to spend. Savings challenges can help with this because they force you to be more disciplined with money. Forcing yourself to start and finish the challenge means you’ll develop good routines and discipline over 52 weeks.

    52 Week Money Challenge $10000 Printables

    There are multiple 52 week money challenges available in my money printables library bundle but the most popular is this $10,000 in 1 year savings challenge.

    52 Week Money Challenge $10000, Save 10,000 Dollars In One Year Money Saving Challenge 10K 10,000 Dollar Savings Challenge Tracker Printable

    You can get the 52 Week Money Challenge $10000 printable in the Pennies Not Perfection shop. It’s designed to give you a certain amount to save each week so you have $10,000 at the end of 52 weeks.

    There are TWO different options included in this money savings challenge:

    • $10,000 money savings challenge tracker with random amounts to save each week
    • $10,000 money savings challenge tracker with the same amount to save each week for slightly over 10K

    It’s a PDF file you can download, print, and use again and again. Or you can also upload it to apps like GoodNotes to use digitally.

    Personally I’ve found printing the challenge and putting it up somewhere you see it daily can be very motivating!

    Starting A 52 Week Money Challenge

    Many people start savings challenges in January when they are making financial goals and resolutions to save money money.

    However you can start a 52 week money challenge at any time!

    Regardless of when you start you’ll have saved up $10,000 a year from that beginning.

    When you start you can follow the challenge in order that the amounts are printed or you can tailor the challenge to fit your lifestyle.

    If you know that January will be your best month then choose some of the higher amounts for each week. Or if you know you get a large bonus in December then maybe start out with the smaller amounts and work up to the bigger numbers.

    Like most financial changes the most important part is the you get started. It doesn’t have to be on January 1 and it doesn’t have to be the “perfect” time. You just have to start and be consistent each week.

    Easy Savings Challenges (Save $1,000 To $20,000)

    Money Challenge Tips For Success

    After completing multiple savings challenges I’ve found there are a few ways to make sure you are successful. The list of ideas below are tips to help you successfully save during the 52 week challenge.

    Follow a savings plan.

    Having a clear savings plan with exact numbers to save during the year makes you much more likely to succeed.

    That’s why I offer a $10,000 in 52 weeks savings challenge printable. It gives people a clear plan to follow.

    If you prefer to find another plan there are also many free 52 week money challenges available online. No matter which you choose, commit to following the savings plan for the whole 52 weeks.

    Budget your money.

    It’s possible to spend your entire income no matter how high that income grows. Budgeting your money and knowing how much you have going in and out of your account is critical for success with a money challenge.

    There are many different ways to budget from paycheck budgeting to anti budgeting.

    Finding the right method for you over the 52 weeks will help make the challenge successful and set you up for a lifetime of good money management.

    Pick a day of the week to make contributions.

    Making your contributions on the same day every week is a great way to keep yourself consistent and accountable. When you always contribute on the same day you are much less likely to forget about your savings challenge.

    I personally do this with my Transfer Tuesday series on YouTube (feel free to subscribe and join me).

    Use a high yield savings account.

    When you are completing a money challenge you want to put your somewhere safe that earns a little bit of money. Using a high yield savings account (or the M1 Finance spend account) can accomplish this.

    You’ll earn a bit of money while working on your 52 week challenge but it won’t be at risk by being invested in the stock market.

    Keep yourself motivated.

    Making you are motivated and stay motivated is the best way to successfully complete a money savings challenge. You can do this in a number of ways based on what motivates you best.

    Maybe it’s having your challenge printed and in a visual places so you can see it daily. Maybe it is accountability so you have to check in each week. Finding the motivation techniques that appeal to you will help with your success.

    Plan for potential setbacks.

    You will likely have some setbacks or difficult times during your year long challenge. Making a plan for this and knowing what you will do can help.

    For example, maybe you know that you’ll have a large expense during the year. You can plan to contribute smaller amounts for the challenge during that time. Instead of giving up, plan around things that come up or make changes.

