52 Week Challenge: Seal Up The Spending Leaks

It’s another week in the 52 week challenge! We’re about at the halfway point of this challenge! How are you doing so far? How much have you saved? I have been doing on an average $20 per week, so just around $500 in savings. And the hubs does $50 per week, so he’s at about $1000!!

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This week you are depositing $21 in your money jar. Or if you’re doing the challenge in reverse, then $32. Or if you’re making up your own challenge, then be sure to deposit that money!

52 Week Challenge: Seal Up The Spending Leaks

When I mean seal up the leaks, I am not talking about the ones you might do when maintaining your car or your home, although that wouldn’t be a bad idea either. I am talking about the spending leaks we all have. Those little things we justify spending money on or extra fees we are paying that are basically creating a budget that is hard to maintain.

Here is an excellent way to see where your money leaks are and how to stop them.

Keep receipts for an entire month. I mean receipts for everything. If you get a coffee at the drive through, ask for a receipt. If you buy a candy bar, get a receipt. You will save all receipts you get for the month so you can do the second part of this. Don’t change your spending habits for this month. You need to have a good idea where your money is going in an average month.

When one month is over, separate your stuff into categories. Some examples include: Bills, Dining out, Groceries, Small purchases (such as that candy bar I talked about earlier), car care/gas etc. Add up each category to see how much you are spending. Tip: An easy way to do this is use an online tracker like mint.com for an easier way to track your spending!

Now comes the part of honesty. You might be surprised to know that you spent $30 on a pop a day habit. It’s OK. Don’t beat yourself up. For me, it’s the $5 Mocha Lattes. Sigh……(read how to save on coffee here)

Just find ways for you to fix these areas. Make sure you look over grocery receipts as well. Look for things you may have wasted money on or could have used a coupon on and fix them. You will be amazed at what you can save by just taking a fine-toothed comb over every penny you spent last month.

Did you miss a week of the 52 Week of Saving Tips? You can find them HERE!

It’s not too late to join the 52 Week Money Challenge.

Why should You  join the 52 week money savings challenge?

Most families are on the constant look out for ways to save more money. This challenge is easy and doesn’t require you to do a lot each week. It starts out with just saving a $1 on the first week. Or, if you’re doing the challenge in reverse, then $52 bucks.

It’s an easy way to save money and it does work if you apply just a little self-discipline and you are determined to save money.  And having a goal is a good way reach your saving objective. Below are a few saving goal:

• You can use the money you saved to pay for your Christmas at the end of the year.
• Go on a vacation
• Jump-start a college fund
• Pay off debt
• Buy a car
• This could be your first time actually saving money in a bank account

The reasons for saving extra money are endless!But the key is getting started!

People tend to do better when faced with a challenge (of any kind).

• You will receive a weekly email reminder telling you to make your deposit into the bank or jar
• You will also receive a weekly savings tip on a way that you can save that week.
• You will receive inspiring stories and ways to save money each week!
• Many people and blogs start out doing this challenge within their communities. But by March, most have fallen off the band wagon. As you can see,by just looking at our 52 weekly challenge archive, you can see that we kept up with it each week.
• I’ve personally and successfully completed this money saving challenge two years in a row! I am doing this challenge right along with you and to encourage you along the way. And if you need to tweak it to fit your families needs, save more , etc. then I am here to help you with that too!
• You can find out more about the 52 Week Challenge HERE

So, let’s get started! Sign up today to start receiving the 52 week money saving challenge newsletter!