“New Year, New Me”

“I’m going to do (Goal here) and (Goal here)”

We all say those traditional goals. Heck, even me!

We are still within the ‘newness’ of the new year and of course we are plotting and planning on how to make it better than the last! And if your social media community is anything like mine, you have been seeing saving challenges pop up left and right! Whew Chile.

Don’t get me wrong or read my sarcasm as petty, but challenges are great! With goal that you have, you have to place action in partnership with the intention. We make vision boards with pretty pictures, but we have to build the system to make the negatives we might be starting with into positive.

If you need one, check out my Pinterest board packed with them.

So, you have all of those pretty designed saving challenges on your phone. What do you do next?

Here are a few quick tips on how to strategic and scale your plan to saving big this year!

Give your challenge and job: I love to say often that we should give your funds function or a job. No matter if it is for emergency, vacation, a Gucci bag (I’m serious), down payment on house/car, etc - put some respeck on your savings and name a thing a thing. This will give energy to it and make it a priority.

1. Where you going, Shawty? Determine how you will store those coins you are saving. Will it be within an envelope or savings account? The methods are endless. No matter what you decide, stick with it. If you are heading in the direction of envelope- open up a bank account to deposit those funds ever so often. If you have the money easily on hand, the easier it will slip out of your hands. Something will come up or you will justify spending it.

   2B. Now on to two methods that I recommend: High Yield Savings (HYS) and Apps. I have preached about regular degular savings accounts and don’t really see the benefit for YOU in using them. High Yield Savings allows you to accumulate savings quicker (higher APR vs tradition savings) and you can automate them like tradition savings. They just make more sense. Here are some great ones. The ones that I highly recommend are Marcus, Ally, American Express and Capital One.

   There are also apps like Acorns, Stash, Simple, Digit and Qapital that make savings easier! A lot of them round up your spending to increase your savings!

   Tea: While I get the notion of envelope, jar or mattress - take those savings every so often and place them into a HYS account. Why? Your mattress may give you rest, but it doesn’t give you interest! Also, keeping your coint in a HYS will keep you from reaching for random ish!

1. A goal without a deadline is just a dream: Many of those challenges are for a year, you can find you one that allows you to do 30 Days at least. When you have determine which challenge works and your method of saving, stick by your deadline. Set reminders in your phones (like you do when those Js drop) and when you create that automate transfer. Stop having goals and not sticking to them. If you miss a week, double up the next week. If you fall off, snatch your goals back in formation.

2. Check your budget, Check your challenge: Don’t feel bad if you have to start with a smaller challenge. Start where YOU feel comfortable. Check you budget to see what you can afford and align with the challenge. If you feel one isn’t work it out, switch! Start small. Every dollar counts – so set smaller savings goals during your challenges to start. Once you see success, you’ll stay motivated to keep going with larger goals.

3. Diversification isn’t just for investing: As you get the hang of your saving challenge and hit your goal, start another one. If you feeling real gutsy, do multiple challenges at the same time (make sure that they fit your budget). Just don’t overdo it and find yourself in the red instead of saving green. Smart goals yield a smart return.

Also, find you an accountability partner to keep yo butt in check for your challenge. Hey, they might want to join in when they see you macking and stacking!

These are just a few goals on how to pick your challenge and dominate them. Don’t just have them as a picture or a wish, make a plan to stack! It can be done. The most I saved in a short period of time was $5K in 90 days. How? I made a goal and scaled it backwards to align my money in my mind. I gave my savings a job and a deadline! The tips I gave you are some of my saving methods.

Oh, what saving challenge are you going to do? Let me know!

Need a savings challenge, I got you! Check out my Pinterest packed with them or my latest digital guides to help you stack more!