    Remember it’s also ok to pause the challenge and pick it up again when you can. In the end if doesn’t matter if your 52 weeks are consecutive or not – you’ll still have $10,000!

    Money Making Ideas To Save More

    Completing a big $10,000 savings challenge can be difficult and you might need to make more money to reach your goal.

    Below are some ideas to help you make money over the next 52 weeks as you work on your money challenge.

    These ideas can help you earn a little bit of extra money throughout the year while you complete your challenge. You can do it!

    52 Week Money Challenge $10000, Save 10,000 Dollars In One Year Money Saving Challenge 10K 10,000 Dollar Savings Challenge Tracker Printable

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  • No Spend Challenge Rules

    Are there no spend challenge rules? Yes… and no.

    No spend challenges can be great for cutting back your spending and saving money for big financial goals. Whenever I mention them online people always want to no what the rules are and how to do one.

    The thing I love about no spend challenges is that you get to make up the no spend challenge rules for yourself.

    What Is a No Spend Challenge?

    A no spend challenge is set period of time where you go without spending money on anything outside of your essentials like bills, basic food, medical needs, etc.

    Also known as a spending freeze, these no spend challenges are a way for many people to reset after a period of excess spending. This is why many people attempt no spend challenges in January after spending a lot of money on Christmas.

    How you actually implement a no spend challenge in your own life is up to you.

    This type of challenge is pretty clear but you can make it as hard or as easy as you want. Some people go to extremes while others take a more loose approach.

    Either way people use a no spend challenge to quickly save money, pay off debt, and get back on track with spending habits.

    no spend challenge rules to save money

    Why Do A No Spend Challenge?

    Many people do no spend challenges for reasons like the following:

    • Putting more money toward paying off debt
    • Quickly saving up to pay for a big upcoming expense
    • Resetting your spending habits after a period of overspending
    • Building up an emergency fund
    • Building up a savings buffer to get ahead on expenses so you can live on last month’s income
    • Paying off the mortgage faster with a lump sum payment
    • Finally achieving debt freedom

    These are all great reasons people do no spend challenges.

    You may be doing it for one of these reasons or one completely unique to your situation!

    Related: 100 No Spend Challenge Ideas To Save Money

    What Are The No Spend Challenge Rules?

    There are no “official” rules for a no spend challenge.

    Instead there are rules and guidelines people typically follow that you can adjust for your own experience.

    When setting up your no spend challenge rules you need to clearly define your challenge. To do this you will need to answer some questions for yourself:

    • How long will your no spend challenge last? Will your no spend challenge be for a weekend, a week, or a full month? Will you do a no spend challenge for 30 days or a whopping 365? A month tends to be the typical challenge length but you have the freedom to challenge yourself to any duration.
    • Will you count days consecutively or cumulatively? Sometimes you have events where you will just have to spend money. If one of these events like a birthday or wedding falls during your challenge will you have to restart or will you just skip that day and count before and after? You get to make the rules based on your lifestyle requirements. You could challenge yourself to 30 days in a row or 30 days total skipping planned event days.
    • Will you have spending cheat days? Not everyone loves the idea of “cheat” days when doing a challenge but for some people they are essential. Consider your personality when setting the rules and if you need an all-or-nothing approach or you can allow more flexibility with cheat days.

    These are the areas where people adjust the most to fit their lifestyle needs while still keeping it a challenge.

    Typical No Spend Challenge Rules

    Despite all the flexibility in setting up no spend challenge rules there are some typical guidelines to follow.

