5 Money Challenges That Actually Work - YouTube

hey Verne's we're gonna freedom in a budget I'm Kelly and today we're in talk

about money it challenges and some of them work some of them don't work so

make sure you stay to the end because I'm going to give you wine at very

popular money challenge set in my opinion does not work if you are new to

freedom in a budget I'm Kelly and my channels all that living life well on a

budget and but it doesn't have to be constricting and make you not do

anything no a budget gives you freedom because of my budget we have been able

to become debt free cash flow to a wedding cash flow car now we were under

contract on our first home which is so exciting and a budget it's because of

that so if you do want my budget I do have a template down below in the

description box on my Etsy shop for $5 and let's get into the video so 5 money

challenges that I think are really great idea is a great way to motivate you

money challenge is a really big hot topic especially around the new year but

we are halfway through the year and I want to make sure that you guys are

hitting your goals and not waiting until January to hit hit some money goals and

save some money no let's do it now we're halfway through the year we're into

summer and it's exciting time it's so great time to save some money right yeah

ok so number one is the weather money challenge now this is a really fun one

it is a challenge that you take your app if you are looking at your weather app

and you will take Wednesday's weather so it is called Wednesday weather and

whatever the highest temperature is on Wednesday you have to save that amount

of money so if it is like South Florida and it is 85 90 a hundred degrees you

have to save eighty five hundred ninety dollars that week oh yeah it could be a

lot but if you are really wanting to hit some high savings goal this wouldn't

great for you now like I said I'm in South floor so it's really hot here

especially this time of year if you are in Alaska or something like that

especially around winter time and you're in the negatives your negative 40 below

zero then you're still gonna save that amount you're still gonna save $40 you

just take off the negative it's not like you're taking out $40 from your account

no no we still want you to say but say it is the winter and you're in

Ohio or Massachusetts where I'm from and it's zero degrees that's a freed

three-week if it's one or two or five degrees outside then you only have to

save that amount so now I do know that I have a lot of international viewers and

not everyone is the United States and not everyone uses Fahrenheit so you know

do with what you want with doing Celsius if you want to do it convert to

Fahrenheit whatever is going to be best for you and your savings goals if you

want to keep it in Celsius if you want to convert it to Fahrenheit that is up

to you but this is a really great fun one that you can do and as you're

checking the weather app like Monday Tuesday oh crap it's getting hotter

hotter what is it gonna be on Wednesday and it's a really great fun one and

especially if you are in hotter temperatures and you really want to hit

some many goals and you know a lot of times you think this extravagant holy

cow I can't be saving that much a week or a month how am I gonna do that you

know I realize that at the end of the month I really do have that money that

I've spent at something else and I really could have put it towards savings

so it's really great motivator to do that

the second money challenge we got our mascot Piper here who is just basking in

all his glory and the second one is that a dime 2-liter bottle challenge or a

wine bottle challenge depending on what you prefer which you know goes better

with your decor or whatever a lot of the times the sleek wine bottles are really

nice so this one is anytime that you have a dime so if you're getting changed

back and you have a dime you put it into that jar or that 2-liter bottle or that

wine bottle whatever it may be and then at the end of the time when it is all

filled up it is crazy how much money you have a lot of times that people have 50

70 $100 worth of dimes in there which is crazy and I would recommend going to the

Dollar Tree or your local bank to cash in those times that don't use the

Coinstar what are those are taking up to 10% like that's crazy no don't be paying

10% you're saving your money now some do offer like an Amazon gift card or

different things like that where they're not charging you a percentage which is

okay as long as you put that into your you know not going above and beyond or

if you do want to use it for special purchase that's fun as well but the

diamond challenge is a really fun one it's easy it's ones that you know it's

kind of the opposite of the weather one where you're saving a lot of money this

one is a little bit more easy manageable and a great one to do with kids all

right we're gonna update and he's a little bit from the dime challenge we're

kind of going hi easy hard all the different things next one is the five

dollar challenge now a lot of you guys have heard of this one any time you have

a five dollar bill you're see five dollars in a birthday card or your

change from the grocery store or whatever it may be you save that five

dollars you put it in a box you put it in an envelope whatever it may be and

then you wait a year or however long you want or if you have I don't know seven

months until a vacation you wait until about seven months and see how much you

have and then that's your spending money another fun way that people have done

this is they take a shoebox they tape up the two box they cut a little slit wrap

it in pretty paper and then they stuffed the $5 in there so they have no clue how

