August Money 💵Challenge 💵 #3

Okay, so we missed last’s week check-in on our money challenge, but that’s all right.  Consider that week an extra seven days to figure out your budget.  I mean, after all, I did say you would gonna need to look over some of your automated monthly subscriptions and decide what you didn’t need anymore and could live without.  And that may mean giving up some things you probably really wanted when you first got it.  But now that you have it — psssh, it’s just money down the drain.

So, we’ve written all out all our expenses and every thing we’re spending our hard earn money on.  Great.  Next, we worked on a budget to figure out which of those expenses we could live without to stop some of our money bleeding from our wallets, because money gone is no joke.   And having two weeks to figure out how badly we need our Netflix account was probably not enough time, especially for someone like me, who doesn’t have cable or satellite anymore.   I’m not glued to the television 24/7, when I want to watch a little TV, I’d like the option to be there.

Next and final step for August:  Deciding how much we want to save, for what purpose and into what accounts.  I personally have a 401K through my job I’ve been investing in for about two years now.  I have two savings accounts, one with a traditional bank – Chase — because access to my cash for immediate funds is easier to get a hold of than my internet bank account – Ally.  Why do I have both?  I think saving should be rewarding and Ally offers me 1.85% interest on my cash.  Now may not sound like a lot, but when banks like Wells Fargo, Bank of America, and Chase are only offering something like 0.01%- 0.05%, my 1.85% begins to look pretty nice.  Why even bother have the Chase savings account then?  Well, it takes a few days to access my money from an internet bank without incurring an expedited fee.  Ask me how I know.  So, I have them both.   I wish I could get the best of a great return percentage on my money of an internet bank with the convenience and quickness of a national branch.  But that’s not aligned in the stars for me just yet.   And in addition, I have one of those robo-investment accounts through Acorns.  So, I have dollars saved all over the place serving different purposes for different goals.  But the point is, I have it saved.  I budgeted saving into my plan.  I don’t need DISH TV.  I do need a retirement plan.

So really begin to look at your money and see how it can better serve you.  And be honest with yourself as to how much you can save each month.  If you can save $100 or more, great!   If you can only save $25 or $50 a month, that’s still great.  Everybody’s got to start somewhere.  But you gotta start.  So, think about it.  How much can you save a month if you got rid of some of those unused monthly automate subscriptions?  Are you working to live in the present moment today or do you want to have a future someday independent and on your own terms?

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