    Typical Spending Allowed:

    • Mortgage/rent payments
    • Utilities
    • Phone bill
    • Internet bill
    • Groceries (basics only)
    • Medical & Insurance bills
    • Medicine
    • Gas
    • Transportation expenses
    • Debt payments
    • Credit card payments

    Typical Spending NOT Allowed:

    • Restaurant meals
    • Fast food
    • Coffee shops
    • Alcohol
    • Gas station purchases beyond gas
    • Salon services
    • Cable/Streaming TV
    • Clothing
    • Shoes
    • Gifts
    • Hobby Gear
    • Anything under the “want” category of spending

    The differences in these categories or what is allowed or not allowed in a no spend challenge closely follows what you NEED versus what you WANT.

    If you need it? Allowed. If it is an item you want? Not allowed. That’s a pretty simple rule to keep in mind when you are doing your no spend challenge.

    Related: 50 Things To Do Instead of Spending Money

    Things To Cut From Your Spending

    Obviously you want to cut as much spending as possible during your challenge. Here are some ways you can cut back spending for the challenge duration.

    • Cut all eating out. Plan all of your meals to bring lunch to work and not eat out at all for any meals.
    • Cut out all discretionary spending. If it’s not planned or in your grocery budget, write it down and wait a month.
    • Cut all of your personal spending. If you get any allowance monthly, cut it out entirely.
    • Cut out any entertainment spending. If it’s an event or concert already planned make it an exemption for the month but don’t add anything new.
    • Cut your normal grocery budget in half from what it normally is. Get creative with items you already have an things on sale.
    • Cut your food budget entirely. If you are able to eat out of your pantry and freezer for a month, consider cutting out all food spending. You could make an exemption for a small amount each week for fresh produce.
    • Cut something out in your own budget once you’ve looked through for things that could be eliminated.

    Related: Things To Stop Buying to Save Money

    No Spend Challenge Rules Example

    When I previously did my own no spend challenge month I set up some no spend rules and exemptions for myself.

    No Spend Month Challenge Setup & Rules

    For my no spend challenge month I created a no buy list which included things like:

    • extra activities
    • shopping for home purchases
    • clothes shopping
    • eating out at restaurants
    • snacks from our bodega at work

    Giving myself very specific rules was helpful. Tailoring it to things in your own life makes it more of a challenge specific to you. For example, not everyone would have to make a rule about bodega purchases but it was part of my no spend rules.

    I also set up my own specific exemptions based on our planned spending for the month. If it was a bill or already agreed upon spending then we still spent money on it.

    This included:

    • bills
    • mortgage
    • my husband’s softball league
    • planned items in our budget

    Giving ourselves these pre-planned exemptions made it easy to know what we could still do and what we had to say no to during the no spend challenge.

    Success Tips For No Spend Challenge Rules

    Now you know the typical no spend challenge rules you might be wondering: how can you actually complete this challenge?

    If you want to complete a no spend challenge there are some things you can do to succeed.

    Make sure you are prepared.

    Getting prepared for a no spend challenge is often the key to success.

    Your challenge success actually starts before the challenge date arrives. The things you do to get ready will make it possible to complete the challenge without any spending mistakes.

    Some things people do to prepare for a no spend challenge include:

    • taking an inventory of the things you already have purchased
    • planning out your meals to avoid restaurant spending
    • creating a list of fun free activities you can do
    • talking to those in your life about the challenge to help you

    These are some of the things you can do to prepare for a successful challenge.

    Understand your motivation.

    Another key to succeeding is understanding your motivation.

    Why are YOU doing a no spend challenge? What are you hoping to accomplish?

    Do you want to save money? Stop bad spending habits? Pay off a debt?

    Here are a few ways to understand your motivation and use it to complete the challenge:

    • journal your thoughts and feelings about spending money before and during the challenge
    • create a visual reminder of why you are doing the no spend challenge
    • make a list of the things you will feel or do when you complete the challenge
    • use a no spend challenge printable to keep yourself on track

    Determining your reasons and then reminding yourself of them will help you finish the challenge strong.

    Avoid temptations to spend.

    The whole point of a no spend challenge is to not spend extra money. This is hard to do because most people spend money constantly without even thinking much about it.

    Avoiding temptations to spend money is one of the best things you can do during a no spend challenge.

