The number one reason people give for not saving money is the lack of room within their budget to do so. Here at “BROKE Finance” we urge readers to “live broke to build wealth”. The premise of my book, which you can purchase by clicking the link at the top of the page is to implement the principles of Budgeting, Risk (investing capital), Opportunity (time value of money), Keeping 10% of all income, Eliminating Debt and Establishing credit. Following these six steps will put you on the path to financial prosperity.
If you have had difficulty with saving in the past, the #Brokechallenge should be of assistance. Everyone comes across $1 bills on a regular basis unless you are a non-cash carrier. This will present some opportunity to save and should not be daunting in the process. Simply get an envelope that you can keep with you throughout the month and put every $1 bill you receive as change in this envelope. All that is left to do is repeat until the last day of August.
The purpose of this challenge is get people into the habit of saving. This method of saving takes the labor out of the task. Simple is always better and what better way than accumulating each dollar you get for an entire month? When the month is over put the proceeds in the savings account of your choice or use the funds to open up your account if you are currently without one. Have fun saving!