WEBVTT - These Money Challenges Can Jump-Start Progress #458 0:00:00.160 --> 0:00:02.800 Welcome to How the Money. I'm joeld I am Matt 0:00:02.880 --> 0:00:06.720 and today we're discussing money challenges that can jump start progress. 0:00:25.680 --> 0:00:28.600 That's right, buddy, we are talking about money challenges. Sometimes 0:00:28.640 --> 0:00:31.560 you just need a good old fashioned challenge to get 0:00:31.600 --> 0:00:33.760 you to do something that you want to do but 0:00:33.800 --> 0:00:35.159 you kind of don't want to do, sort of like 0:00:35.200 --> 0:00:37.280 a like a duel, like I challenge you to a 0:00:37.360 --> 0:00:38.839 duels or back in the day when we were like 0:00:38.880 --> 0:00:41.879 I double dog dare you and it's like, oh, no, 0:00:41.920 --> 0:00:44.159 you didn't. I'm definitely doing it now he's is he 0:00:44.240 --> 0:00:46.839 calling me a chicken? Is he's you know, is he 0:00:46.960 --> 0:00:48.920 calling me out as a coward. There are certain things 0:00:48.920 --> 0:00:52.400 that like trigger us to actually do things. But that 0:00:52.560 --> 0:00:54.680 is exactly what we're talking about today, man, these money 0:00:54.760 --> 0:00:57.240 challenges that are going to help us to gain some 0:00:57.360 --> 0:01:00.160 traction with our money. First, I wanted to give you 0:01:00.160 --> 0:01:01.720 a quick little update. We've talked about this on the 0:01:01.720 --> 0:01:03.880 show before, or at least I think we've talked about 0:01:03.880 --> 0:01:06.160 how I like, I've been working to teach Evy, So 0:01:06.280 --> 0:01:08.520 our eight year old Kate and I have been working 0:01:08.560 --> 0:01:12.800 to teach her let's be honest, specifically to me the 0:01:12.800 --> 0:01:15.520 you know, the money nerd. I've been working to teach 0:01:15.560 --> 0:01:19.200 her about investing. So basically, money that she keeps in 0:01:19.200 --> 0:01:22.920 her account that she doesn't spend is quote unquote invested, 0:01:23.040 --> 0:01:25.880 and I pay her two percent. But here's the catch. 0:01:26.360 --> 0:01:29.080 I pay her two percent weekly. And so every Saturday, 0:01:29.120 --> 0:01:31.960 we you know, I calculate how much money she gets, 0:01:32.200 --> 0:01:34.520 and we use this app called go Henry. I transfer 0:01:34.560 --> 0:01:36.760 that money over to her account. Sometimes she remembers on 0:01:36.760 --> 0:01:38.160 the day of and gets all excited about it, but 0:01:38.200 --> 0:01:40.160 sometimes it's a few days later and she's like, oh, 0:01:40.200 --> 0:01:42.120 and she will go to her phone and, you know, 0:01:42.200 --> 0:01:44.880 check how much interest she's earned that week. And she 0:01:44.959 --> 0:01:47.800 also spends out of that account. And recently we're having 0:01:47.840 --> 0:01:50.720 a conversation and she was wanting like this really fancy 0:01:50.760 --> 0:01:52.760 bouncy ball, Like this was the bouncy ball that was 0:01:52.880 --> 0:01:55.160 like I think it was like in the twenties. What, Yeah, 0:01:55.400 --> 0:01:57.360 I don't know if it was like extra large, like 0:01:57.400 --> 0:01:59.560 what was this like the size of a bowling ball 0:01:59.640 --> 0:02:01.960 or something. Don't know, but we were talking about it, 0:02:02.280 --> 0:02:05.080 and we're totally going to be willing to let her 0:02:05.080 --> 0:02:08.280 make her own decision. But then she asked this question 0:02:08.360 --> 0:02:11.560 she asked, Oh, if I buy this, how much interest 0:02:11.600 --> 0:02:14.560 will I then get on Saturday? Like, basically she knew 0:02:14.600 --> 0:02:16.440 that she was going to have less money in her account, 0:02:16.800 --> 0:02:18.960 which meant that she was going to earn less money 0:02:18.960 --> 0:02:22.320 and interest. And dude, that was a massive win for 0:02:22.360 --> 0:02:25.360 her to ask that question because not only was she 0:02:25.400 --> 0:02:27.639 weighing the cost