    Here are some things you might want to avoid during your challenge:

    • stepping foot in stores
    • browsing online shopping websites
    • going to restaurants
    • driving by fast food restaurants

    Depending on how you spend money you might have to change your routine during your challenge. Removing yourself from the places that encourage you to spend money is very helpful.

    Work to earn extra money.

    One things many people do during a no spend challenge is focus on earning money instead.

    When you are working more you are less likely to be out spending money. This can also benefit you because you are able to increase the financial impact of the no spend challenge.

    Need some money making ideas? Try these:

    You can also just sign up to work more hours or even start a new part time or temporary job. Making extra money will combine with all the money you save for a huge financial push in the right direction.

    No Spend Challenge Printables

    When I was doing my no spend challenge, I used my free time to create printables that made the process more fun for me. I had a lot of time to get creative and think about how different worksheets and techniques could help me get the most out of a no spend month.

    Printables have been the easiest way for me to get organized in order to accomplish my goals during a challenge like a no spend month.

    No Spend Challenge Printable Bundle

    Read More

  • The Simple Path To Wealth Review

    The Simple Path To Wealth Review

    In this The Simple Path To Wealth review I’ll share some of the lessons I learned and why I think this book is essential reading for most people. Learning money lessons from books like The Simple Path To Wealth helps many of us in our financial journeys.

    As we move from paying off debt to building wealth books like this are essential. They are creating the map for us to plan the way financially.

    This book by JL Collins is one of the most recommended books in the FIRE community.

    FIRE, or Financial Independence Retire Early, is a community of people who are living far below their means to save up money in order to retire early and live the way they want. Books like The Simple Path To Wealth outline how they are doing this and how you can do it too.

    Lessons From The Simple Path To Wealth

    Money Lessons From Simple Path To Wealth Video

    The Simple Path To Wealth is such a great book and it focuses on some of my favorite topics:

    • passive investing
    • using broad based index funds
    • tools for building wealth for FIRE
    • asset allocation for the different phases of building and preserving wealth
    • determining how much you need

    The book takes the complex concepts people often avoid and makes it easy.

    Here are the money lessons I learned from The Simple Path To Wealth:

    1. Save a percentage of every dollar you make.

    This savings lesson is super important no matter where you are starting. Being able to save a percentage of your income is critical to achieving every other financial goal.

    Saving money is a foundational lesson for personal finance.

    In The Simple Path To Wealth the concept of savings as a percentage of your total income is huge. You want to save a percentage of every dollar that comes in via income.

    This means you don’t pick and choose when you can save – you are ALWAYS saving at least some percentage of your income.

    2. Maintain a high savings rate.

    Saving a percentage of every dollar is foundational. But for people to move beyond just the basics you have to maintain a very high savings rate.

    In order to reach financial independence or retire early you have to maintain a high savings rate.

    For people in the FIRE community the ideal savings rate is as high as possible – often 75% or more. At the lower levels in that community people aim to achieve 50% of their income. This is the type of high savings rate that The Simple Path To Wealth encourages.

    This can be very difficult to start with and many people can never achieve it. With the high cost of living in many areas a high savings rate can be difficult to achieve.

    While it is obviously difficult and achieving it includes massive privilege, this high level of savings rate leads to financial independence quickly.

    You can see this in the famous chart shared by Mr. Money Mustache in this post about the simple math behind early retirement.

    When you save 50% of your income you have 17 working years until retirement. When you save and invest 75% of your income then you only have to work 7 years until financial independence and retirement is possible.

    3. Avoid fiscally irresponsible people.

    Avoiding fiscally irresponsible people is another key lesson to learn in building wealth.

    While you don’t have to dump your friends you do need to evaluate who you spend your time with and how they effect your money habits.

    Do your friends and family encourage you to overspend? Does your circle expect certain levels of spending? Do your friends make bad financial decisions and ask for monetary help?