much is in there it's not like you can go and count you don't open the box

until it's time to cash it in that is a really fun one number four is a themed

month challenge this is a cool one so this one what you're gonna do is every

single month you're gonna pick a different theme it to cut from your

budget now you are not cutting everything from your budget just that

theme so January maybe Starbucks February maybe eating out March maybe

close April maybe I don't know tools if your husband buys a lot of tools or

whatever it may be June maybe I don't Amazon purchases July maybe target

dollar spot whatever it may be so pick a month go through the calendar line up

all your month come up with your challenges and then in that month you

are cutting that out of your budget none whatsoever now you can spend the

other categories like I said but no eating out no fast food no Starbucks no

clothes shopping whatever it may be for that month and make sure you're using it

like common sense okay so if you have kids and back-to-school shopping is

coming around don't do the clothing right in august-september

when you have to buy clothing no do that one maybe in the beginning of the summer

whatever it may be so that it's still reasonable it still works with you and

your family number five is a goal savings challenge now this is also known

as a sinking fund you guys don't know I love me some sinking funds I have a

really big one right now on our down payment fund for our house that we're

just ready to go and give away but I do have a lot of videos on sinking funds

you guys know that sinking funds are game changers so if you are unfamiliar

with sinking funds what they are is you have a goal and you have a something

that you want to save or whether it be a vacation Christmas a down payment on a

house a new car whatever it may be you have that goal so you have that set

amount of money and then you see how many months you have until you want that

to happen so say you're saving for Christmas and you want six thousand

dollars and it's now June you have six months to save a hundred dollars each

month to hit your goal that way when Thanksgiving comes you're on your like

whole crap next month is Christmas I need to put everything on credit cards

uh-uh no you've been saving for about the

whole year the whole past six months for Christmas so that you have plenty of

money to buy all of your Christmas gifts vacation works going to a glass cut and

so we have been saving I think it's like $700 every month for the past couple

months and make sure that we are paying cash for our cruise to Alaska which I'll

be honest is not a cheap cruise but we are debt free and travel is something

that is very important to us especially pre kids we're trying to get in all

these big trips now so we have been putting aside several hundred dollars

for Alaska so that when it comes time we can pay cash we don't have to put

anything on you know credit cards that cause debt permit no we can just enjoy

it peacefully and every moment and not have to worry about the money all right

now for the one that you guys have been waiting for the challenge that my

opinion it does not work and that is a no spend month I know I'm gonna use some

slack for this you guys are probably gonna join me in the comments probably

gonna unsubscribe but it's okay because hear me out y'all I have done

share of know spent months and I have found my own personal opinion in viewing

others on YouTube and Instagram doing these challenges is you get so frugal

and so just scaled back and you can't do anything you can't spend money and then

after it's done you go out and binge spend just like eating a super

constricted diet you go out and spin eat you're going out and binge spending no

guys you don't want to do that so that's why I like the monthly one the monthly

challenge where you're only cutting out one thing not everything so if you're

unfamiliar with no spend months now not that I want you to go out and do it but

if you do and you're unfamiliar with it what it is is you go and you take your

budget you still pay your bills you still do all of that you still put gas

in the car you still buy groceries but it is very minimal you are eating from

your pantry you are not going out to eat you are not buying clothes you are not

doing anything outside of your for necessity walls and everything is super

restricted and to me it's just I don't know I would rather increase my income

increase you know save where I can but not get super constricted that is not

what my channel is all about that's not what I'm all about

so take what you want I personally do not like the know spend months but that

is Kelli and that is my opinion so let me know down below in the comments what

are some of your favorites savings challenges I would love to hear from you

guys I'd love to learn and get all up in the comments comment on each other's

comment this is a really great community I love just seeing you guys have

conversations in the comments that are so cool I absolutely love it thank you

so much guys also Italy the secret emoji down below in the comments you guys know

I love me some secret emoji if you made it all the way to the end of the video

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you guys later bye