April is Financial Awareness month. It’s a great time for us to focus on our finances.
It’s Week 3 of the #Make1Change Money Challenge! How did you do last week?
For the week 2 challenge we gave up eating out. How did that go over in your household? My family wasn’t as resistant to it as I expected them to be. I made sure there were plenty of their favorite things in the house, so that helped to reduce the complaining. We also haven’t been out to eat at a restaurant in a while, so it’s not a huge habit we had to break. What about you or your family? Was it easier than you expected? How much money did you save, by not eating out?
Some of you may be experiencing real resistant to making changes in your spending habits. When you are feeling this way, it’s always important to check in to your why. Why did you want to make this change in the first place? A follow up question to why is, How is your life going to improve as you are working towards the goal and once you finally achieve it?
I anticipated the resistance you are possibly feeling. When we’re feeling stuck, it helps to be reminded of why we are working towards our goal in the first place. Therefore, I recorded a 2 part podcast interview with my favorite budget coach Ericka Young. In this month’s podcast Ericka shares tips and strategies for making small incremental changes in our spending to reach our ultimate money goals.
Here’s the link to the podcasts, if you missed either of them:
Because she’s so passionate about forming better money habits, Ericka’s also coaching us through our weekly challenges. You can find her insights in each weekly challenge blog post.
Let’s get started on this week’s challenge!
Here’s a little insight from Ericka about the Week 3 challenge:
USE CASH! Yes, I yelled it from the mountain top! We are so used to making our purchases with debit and credit that we don’t even remember how to get cash out of the bank! We may have even forgotten where the bank is! Studies have shown that you will spend 12-18% more on your purchases if you use any kind of plastic. You simply don’t feel the purchase and therefore think more is there to spend. This detachment to real money causes us to overspend. For the next 7 days commit to spending only cash. First go find your bank ☺. Next take out $100 or whatever is in your budget to spend. And then don’t spend more than what is in your hand. Add up your purchases at the grocery store and put things back if you need to. Check to make sure you have enough cash at Target for all your items. Think about the kid activities and stick to your original commitments. If you have to say no see how it feels. This is what you call a healthy boundary. Mature, committed, responsible adults understand that boundaries keep you safe. And I just want to save you from yourself!
In case you missed any of the other challenges here they are again:
- 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.
Join this week’s challenge: Cash only purchases. 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!