Will you join us in Financial and Physical Fitness?
May 4, 2010
The goal:
SHE: Single Ma starts training on May 2nd and hits the race starting lines on June 5th.
ME: I will be saving every penny not needed for expenses and aiming for the highest possible amount by June 5th.
The details: She doesn’t expect a perfect race, and I don’t expect a perfect savings run. I know that $5000 is a huge sum, and I really want to hit that goal, but to make it realistic, I’m setting some ground rules.
First: I won’t cheat by skimping on every day necessities in order to artificially win this challenge. For example, if I owe gifts to people, they won’t be sent late because I’m trying to avoid spending. On the other hand, whenever I can use gift cards to avoid using cash, you can bet I’ll be doing so.
Second: Since I do not make well over $5000 in any given month from my day job, savings money has to come from my freelance income.Ā
Third: (The equivalent of walking) I will allow any invoices for work already performed paid during this timeframe to be counted toward the total. The converse is also true: I will not book any money that has been invoiced but not received.Ā So if you owe me money, please pay me during this time! š
Fourth: Accountability! I will be posting weekly updates to my savings regimen.
Q: “WHY WHY WHY?Ā
A:Ā Well, it should be obvious why SM is doing the 5K – she’s insane! š Nooooo, it’s a great milestone to achieve. As for me, I have some major savings goals for the year and this is one way to concentrate on reaching at least one more early in the year. The more I bank, the better my position will be in as more family challenges crop up this year.
Q:Ā Why match SM?
A:Ā SM’s always been inspirational and I know many of her readers feel the same way. The symmetry was poetic and I couldn’t turn down the opportunity to “run” with her!
Q:Ā What if I can’t save $5K?
A:Ā Not a problem – set your savings goal wherever makes the most sense for you, but make it more than your usual savings rate. The point is to stretch yourself beyond the normal day to day.
Q:Ā How do I have to save for it to count?
A:Ā You can save however you can so long as you’re not lying, cheating or stealing.Ā Small bits, lump sums, getting your cousin Sally to pay back that quarter you lent her when you were both 7 years old, if it’s ethical, it’s fair game! šĀ Also, no neglecting your responsibilities!
Q: What if I don’t blog, can I still participate?
A: ABsolutely!Ā If you blog, and you’re taking on the financial challenge, please do post the challenge and weekly updates. If you don’t blog and want to send your numbers to me, you are most welcome to comment and/or email me and I’ll keep a spreadsheet with our progress. This is a team effort!
I just graduated from college and am starting to get on the right path financially. I will commit to saving $500 in the month to put towards credit card debt. I usually only save about $100 a month because I am just getting started becoming both frugal and financially fit, but $500 would be a quarter of my income and a good goal for me.
Good luck on the challenge! We don’t make $5000 in take home pay in a month, so I’ll just wish you really good luck on your goal!!!
I’ll take both challenges. I’ll start by bringing foo to work everyday this week, and save $500 this month to put in my savings account.
As for the 5k race, I’ll definitely sign up for one too.
YAY! That is awesome!! š I wish you both the best of luck.
Would I be cheating if I already know I’ll save more than $5k this month? In fact, we do this automatically so every month we save at least $5,430…
Very cool! Both are pretty damn challenging if you ask me š June 5th, huh? I think I’ll have to bow outta this one…going overseas for 10 days and I’m pretty sure I’ll be SPENDING the entire time – not saving! haha…Let’s just pray I don’t spend $5,000!
Everything seems so overwhelming. I do not even know where to start. SM says if I can be disciplined enough to lose weight then I can use those same principles to save money.
I am taking on this challange! I would like to pleadge by saving/earning an addition 250 bucks this month!
@Cody and Candace: That sounds like a great plan! Feel free to blog your progress and let me know, I’d be happy to include you in the progress spreadsheet.
@Budgeting in the Fun Stuff: I definitely don’t make that much but I like the short term challenge just to see how far I can reach.
@Ciawy: Great! Keep me posted!
@Mrs. Money: You should join us, you’ve got all kinds of plans to make extra income, you just needed to start, right?
@Jersey Mom: That’s awesome! I don’t think it’d be cheating so much as less exciting, so what about kicking up the stretch to $6000?
@J.Money: No kidding. SM took me by surprise, I thought I had 6 months! š
@MochaTrina: She’s absolutely right, and you totally can do this.
I would suggest taking a look at where you are now with your money. What does your financial landscape usually look like? What are your expenses, what’s your take home, what’s required and what’s discretionary? Once you have a clear snapshot, it’ll be much easier to break down how you’re going to reach your goal in steps.
You already have the tools, you just have to learn to apply them to this scenario – vision to see your goal, the discipline to stick to, and keep returning to, your chosen path as you travel it.
Serendipity: Keep me updated on how it works out!