of the actual object, she was weighing 0:02:27.880 --> 0:02:31.000 like opportunity costs of that money in the markets, and 0:02:31.040 --> 0:02:33.640 so she was weighing all the different aspects associated with 0:02:33.680 --> 0:02:35.640 this purchase and the effects that it would have on 0:02:35.639 --> 0:02:38.320 her money. I was such a proud dad, like in 0:02:38.360 --> 0:02:39.720 that moment. I was just like, oh my gosh, Like 0:02:39.760 --> 0:02:42.400 it totally clicked for her. Uh, And so I wanted 0:02:42.400 --> 0:02:44.079 to share this because you know, if you have kids 0:02:44.120 --> 0:02:45.640 out there and you're trying to find different ways to 0:02:45.639 --> 0:02:48.120 teach your kids about money, I think you can start 0:02:48.240 --> 0:02:50.040 earlier than you realize. You know, I think you and 0:02:50.160 --> 0:02:52.600 I mean we both started with our oldest girls, like 0:02:52.639 --> 0:02:55.440 maybe around five or six years old, starting them kind 0:02:55.440 --> 0:02:58.239 of down the path of doing chores or different jobs 0:02:58.240 --> 0:03:01.160 where they would earn money and maybe like another level deeper, 0:03:01.280 --> 0:03:03.320 the next level up. And that sounds like a light 0:03:03.360 --> 0:03:05.799 bulb moment for her where she's gonna remember that a 0:03:05.840 --> 0:03:07.920 long time. And when you click those things together, that 0:03:08.000 --> 0:03:11.440 like leaving your money b is actually going to lead 0:03:11.440 --> 0:03:15.440 to that money increasing is really is really crucial. And 0:03:15.480 --> 0:03:18.320 obviously right now in savings accounts, that's kind of not 0:03:18.360 --> 0:03:21.639 the CAZy, but it is the case. Right You're you're 0:03:21.680 --> 0:03:23.959 giving your you're helping her to learn the principle, even 0:03:23.960 --> 0:03:27.160 though in actuality, like saving these accounts right now kind 0:03:27.160 --> 0:03:29.760 of sucks. It's why I call it investing as opposed 0:03:29.760 --> 0:03:31.400 to this is money that you're you know, you've got 0:03:31.400 --> 0:03:33.839 saved in your account, because I'm treating it like it 0:03:33.960 --> 0:03:36.400 was an investment. Uh, even though there's no risk of 0:03:36.400 --> 0:03:38.600 that money going down. I'm not going to be like, oh, hey, 0:03:38.720 --> 0:03:41.400 there's a bear market and you're actually losing money. Now. 0:03:42.240 --> 0:03:44.240 I think I think that's uh, that'll be the level 0:03:44.240 --> 0:03:47.640 three thousand class. Uh. I think another thing worth noting 0:03:47.680 --> 0:03:50.400 here is is that like we are responsible and no 0:03:50.440 --> 0:03:52.720 one else is going to teach our kids how to 0:03:52.840 --> 0:03:55.640 handle money appropriately. And you and I we even recently 0:03:55.680 --> 0:03:58.360 talked about how in Georgia they're going to start teaching 0:03:58.480 --> 0:04:02.080 personal finance to a hired agree in high school classrooms, 0:04:02.120 --> 0:04:04.680 and we applaud that. We think that's great. But one 0:04:04.720 --> 0:04:06.760 you gotta start young. It's just like learning a language, 0:04:06.800 --> 0:04:10.040 I think. Right, when you start learning a language from infancy, 0:04:10.480 --> 0:04:12.880 you're you're going to become fluent so much easier. But 0:04:12.920 --> 0:04:15.600 when you start learning language in ninth grade, it's a 0:04:15.600 --> 0:04:17.440 little bit harder to get good at it. It takes 0:04:17.440 --> 0:04:19.680 a little more intentionality, and so the sooner the better. 