Did you catch last week’s podcast with my favorite budget coach, Ericka Young? If not, go back and check it out: Pay Now or Pay Later, Part 1. Ericka’s story of paying off a $100K in debt in 5 years by making small, consistent changes is going to inspire you to join this challenge.
As I mentioned in last week’s podcast, I planned this month’s #make1change challenge before I even knew that April was Financial Awareness month. The great thing about this month’s challenge is Ericka will be coaching us through it over the next few weeks. At the start of each week for the next 4 weeks there will be a new money challenge with a coaching tip from Ericka up on the blog. My plan is for them to be live on Sunday evenings so you know going into Monday morning what to expect.
The 4 challenges are:
- Challenge 1 (week of 4/4) : Fast from spending. Don’t spend any money this week. The only exception to this rule is gas or kid’s lunch money. Everything else has to wait.
- Challenge 2 (week of 4/11) : No dining out this week. Pack your lunch for work. Get in the kitchen and cook at home instead of going out to eat.
- Challenge 3 (week of 4/18) : You spend more when you don’t pay with cash. This week we only pay with cash. This includes only shopping. No online shopping this week.
- Challenge 4 (week of 4/25) : Figure out what debt is costing you, long term. This exercise will inspire you to turn up the intensity for getting out of debt.
Let’s get started!
Here’s a little insight from Ericka about the Week 1 challenge:
What if… you didn’t spend any money for one week? What could you accomplish towards your goals if you simply stopped spending unnecessarily for a season? Think about all the times you walk into a store and purchase something you didn’t intend to. Many times we buy stuff we don’t need or already have and can’t find. This week I challenge you to only pay your bills, buy groceries, and put gas in your car. Do absolutely nothing else! See how it feels. Journal your experience. Write down all the things you wanted to purchase but didn’t. Add up all the money you could have spent and make sure you give it a new home. Put it in savings or put it towards debt but don’t just waste it away.
Join this week’s challenge. No spending for 1 week. Leave a question or comment about the challenge below. Chat with us on Instagram (@kendratillman) or Twitter (@kendratillman). Use hashtag #make1change. We can’t wait to hear your success stories.
P.S. If debt has been holding you back from reaching your goals, schedule a 30 minute complimentary budget session with Ericka: I’m Ready!