52 week financial challenge update

At the beginning of the year I invited you all to participate in the 52 week financial challenge with me. Well guess what week we're in?.............Yep you got it. Week 52. This is the final week of the challenge and I'm proud to announce that I've completed the challenge!!!! YaY!!!! *throws confetti* I'm really proud of myself for accomplishing this feat and trust me it was hard. It took a lot of discipline especially towards the end of the challenge when all kinds of experiences were enticing to me. For me, everything was easy until around week 26. At that point a significant portion of my weekly income (i.e. my lunch money provided by my parents) had to be funneled into this challenge. It took a whole lot to actually get everything done. I felt a bit restricted from what I could do if I had utilised the money otherwise. But that's why it's called a challenge eh? If it were easy then we'd all be doing it. 

Overall, it was what I'd call a rewarding experience. I felt the joy of actually doing what I set out to do and seeing the results. It reminded me that sometimes you need more than just instant gratification to feel good, other times you need the pleasure of achieving a major goal or dream to fuel and propel you further into the life you've meant to have.

So what will I do with the money you may ask? This is actually going into a savings account to finance an even bigger dream of mine. A personal graduation present for my 2015 medical school achievement of my MBBS degree. It will become part of a fund to finance my Eurotrip 2015 : D. I think I will enjoy the money more as an experience rather than splurging on a single item or a series of items. I WILL DEFINITELY APPRECIATE THE TRIP MORE!!!!

And what of next year? I don't think I'll be doing the 52 week challenge next year but rather attempt another challenge I've concocted called the 365 Challenge. I think the 365 Challenge will give me more personal freedom and make it a little easier to do the challenge since it will be an automated savings deduction. So how does the challenge go may you ask? It's simple! I will save J $200 a day for 365 days. See not that bad. And it works out better because rather than struggling towards the end I would have created a steady habit throughout the year. I think the biggest challenge would be getting started on New Years Day and trying to continuously getting the J $200 on days when I won't always have any money but I think with my plan of automatically deducting from my weekly income (lunch money) then I should be fine.

How many of you did the challenge with me? Did you complete it? If not, where did you stop? What were your experiences with the challenge? Ready to try this one? I would love to see your comments and I promise to get back to you.

Much Love,

Nella  

The 52 week financial challenge results: 

Week	Deposit	Add'l wks	Total	Completed
1	$50		$50	yes
2	$100	$50	$150	yes
3	$150	$150	$300	yes
4	$200	$300	$500	yes
5	$250	$500	$750	yes
6	$300	$750	$1,050	yes
7	$350	$1,050	$1,400	yes
8	$400	$1,400	$1,800	yes
9	$450	$1,800	$2,250	yes
10	$500	$2,250	$2,750	yes
11	$550	$2,750	$3,300	yes
12	$600	$3,300	$3,900	yes
13	$650	$3,900	$4,550	yes
14	$700	$4,550	$5,250	yes
15	$750	$5,250	$6,000	yes
16	$800	$6,000	$6,800	yes
17	$850	$6,800	$7,650	yes
18	$900	$7,650	$8,550	yes
19	$950	$8,550	$9,500	yes
20	$1,000	$9,500	$10,500	yes
21	$1,050	$10,500	$11,550	yes
22	$1,100	$11,550	$12,650	yes
23	$1,150	$12,650	$13,800	yes
24	$1,200	$13,800	$15,000	yes
25	$1,250	$15,000	$16,250	yes
26	$1,300	$16,250	$17,550	yes
27	$1,350	$17,550	$18,900	yes
28	$1,400	$18,900	$20,300	yes
29	$1,450	$20,300	$21,750	yes
30	$1,500	$21,750	$23,250	yes
31	$1,550	$23,250	$24,800	yes
32	$1,600	$24,800	$26,400	yes
33	$1,650	$26,400	$28,050	yes
34	$1,700	$28,050	$29,750	yes
35	$1,750	$29,750	$31,500	yes
36	$1,800	$31,500	$33,300	yes
37	$1,850	$33,300	$35,150	yes
38	$1,900	$35,150	$37,050	yes
39	$1,950	$37,050	$39,000	yes
40	$2,000	$39,000	$41,000	yes
41	$2,050	$41,000	$43,050	yes
42	$2,100	$43,050	$45,150	yes
43	$2,150	$45,150	$47,300	yes
44	$2,200	$47,300	$49,500	yes
45	$2,250	$49,500	$51,750	yes
46	$2,300	$51,750	$54,050	yes
47	$2,350	$54,050	$56,400	yes
48	$2,400	$56,400	$58,800	yes
49	$2,450	$58,800	$61,250	yes
50	$2,500	$61,250	$63,750	yes
51	$2,550	$63,750	$66,300	yes
52	$2,600	$66,300	$68,900	yes

Tuesday Tips: Say no to frivolous Christmas Spending

It's Christmas time again. The holiday season is filled with a lot of excitement. There are holiday parties, vacations, gifts, family, friends and a whole more that makes us want to jump for joy. With a season like this, there is a high possibility that we will overspend and wake up the next year dreading our empty pockets and wondering where has all the money gone.

Let's face it, we don't have money like we used and with the recession continuing undeterred, our financial climate has taken a negative downturn. It's hard. We don't want to disappoint our loved ones nor do we want to become house mice but we are truly strapped. So what do we do?

Here are some simple ideas to help you save more and still have a great holiday.

1. Make a list and check it twice

We all have heard about Santa's infamous naughty or nice list, but do you have a list of your own? Make a list of who you will be buying gifts for this year and write down an idea of what you intend to purchase for each person. Think about the right things that won't break the bank too much but will definitely make your recipient very happy.