0:04:20.000 --> 0:04:21.920 Sure when it comes to money, the different lessons that 0:04:21.960 --> 0:04:24.320 we can all learn, because that all translates to then 0:04:24.360 --> 0:04:27.159 these larger, more sophisticated lessons for them to learn, like 0:04:27.240 --> 0:04:29.159 a bear market when things aren't looking so good, But 0:04:29.200 --> 0:04:30.960 that's all a part of it. You should you should 0:04:31.360 --> 0:04:32.880 swipe all her money out of her account and be 0:04:32.880 --> 0:04:35.560 like bull market baby, And she's like, what, Dad, you 0:04:35.600 --> 0:04:38.800 didn't tell me about that banking fraud. This account was 0:04:38.839 --> 0:04:41.040 not f D. I c ensured exactly, Sorry, honey, you 0:04:41.040 --> 0:04:44.320 had the wrong joint account holder listed and it was 0:04:44.400 --> 0:04:46.880 me and I swiped it. Uh, don't do that. That'd 0:04:46.920 --> 0:04:49.360 be a hard lesson to the stomach. Don't break it hard, 0:04:49.400 --> 0:04:51.840 Like alright, well, let's move on, Matt. Let's mention the 0:04:51.839 --> 0:04:54.159 beer that we're having on this episode, and this one 0:04:54.360 --> 0:04:58.560 is called double Barrel Wild Sinister Kid, which it's just 0:04:59.080 --> 0:05:02.640 we're we're came to not raise wilds for kids, maybe wild, 0:05:02.640 --> 0:05:05.000 but not Okay, yeah, the sinister. I don't want an 0:05:05.000 --> 0:05:07.360 evil kid, Yeah you know what that But this beer 0:05:07.560 --> 0:05:11.600 looks deliciously evil. This is by Trillium Brewing Company and 0:05:11.720 --> 0:05:13.839 listener Ali sending our way, and we will give our 0:05:13.880 --> 0:05:15.680 thoughts on it at the end of the episode, because 0:05:15.839 --> 0:05:17.960 of course, you and I we drink a beer every 0:05:18.000 --> 0:05:21.119 episode to uh, to enjoy something that we love while 0:05:21.160 --> 0:05:23.400 we're saving and investing well for the future. But let's 0:05:23.400 --> 0:05:26.680 get onto money challenges, Matt, and we do it. We specifically, 0:05:26.680 --> 0:05:29.320 we're gonna outline a few money challenges you can choose. 0:05:29.400 --> 0:05:31.240 Later on in the episode, we're gonna talk about how 0:05:31.360 --> 0:05:34.200 we're gonna partner with you in this money challenge. But 0:05:34.839 --> 0:05:36.600 when we were thinking about this episode and what we 0:05:36.640 --> 0:05:38.360 wanted it to look like and how we wanted to 0:05:38.360 --> 0:05:40.640 help listeners challenge themselves when it came to making money 0:05:40.640 --> 0:05:44.120 progress in two well, I don't know why, Matt, but 0:05:44.120 --> 0:05:47.880 it made me think about pregnancy, and uh, do you 0:05:47.920 --> 0:05:50.599 remember the time when speaking of evy yr oldest, like 0:05:50.640 --> 0:05:52.839 you guys found out you were pregnant with her, Yeah, 0:05:52.880 --> 0:05:54.679 I mean, it sticks out in your mind. It's totally. 0:05:54.720 --> 0:05:56.880 It's one of those moments that you never forget. You're 0:05:57.320 --> 0:06:00.800 like completely exuberant. It's the most joyful you feel like 0:06:00.800 --> 0:06:02.480 you've ever been in your life up until that point, 0:06:02.480 --> 0:06:05.000 it's true, until they're actually born, and then, I mean 0:06:05.040 --> 0:06:08.320 that's the most intensely joyful moment. I mean, like for 0:06:08.360 --> 0:06:10.760 all for my kids. Definitely cried for every single of them. 0:06:10.800 --> 0:06:13.320 It's just like unbridled tears of joy. I could not 0:06:13.360 --> 0:06:16.240 stop the waterworks. Totally, totally, totally. It's a it's a 0:06:16.360 --> 0:06:20.280 special moment. But I think when you find out that 0:06:20.720 --> 0:06:22.920 you're going to have a kid, especially for the first time, 0:06:23.279 --> 0:06:28.240 and that time in between, uh, that excitement, and then 0:06:28.560 --> 0:06:30.880 eight or nine months later, whenever your your baby is born, 0:06:31.080 --> 0:06:34.560 you realize there's this clock ticking and there's it's like 0:06:34.600 --> 0:06:36.719 there's so much to do, so little time. You gotta 0:06:36.760 --> 0:06:38.640 get with it, and there's a lot to learn, like 0:06:38.680 --> 0:06:40.840 how am in the world and everything gonna let me 0:06:40.839 --> 