    When you are constantly surrounded by people making bad decisions with money you are more likely to do the same. If none of your friends save and always spend money going out then you likely will too. If your friends all have $600 car payments then you are more likely to follow that path too.

    Changing up your circle can help you change directions with money too.

    Being around people who are smart with money can help you too. Spending time with people who make good financial decisions and grow their wealth can help you do the same.

    If they are always investing and talking about their investments then you will participate in those conversations. If your friends always look for fun and frugal activities then you will as well. You’ll spend less and save more if your friends and family are trying to do the same thing.

    Your success can be directly affected by who you surround yourself with so be careful with your choices.

    4. Avoid money managers.

    I always like to tell people they are smart enough to figure out how to invest with index funds and the author of this book agrees with that assessment.

    In The Simple Path To Wealth JL Collins advocates for people to avoid money managers and instead invest in low cost index funds.

    Instead of picking stocks or having a money manager do it for you, you skip all of the downsides to investing.

    By focusing on investing in index funds you are buying the market as a whole. You don’t pay commissions or high fees that you would with many asset managers. You also are investing in an asset that always goes up over time.

    Avoiding the fees that money managers charge helps you build wealth faster and keep more of your money.

    5. Money can buy you anything you want in life.

    One of the best things about money is that it can buy anything you want in life – including financial freedom.

    This is a key lesson in this book:

    “There are many things money can buy, but the most valuable of all is freedom. Freedom to do what you want and to work for whom you respect.”

    By building wealth you are buying your freedom. When you have enough money you get to make choices that you would not otherwise make. Money can buy you the freedom to spend your time how you want.

    The alternative is spending money on a fancy lifestyle you can’t afford just to impress others. When you do this and live paycheck to paycheck you end up a slave to the job you are working in with no ways to leave.

    If you are pursuing financial independence then you will resonate with this lesson. Saving your income, investing your income, and growing your wealth are buying your financial independence.

    One dollar at a time you buy your freedom.

    My Review

    When I first found out about the idea of FIRE I was not very interested. It sounded like being miserable saving money just to later live miserably on limited income.

    I also love working and figured I would always work in some fashion. Why bother pursuing financial independence if I like working?

    However, now that I’m working with fluctuating income I see the benefit in building up wealth in order to retire early – if I want to or need to!

    Reading this book and writing this The Simple Path To Wealth Review post has helped me solidify the idea that I do want to work toward financial independence.

    Having the money available to live the life I want without worry is very appealing. This is the major takeaway for me personally after reading The Simple Path To Wealth.

    The Simple Path To Wealth Review

    In addition to helping me settle on pursuing financial independence, this book definitely taught me and others some very valuable lessons.

    After posting my video recapping these lessons from The Simple Path to Wealth I had a lot of comments about how great this book is:

    • “This book changed out lives! Tops my list of favs.”
    • “Such a good resource!”
    • “I’m working toward that 50% savings rate where I can also live comfortably. It’s the motivator reminding me why I need to earn more and manage what I have well.”
    • “Thank you thank you THANK YOU for saying that investing is easy!! So many people say ‘investing is hard’ or ‘investing is confusing’ so ‘this is why you need to pay ME to teach you!!”. We are a lot more capable than we give ourselves credit for.”

    For those who have already read this book it was a resounding agreement. This book is a must read for anyone curious about money or achieving financial independence.

    Want to read this book and see if you agree with the lessons in this The Simple Path To Wealth review?

    Get The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life

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  • 10 Financial Goals For 2022

    Are you trying to choose financial goals for a new year? These financial goals for 2022 can help you choose something for your own list.

    This financial goal list is just ideas to inspire you. Maybe you can add one or two to your own goals list for the year! I’ve included a couple in my own financial goals for 2022 and hope this can inspire you too!

    Invest In Crypto

    Cryptocurrency has an interesting year in 2021 as it became more mainstream and got lots of media coverage.

