Task 2: Part of getting started is getting organized. Have a designated spot (like a savings account with high interest returns) to put your money. This way, you can keep track of how you're doing throughout the challenge!
Savings accounts are a great place to keep your money. They allow you to earn more interest than in a checking account or in a jar at home. You won't see much coming back to you, but it's better than earning nothing! Shop around at your Credit unions for a good rate (they typically offer better rates because they are not for-profit).
Saving At Home
Saving at home can work out, too. And I do advise getting a jar-of-savings (or envelope, or piggy bank, etc.) It makes it easy to throw in your loose change, or to contribute more regularly. Keeping it organized can also help you to see how you're doing. The downside of the jar-of-savings is that you have easy access to it, meaning that the temptation to dip into your savings is significantly higher than if it was safely kept in a savings account.
So, you can weigh out the pros and cons and pick the saving method that is best for you. If you have good discipline, and won't touch your jar-of-savings, that might be a good idea. If not, then the savings account is safer.
Pick the method that you can stick to!
The goal is to contribute $25 per week to your account, or jar, but you can add money as it comes in. Keeping track can be as simple as checking your online banking, or keeping a sheet of paper listing how much you contribute on a regular basis. Remember, the goal is $25 per week, if you don't get there one week, it's okay! Catching up is doable.
Now that you have set your financial goals, and have organized your strategy, the more challenging tasks begin! Check in for tomorrow's tip, on day three, and share how you're saving on Instagram! Tag @YoungFreeME and use the hashtag #TeamOwnIt, so we can all connect and share how we're saving!