0:06:43.320 take a human home from the hospital and take care 0:06:43.360 --> 0:06:46.039 of it. Who who's in charge here? Like, are you 0:06:46.080 --> 0:06:47.440 just gonna let me have the kid at home? And 0:06:47.480 --> 0:06:48.720 then you look in the mirror and you're like, I 0:06:48.800 --> 0:06:52.200 am that person in charge. Yeah, that's scary. And so yeah, 0:06:52.200 --> 0:06:54.880 there's like books to read, there's a nursery to outfit, 0:06:54.920 --> 0:06:57.960 there's ones east to buy, there's a birthing class to 0:06:58.000 --> 0:06:59.800 sign up for. Right, you and I we attended on 0:07:00.000 --> 0:07:01.520 back in the day, that's right. Well, so yeah, with 0:07:01.520 --> 0:07:03.479 our oldest kids, we didn't know what to expect, and 0:07:03.560 --> 0:07:05.919 so we went. Yeah, it was a couple's birthday. It 0:07:05.920 --> 0:07:07.520 wasn't just you and me, and like, like you and 0:07:07.560 --> 0:07:10.600 I would, all four of us went to the same 0:07:10.680 --> 0:07:12.840 birthing class and it was a cool experience to kind 0:07:12.840 --> 0:07:16.040 of learn and mentally and physically prepare a little bit 0:07:16.320 --> 0:07:19.080 for the birth of those girls. Yeah. Yeah, And really 0:07:19.120 --> 0:07:21.800 what it was was you're like, I have to figure 0:07:21.840 --> 0:07:23.600 a lot of stuff out in a short amount of time, 0:07:23.800 --> 0:07:26.000 and it lights a fire and uh. And I think 0:07:26.120 --> 0:07:29.600 similarly to that period between finding out that you're having 0:07:29.720 --> 0:07:32.679 a baby and the actual birth of your child, how 0:07:32.720 --> 0:07:35.280 there's this like time span that's really crucial and important 0:07:35.280 --> 0:07:37.600 where you gotta get a lot of stuff done well, 0:07:37.640 --> 0:07:40.760 I think the same. There's a similar analogy to the 0:07:40.800 --> 0:07:43.160 way a money challenge can be have this jump start 0:07:43.160 --> 0:07:46.040 effect in our lives, and so like, for our listeners, 0:07:46.200 --> 0:07:49.840 if if you're still attempting to amass your emergency fund, 0:07:50.280 --> 0:07:53.160 or you're trying to eliminate credit card debt maybe once 0:07:53.200 --> 0:07:55.800 and for all, or you realize that you were out 0:07:55.880 --> 0:07:58.280 and how you're back in it after the holidays. Well, 0:07:58.400 --> 0:08:00.880 Matt and I were going to talk about the benefits 0:08:00.920 --> 0:08:03.520 that a money challenge can have in your life, and 0:08:03.520 --> 0:08:06.480 we're gonna give you some suggestions today for how to proceed, 0:08:06.720 --> 0:08:09.000 and we want to partner together with you when it 0:08:09.000 --> 0:08:11.360 comes to these money challenges. Want to give your ideas 0:08:11.400 --> 0:08:14.200 and then also be a part of the progress that 0:08:14.240 --> 0:08:17.080 you're making. That's right. I totally agree with you getting pregnant. 0:08:17.360 --> 0:08:19.160 It really is like signing up for a challenge, because 0:08:19.320 --> 0:08:22.200 you know, being pregnant and giving birth to a kid, 0:08:22.640 --> 0:08:25.200 those are really hard things to do. But similarly, yeah, 0:08:25.200 --> 0:08:26.840 when it comes to our money, everyone is trying to 0:08:26.840 --> 0:08:29.760 make smart decisions, and certainly if you're listening to this podcast, 0:08:29.800 --> 0:08:33.360 you're probably hoping to make wiser money moves. Um. But 0:08:33.600 --> 0:08:36.520 if the clock isn't ticking and you haven't officially accepted 0:08:36.520 --> 0:08:38.920 the challenge. Uh, you're most likely going to continue down 0:08:38.960 --> 0:08:42.000 the same path that you've always gone down. And this 0:08:42.080 --> 0:08:43.800 is uh, you know, it's a it's a well worn 0:08:43.840 --> 0:08:48.360 path that's comfortable, it's familiar, and you know what to expect, 0:08:48.720 --> 0:08:50.480 and if your inputs continue to be the same, you 0:08:50.480 --> 0:08:53.160 know that you're likely going to see the same outputs. 