Saving for success: I joined the Live Richer Challenge - Savings Edition!
I am saving for my record label, Star Entertainment New York.
Last week (January 4, 2016), I joined the Live Richer Challenge created by The Budgetnista. I love it! It has really changed my mind about how I spend my money and I started saving!
I completed my first week and I'm so proud of myself for staying with the challenge. I will definitely keep up with the challenge. I'm curious to see how I change after I compete it.
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The Live Richer Challenge (Savings edition)
Week 1 - Savings Mindset
Day 1 (Jan 4): Savings Goals
*I will save $1,500 for my record label by Dec 31st by budgeting, eliminating my credit card debt, bringing bills up-to-date (no more late fees) and packing my lunch for work each day.
Day 2 (Jan 5): The First Law of Gold
*I will save 10% of my earnings towards my savings goals.
Day 3 (Jan 6): The Money Bucket For Savings
*I opened an online savings account with Ally Bank
Day 4 (Jan 7): Purposeful Spending
* I Identified my needs, loves, likes, and wants.
-- Needs: basic things to survive: food, water, shelter & clothing
-- Loves: music, fashion (worth sacrificing for)
-- I will ask myself 4 questions when I go to purchase something: 1) Do I need it? 2) Do I love it? 3) Do I like it? 4) Do I want it?
*I sacrificed my wants and likes for my needs and loves.
*I started recording my spending for each purchase for the day.
Day 5 (Jan 8): Make a Move (One action towards goal)
*I researched setting up my record label
Day 6 (Jan 9): Review, Reflect, Relax
*I reviewed the week and acknowledged my success of competing the first week!
Day 7 (Jan 10): Watch the Week 1 Dream Catcher Hangout Chat
*I watched the Dream Catcher Google Hangout Chat
Week 2 -Implementation & Automation
Day 8 (Jan 11): kick non-essential spending to the curb and save what you don't spend.
http://www.livericherchallenge.com/
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