I have been super excited this week and that is because 2017 is a few days away! 2016 has been a fantastic year for me and I am so grateful to God. I am so itching to start 2017 as I have had a sneak peek at it and what a glorious year it will be.
I always love to start a new year with a personal money challenge and for 2017 I have decided to throw it open to all my dear readers that will like to join me.
The 12 weeks money challenge has 7 aspects to it and anyone joining is expected to participate in all aspects. It’s ok to twerk it a bit but make sure that you achieve the main goal of the challenge which is:
- To recover from Christmas & New year holiday’s spending.
- To build up your emergency savings account for those that have none.
- To start an investment by April 1st, 2017.
- To have more than one stream of income.
Money Challenge 1 – Financial Goal Setting.
Everyone is expected to build their financial vision board, which will include, financial goals and budget for the year 2017. I will be sending out a template to everyone that joins the challenge.
Money Challenge 2 – The “No spend” Challenge.
Having spent a lot during the holiday period, January is a no spend month. By no spend, I mean no irrelevant spending outside of your necessities. We will spend on only our needs and not wants. E.g No new cloths, no new shoes, no new makeup, no eating out, no uber (you know yourself), no cinema.The list is non exhaustive.
Money Challenge 3 – Track your spending.
Tracking your expense is so important and it will help one to know where exactly his/her money is going to. So everyday, you will account for every single money you spend.I have a spreadsheet for monitoring your expense which I will also be sharing to those that subscribe to the challenge.
Money Challenge 4 – The 12 weeks savings build up.
A certain % of your weekly/monthly income will be saved. It ranges between 15% – 25%. I have an automated spreadsheet that will show you how much you are to save based on your income.
Money Challenge 5 – The loose change.
This one is fun and easy . All you do is throw your spare change at the end of every night/week into a jar and watch it pile up! Some days/weeks you’ll have a lot to add to the pot, while other days/week, it may be nothing at all. So before you grab that bottle of coke/cake/gala or before you buy that unnecessary airtime which will be wasted on chit chats. Remember the loose change challenge. You will be shocked at how much you accumulate at the end of each month.
Money Challenge 6 – The smart investment.
At the end of the 12 weeks, everyone should have built up a sizeable amount of savings which you will be investing. For those under my personal mentorship, I will be sharing various smart investment options with you.
Money Challenge 7 – Building a second stream of income.
Having a side hustle or an additional source of income is so important especially now that inflation rate is hyper. During the 12 weeks money challenge, everyone will be expected to think and come up with ideas that they can turn to income. Again, for those under my mentorship, I will personally work with you on this project.
So are we all ready to run with this challenge starting January 1st 2017? Then send an email to firstname.lastname@example.org
God bless and Merry Christmas in advance.