2. Jingle all the way

Nope not referring to the bells but to your money. Have you worked out your holiday budget? It's normally advised to have a fixed amount saved up for the holiday season and to stick to that amount rather than overspending during the festive season. Unfortunately, many of us still fail to do that and end up broke into the New Year. So if you haven't worked out the logistics of your budget yet, get it done a.s.a.p. It's simple, just write down a raw figure of what you currently have and what you expect to receive soon if you’re expecting any additional money and from that deduct presumed expenses such as gifts, outings with friends and anything else you may need to spend money on.

Warning: It's not always about the cost of a gift but rather the durability, estimated use and the long-lasting benefits. If you buy it today and it's destroyed tomorrow then it's essentially a waste of money. Therefore consider carefully when you are buying gifts. Cheap isn't always better.

3. All I want for Christmas is........

If you truly don't have the money to spend on gifts, then consider alternative gifts. How about you make your gift instead? No not the cards that we all made for our parents as children (though if you are very artistic this may work for you), but let's think outside the box here. Make a gift certificate for a nice at home spa that you set up and operate, cook dinner and give the usual person a day off or set up a picnic in the park. If you are artistic then do a picture, sculpture, poem, painting or whatever your craft, make jewelry, write and perform a song, bake a cake or muffins or brownies, and even make your own gift basket. There are so many ways to give for less; you just have to get a little creative. Think about it. It's not about the size of the gift but rather the size of the heart that gives it.

4. Jesus, born on this day

It's not all about the parties and frivolous outings, but Christmas is a season of appreciation and giving. Remember the true meaning of Christmas is the celebration of the birth of Christ Jesus who came to die for our sins. Go to church and praise his holy name. Forget the commercial aspect and do something charitable this year. There are probably things that you have that you no longer use and are in fairly good condition, how about you donate it to charity or better yet donate your time and make a difference in someone's life. 

5. Have a holly jolly Christmas

Seek out adventure in the little things. You don’t always have to go to extravagant events to enjoy yourself, a simple movie Christmas dinner with your family, a movie night with friends, finding new inexpensive or free events to attend or even plan an exciting day trip. The most important thing is to enjoy time with those who matter most to you and enjoy their company into the new year.

All in all, the best advice is to focus on the best ways you can give without hurting your financial future. 

Nuff Love,

Nella

Put your best financial foot forward

 Are you looking for a way to get rich quick? Do you want a million dollar idea? Do you aspire to build a financial empire overnight? Are you yearning for the lifestyle of the rich and famous? Unfortunately, we don't have the magic answer to any of those questions.

 There are however ways that you can clean your financial house and improve your chances of accumulating wealth in due time. The best thing about it is, the younger you start, the more you can accumulate and the better your chances are.

1) What are your financial goals?

 To know where to start you need to know where you are heading. Identify what you want to achieve financially short-term (1year or less), medium-term (next 3-5 years) and long-term(5 years or more). It's not effective to just say "I want a house" or "I want a car". Attachment specific estimated values and a timeline to every goal you want to achieve. Make a sound plan and create a road map with smaller, definite steps for each goal. Make them measurable, achievable and specific to your dreams. This is the foundation of your financial success.

2) Prioritize

Another important step is to learn to separate wants from needs. Jamaicans tend to want to live the 'boasy' lifestyle. We tend to associate many wants into needs and neglect many needs transforming them into mere wants. Eg. You need clothes, but you want to wear designer clothes. That's a want versus need scenario that faces many. Many tend to think if it isn't 'name brand' then it "nah seh nut'n" But what they fail to realize is there are many ways to wear simple clothes that looks just as good as the expensive ones. Before you make grand splurges think "Do I want it or do I need it". If you can't decide, then wait a week or so and think about it. Then make a decision. Do whatever is in your best interest.

3) Start early

 Develop effective spending and saving patterns from early. These tend to follow you throughout your lifetime. Learn about saving options and make saving a continuous habit. A good way is to automatically set aside an amount and spend from the remainder and watch your money grow over time. There is actually this magic little thing called compound interest that works wonders in your favour. The younger you start saving, the more it works in your favour and the more you accumulate. Time is working in your favour so take advantage of it. Although it's never too late to start, the sooner the better.

4) Create a budget

 A budget is your guide to spending. It shows how much you currently have to spend and helps you allocate your money accordingly. Prepare the most important things first such as food and savings but also include the fun stuff such as movies with friends. But remember first things first. You may not have all the money for the fun stuff in week one but if you put a little aside each week you can have a day each month just for fun because you budgeted and planned for it.

 5) Create a reward system

 Budgets, goals and priorities are all important, however, what's the point in constantly making the effort to improve your finances and not enjoying the fruits of your labour. Admittedly, accomplishing your goals is a reward in itself but sometimes you need to reward the small efforts. A good way to make you more eager to accomplish each goal is to associate each with a reward. "If I accomplish goal X, then I get Y" that way you get twice the reward for every goal. Just remember not to overdo it.

 6) Know your limits

 Don't get so carried away trying to accomplish goals that you neglect yourself. You do not need to dive head first into anything but rather should start slow and develop habits overtime. These things take time and as mentioned before it is working with you. Keep an eye out for new opportunities. Research all the options available to you, options related to your goals and learn how you can take advantage of them.  Live within your means and make little steps each day towards your dreams.

 Success is the sum of small efforts, repeated day in and day out.-Robert Coolier

 -Ornella Green