0:08:53.200 --> 0:08:57.040 But by placing yourself in a situation that's maybe a 0:08:57.040 --> 0:09:00.480 little bit for and maybe it's slightly stressful, you're gonna 0:09:00.559 --> 0:09:03.120 see some incredible changes in a very short period of time. 0:09:03.120 --> 0:09:04.920 And that's what we're hoping for you to see in 0:09:04.960 --> 0:09:08.520 your life exactly. Yeah, And I think sometimes the reason 0:09:08.600 --> 0:09:11.240 that we're not able to see bigger results is because 0:09:11.520 --> 0:09:14.679 we don't have the actionable steps that we can take 0:09:15.040 --> 0:09:17.800 to immediately start working towards the financial goals that we have. 0:09:18.240 --> 0:09:21.600 Maybe it's analysis paralysis, right, you can call it whatever 0:09:21.640 --> 0:09:24.319 you want, but but we're trying to avoid that phase 0:09:24.480 --> 0:09:27.600 when you have the correct information, you've performed your due 0:09:27.600 --> 0:09:30.440 diligence and you know what you should be doing, but 0:09:30.559 --> 0:09:33.480 you're just carrying on with what you've always done. Right, 0:09:33.520 --> 0:09:36.079 We're we're fixing that today, because sometimes you need to 0:09:36.120 --> 0:09:39.040 be jarred out of those typical habits, those typical routines 0:09:39.400 --> 0:09:42.000 because and sometimes what you need is a program or 0:09:42.040 --> 0:09:44.600 a challenge that can serve as a wake up call 0:09:44.760 --> 0:09:47.319 to get you on your way. That's right. Sometimes that's 0:09:47.360 --> 0:09:50.000 a pregnancy or sometimes it's just me and Jul talking 0:09:50.000 --> 0:09:52.400 to you in my podcast. Uh. And I like that 0:09:52.440 --> 0:09:55.080 you said program too, you know, because it's what we need. 0:09:55.480 --> 0:09:57.280 It can often feel like we're just kind of out 0:09:57.280 --> 0:09:59.440 in space, like floating on our own, when what we're 0:09:59.440 --> 0:10:02.240 needing is some structure to help give shape to what 0:10:02.280 --> 0:10:04.280 we're doing with our money. And so, for example, I'm 0:10:04.280 --> 0:10:06.839 thinking about like signing up for a race. If you've 0:10:06.880 --> 0:10:09.760 got a half marathon on the calendar, uh, and you've 0:10:09.800 --> 0:10:12.320 paid to do that race, the chances are much higher 0:10:12.360 --> 0:10:15.080 that you'll actually get out there and run because you're like, 0:10:15.040 --> 0:10:18.400 they're staying it. I spent the fifty bucks, yes exactly, Yes, 0:10:18.480 --> 0:10:20.600 I'm I'm in now exactly. You've got money on the line, 0:10:20.600 --> 0:10:23.480 and there is a certain amount of accountability as well. Uh. 0:10:23.480 --> 0:10:26.679 And both of those can be extremely helpful forms of motivation. 0:10:27.040 --> 0:10:29.400 And like Joel mentioned we're gonna talk more about accountability 0:10:29.520 --> 0:10:31.560 later in the show. We believe that it is an 0:10:31.600 --> 0:10:35.000 important part of making these money challenges stick. But yeah, 0:10:35.200 --> 0:10:37.760 the fact that you that you're signing up for a 0:10:37.760 --> 0:10:39.760 program like it makes me think about I mean again, 0:10:39.800 --> 0:10:41.760 with a race, like if you say you sign up 0:10:41.760 --> 0:10:43.920 for a tin k, Well, you know that there's a 0:10:43.960 --> 0:10:46.680 certain distance that you're training for, and so that gives 0:10:46.679 --> 0:10:48.720 you direction. You're not just out there running because you 0:10:48.800 --> 0:10:50.960 are like, well, I just generally need to stay in shape, 0:10:51.000 --> 0:10:53.360 I need to move my body. For some that might work, 0:10:53.400 --> 0:10:55.880 but for a lot of people, it is incredibly helpful 0:10:55.920 --> 0:10:58.320 if you know that you're training for six point two miles, 0:10:58.559 --> 0:11:01.280 or it's incredibly helpful to know, oh, this time, I 0:11:01.360 --> 0:11:03.559 want to set a new personal record for myself. I 0:11:03.600 --> 0:11:05.439 want to try to get it underneath forty five minutes. 