    Previously it had been relegated to smaller segments of the population but now many people have added cryptocurrencies to their portfolio.

    A cryptocurrency is a digital or virtual currency that is secured by cryptography. This means it is almost impossible to counterfeit or double-spend. Most cryptocurrencies are also decentralized networks based on blockchain technology – this means they are not controlled by any one source.

    With cryptocurrency exchanges like Coinbase giving out Bitcoin sign up bonuses for referrals, many more people have jumped into the world of crypto in 2021. It was a year of massive growth and adding cryptocurrency to your portfolio might be the right goal for the new year.

    If you want to invest in crypto in the new year you should plan to start small. Sign up for an account where you can purchase crypto like Bitcoin.

    Then do research. And more research. Read from trusted sources and try to understand what you are buying and investing in with cryptocurrency.

    Unfortunately there is a lot of hype and gimmicks with crypto so you have to be careful. That’s why learning and doing research is so critical. The more you understand the better your experience will be.

    Increase Your Giving

    A lot of people are still struggling and your generosity could help them. Increasing your giving is a great goal to work towards at any time.

    To accomplish this goal you can choose causes you care about. There are many ways to give money including:

    • tithing to a church
    • contributing monthly to a charity you care about
    • lump sums to important causes
    • donating to GoFundMe drives
    • sponsoring a child
    • creating a scholarship
    • giving a huge tip to a server
    • random acts of kindness

    The list could go on for a while! Hopefully those suggestions give you some ideas of how you can give more money and increase your giving in the new year.

    If you are reluctant to give more because you don’t know how it will be used then you can do a couple things. First, you can always check out charities on independent sites like Charity Navigator that rate the use of money collected. And second, you can do the mental work needed to release the money and give without strings or conditions.

    This is one of the best and most noble financial goals any of us can work towards.

    Ask For A Raise

    Asking for a raise is always a great financial task to undertake. Earning more income for the good work that you do can help you financially.

    Many companies are now offering employees more money and better benefits because employees have more power.

    There is no better time to ask for a raise than now.

    There is also a huge reason why you must ask for a raise: inflation. The cost of everything is going up and your salary needs to increase as well. When inflation goes up by 6% but you only get a 1.5-3% raise then you are effectively making less money.

    Asking for a raise protects you financially.

    Find A New Job

    The great resignation of 2021 led many people to quit bad jobs and find better ones. Many people found new jobs or created businesses. I quit my job in August 2021 and it was one of the best decisions of the year!

    I Quit My 9-5 Job

    Right now there are many millions of jobs open. All of these open positions mean employees have a lot of power and opportunities.

    Not happy where you are? Chances are you could find a better job with better pay in the new year.

    It’s easier to increase your salary by large amounts by getting a new job. Unfortunately most companies do not reward loyalty so they won’t increase your salary as much as a job change will.

    When looking for a new job you should customize your approach and resume to have the best chance at good jobs. It’s important to take your time and find the right fit with the best opportunity.

    Create A Will

    Unfortunately you never know what will happen or when your life will end. That’s the sad reality of life that we will all face. Knowing this means that you should create a will if you haven’t already.

    This is a goal that might not sound fun but is important to your family. Creating a will and other necessary documents will help take care of loved ones. It is especially important if you have young kids.

    The legality of a will varies by location so you’ll need to do research on what you need to do for this financial goal.

    Get Ready For Tax Season

    No one likes spending much time thinking about taxes but this financial goal can help you have a smoother experience. Getting ready for tax season before it comes is a great way to

    Here are some ways you can prepare for paying taxes next year:

    • educate yourself on changes for the new year
    • choose help via a CPA, tax software, etc.
    • start pulling together documents and things you need
    • get organized with your digital items as well as physical

    Starting out the new year with a plan for staying organized with your tax stuff will make the process easier. If you have an uncomplicated tax situation this is much easier. If you have a more complicated return then this is critical and definitely a goal to pursue.

