Back in August we launched the first ever #Brokechallenge. The purpose was to get readers to boost their savings before summer 17’ came to a close. All it simply entailed was saving each $1 bill you came across throughout the duration of August. If you have not caught on to what I’m getting at, we will be bringing back the #Brokechallenge to start the year 2018.
The holidays can be tough on many of us financially. They can be so tough that many of us come into the new year broke and busted. This is not what I want for the readers of Broke Finance. We want 2018 to be the best year ever for you and your family but in order to do so you must act. The #Brokechallenge is a great exercise to get your mind in the habit of saving while giving you an early year boost.
The first step is to get an envelope. For the duration of January, each time you get a one dollar bill you will place it directly in the envelope. It may not seem like much, but you will be surprised what you can accumulate in one month. At month’s end, put the total funds in a bank account of your choice, although I’d prefer it go in an Emergency fund. The goal is to get to three months of living expenses, than increase it to six months, next a year worth of funding etc.