(DailyThrive.com) – With a new year right around the corner, it’s an ideal time for new beginnings — and that includes getting finances back on track. Why not make that happen by following the super-trendy new no-spend January Challenge?
Dana Ryan explains how the challenge works and what you can do to put some money back in your pocket on her website. Here’s what she recommends to start the New Year off right in January and tackle debt.
3 Steps to Financial Freedom in 2021
- Curb spending. This includes anything outside your typical household bills and basic living necessities, such as your mortgage, car payment and utilities. You should still pay toward necessary items you’ve previously budgeted for, too, like child activity dues and an emergency fund.
- Eliminate treats and splurges. Halt eating out, grabbing coffee and splurging at the antique market. These things are off limits! Instead, meal prep and grab java in the break room. Put that money aside and add it directly into your savings account
- Stash away credit cards. Keep a small amount of cash set aside for emergencies. Have someone hold you accountable during the spending freeze. This makes it easier to stay focused and on track.
How much will you save? Always remember why you are doing this in the first place. Do you control your money or does it control you? Getting through the challenge is a good motivating factor for setting boundaries and goals moving into 2021!
~Here’s to Your Success!
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