    Deal With Your Money Emotions

    Money is emotional. It creates many strong feelings within all of us. Those feelings can lead to unconscious and conscious behaviors like overspending, impulse spending, over saving and more.

    Many personal finance gurus forget to talk about money emotions. Instead they only focus on the numbers and the math. This leads many people to quit budgeting and never progress financially because they struggle to understand why they can’t stick to the math.

    It’s because your money emotions affect EVERYTHING!

    Dealing with your money emotions is a great goal to set for the new year. This isn’t a goal that is easy to measure but you’ll see many benefits as you continue to work on it.

    You can work on your emotions around money by journaling, going to therapy, reading books, doing worksheets and more. The inner work to understand and deal with emotions around money will pay dividends for years to come.

    Automate Bill Payments

    For most people automating money is the best financial goal. It leads to less stress and fewer mistakes with money. It also means you won’t pay any late fees!

    Automating your bill payments also represents a higher level of financial security. When you are struggling with money it is impossible to automate bill payments because you don’t know if the money will be there when the bill is due. Being able to automate bill payments means you have created a budget, organized your money, and feel confident in having your bills paid.

    If you struggle with automating bill payments you can try the separate bill pay account method.

    With this you simply open another checking account that is for paying bills ONLY. You will never use this account for anything else and don’t even need a debit card attached. Deposit the amount needed for bills every month (with a cushion) and only pay bills from this account. Having the money there means you can set up auto-payments and never worry about not having the money!

    Review Your Subscriptions

    Do you know how much you spend on various subscriptions every month? Probably not! There are soo many now that most of us have no idea what we are spending.

    Set a goal to review your subscriptions and make cuts in the new year.

    Check your statements to make sure you’ve found all of the charges. Evaluate if they are actually used or worth the amount you do use them.

    You can cut some of these subscriptions to save money and achieve other financial goals on your list. This can be a great thing to add to your financial goals for 2022!

    Try A Money Challenge

    Money challenges are a great way to make saving money fun.

    Easy Savings Challenges For 2022

    You are more likely to achieve a money savings goal when you do a structured challenge. It gives you a secure goal with a date in mind and the structure you need to achieve it. You can do a structured savings challenge or even a no spend challenge.

    This can really help if you struggle mentally with saving money or getting ahead. It can show you how money adds up quickly.

    Here are some of the savings challenges in my shop:

    Financial Goals For 2022

    Those are a few financial goals for 2022 that you might want to try. I hope this inspires you to set goals and take action!

    Want more financial goal ideas? Check out these related posts:

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  • 5 Easy Savings Challenges

    Do you want to save more money this year? Saving money can be hard but these easy savings challenges make it easier and more fun.

    Easy Savings Challenges For 2022

    Savings challenges can make saving money easier and more fun. It’s one of the best way to hit all your savings goals and actually achieve the amount of money you want to save. Keeping your goals visual and having these challenges in front of you guarantees you will hit your savings goals.

    Let’s look at 5 easy savings challenges you can try in the new year or anytime!

    Save $1,000 In 30 Days

    Save $1,000 In 30 Days Challenge Video

    The $1,000 In 30 Days savings challenge is all about saving up $1,000 quickly. This challenge has multiple options so you can save a daily amount every day for 30 days. At the end of the month you will have $1,000 set aside for your savings.

    This challenge is great for many reasons:

    • short term so you don’t have to save at this rate forever
    • can be accomplished quickly
    • gives you a sense of accomplishment early in saving money
    • save up enough for a starter emergency fund or emergency need FAST

    This challenge can be difficult for many so it might be too much to start with. You can do the next two challenges where you save up for the whole year to get just over $1,000 as well.

    Get the $1,000 In 30 Days Savings Challenge HERE!

    52 Week Savings Challenge

    52 Week Savings Challenge Tracker Printable Bundle | Money Challenge Trackers | Savings Tracker PDF 1

    The 52 week savings challenge is great because it eases you into saving money. You will save a certain amount per week all year long, but you start small with just $1 and work your way up to bigger amounts at the end of the year. At the end of the year you will have over $1,000 from what you saved each week.

    This is a fantastic savings challenge for people wanting to start saving in the new year. It eases you into it but also creates the habit – putting away money into savings every week is a great habit to have.

    If you re interested in more ways to build a weekly savings habit also check out my Transfer Tuesdays series.

    Get the 52 Week Savings Challenge HERE!

    52 Week $20 Savings Challenge

    52 Week Savings Challenge Tracker Printable Bundle | Money Challenge Trackers | Savings Tracker PDF 1

    The 52 Week $20 Savings Challenge is a great one to try because it requires just saving $20 every week for the entire year. You can do this with saving $20 in cash or by moving $20 to your savings account each week.

    At the end of the year you will have $1,040 in your savings if you complete this challenge.

    Get the 52 Week Savings Challenge HERE!

    Save $10,000 In One Year

    How to Save $10,000 In A Year Video

    With the $10,000 Savings Challenge you will save $10,000 in one year’s time. There are multiple options for this challenge and each one gives you a certain amount to save per week. When you save that amount weekly all year you end up with $10,000!

    In this challenge each week you save anywhere from $50 up to $300 in order to save $10,000 in one year.

    Get the $10,000 In One Year Savings Challenge HERE!

    Save $20,000 In One Year

    Save $20,000 In A Year Video

    This savings challenge is straightforward and operates just like the $10,000 in a year challenge. There are two options available that will both lead you to save $20,000 in one year.

    With this challenge each week you save anywhere from $100 up to $550 in order to save $20,000 in one year.

    This is a great challenge if you want a stretch goal, need to save up a downpayment for a home, or are working toward financial independence.

    Get the $20,000 In One Year Savings Challenge HERE!

    Impulse Spending Savings Challenge

    control spending stop impulse buys - pennies not perfection

    With this challenge you write down all of the impulsive purchases you wanted to make but did not during the week. Then you total up that amount of what you would have spent. Move that number into savings.

    This one can actually be the hardest to do if you have a problem with impulse spending. But it can also be the one that is most life changing because it focuses on multiple areas:

    • stopping impulse spending
    • making conscious spending decisions
    • saving money that would have been spent

    This tackles multiple areas that can often be a problem when people can’t save money. Because it requires more internal work and effort this challenge can be a bit harder than just saving money.

    Get the impulse spending cards in the Money Printables Library!

    How To Get These Easy Savings Challenges

    These savings challenges are all available in my money saving printables shop. They are also all included if you purchase the Money Printables Library which is the vault for all past and future money printables.

    Most of them are included in the Savings Challenges Printable Bundle with additional savings challenges that you can print and use again and again.

    The Savings Challenges Printable Bundle includes:

    • Save 1,000 Dollars In One Year | 1,000 Dollar Savings Challenge Tracker Printable (2 options)
    • Money Saving Challenge 1K | 1,000 Dollar Savings Challenge Tracker Printable (4 options)
    • Save 10,000 Dollars In One Year | 10,000 Dollar Savings Challenge Tracker Printable (2 options)
    • Save 20,000 Dollars In One Year | 20,000 Dollar Savings Challenge Tracker Printable (2 options)
    • 52 Week Savings Challenge Tracker Printable Bundle | Money Challenge Trackers (8 options)
    • Savings Challenge Goal Tracker Printable | Piggy Bank Savings Goal Tracker (2 options)
    • Money Savings Goal Tracker | Dollar Bills Savings Tracker Printable (4 options)
    • Weekly $ Amount Yearly Savings Challenge (9 Options)
    • 80 Savings Tips to help achieve your savings challenge goals

    This printable bundle includes the best selling savings trackers from the money printables shop. Each printable included is designed to help you track your savings as you challenge yourself to save more money and hit big financial goals.

    Get the Savings Challenge Bundle HERE!

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