0:11:05.720 --> 0:11:07.520 But whatever it is that you know, whether it's a 0:11:07.600 --> 0:11:09.280 race that you sign up for or a money challenge 0:11:09.280 --> 0:11:11.760 that you're going to go after, entering that frame of 0:11:11.880 --> 0:11:15.600 mind is going to help you to see outsize results. Yeah, 0:11:15.600 --> 0:11:18.199 there's difference between training for a ten k and I 0:11:18.200 --> 0:11:19.800 should probably get out there and go for a jog. 0:11:19.880 --> 0:11:22.080 Like there's a difference in mindset and then a difference 0:11:22.120 --> 0:11:25.320 in what you're going to accomplish. So let's talk and 0:11:25.360 --> 0:11:28.479 dig into some specific money challenges that we want to 0:11:28.520 --> 0:11:30.400 give on the show today that we want you you 0:11:30.440 --> 0:11:33.280 to consider taking on. And we're going to list out 0:11:33.280 --> 0:11:36.280 a few that fall under different categories. So let's cover 0:11:36.360 --> 0:11:38.480 a few that we think are worth considering. No spend 0:11:38.559 --> 0:11:41.360 challenges are one of the most popular, I would say, 0:11:41.400 --> 0:11:44.160 if forms of money challenges out there. It's also one 0:11:44.200 --> 0:11:46.079 of the easiest to implements. So if you're like, give 0:11:46.120 --> 0:11:48.800 me that easy challenge to start with, then this might 0:11:48.920 --> 0:11:51.200 be for you. And really, when it comes down to it, 0:11:51.200 --> 0:11:53.640 how much stuff do we need, especially now we're in 0:11:53.840 --> 0:11:56.400 the beginning of January, he might just realized I got 0:11:56.440 --> 0:11:59.319 a bunch of new stuff that I don't need and 0:11:59.440 --> 0:12:01.640 maybe it's time to start partying with a few of 0:12:01.640 --> 0:12:04.040 those things. Uh, And so yeah, taking part in one 0:12:04.080 --> 0:12:06.560 of these that can really reset your shopping impulses. It 0:12:06.600 --> 0:12:10.079 can help you curb what might have become habitual behavior 0:12:10.120 --> 0:12:12.120 for for on your part. And it's kind of like 0:12:12.160 --> 0:12:14.439 how Matt A lot of fellas like to grow a 0:12:14.480 --> 0:12:17.800 mustache in November or people don't never done it. No, 0:12:18.000 --> 0:12:20.360 me neither. It's not physically possible. Matt and Joel not 0:12:20.480 --> 0:12:23.560 very good at the mustache game, true. And or in 0:12:23.679 --> 0:12:26.199 January right now, a lot of people are not drinking 0:12:26.320 --> 0:12:29.800 a lick of alcohol for the whole month. They partied 0:12:29.800 --> 0:12:31.320 it up a good bit in December and they're like, 0:12:31.320 --> 0:12:33.280 you know what this is. The challenge for me is 0:12:33.280 --> 0:12:36.839 to not drink anything, no beer, no wine, no spirits 0:12:37.040 --> 0:12:40.160 for all of January. And you know, obviously you and 0:12:40.200 --> 0:12:42.719 I for our job, we have to so there's we 0:12:42.760 --> 0:12:45.440 can't participate, and we tend not to party as much, 0:12:45.480 --> 0:12:47.400 so you know, we take a like the more moderation 0:12:47.480 --> 0:12:49.600 is better exactly if you always do a little bit, 0:12:49.640 --> 0:12:51.960 it's you never have to give it that point. But 0:12:52.800 --> 0:12:54.960 we would say that that set period of time where 0:12:55.000 --> 0:12:57.960 you attempt to buy nothing similar to those other things, 0:12:58.080 --> 0:13:00.560 well it can be a major help to your finances. Matt. 0:13:00.640 --> 0:13:03.360 We of course had Camiko Love on the show on Monday, 0:13:03.559 --> 0:13:05.480 the Budget Mom, and she had a lot of great 0:13:05.480 --> 0:13:07.040 advice and and one of the things I don't think 0:13:07.080 --> 0:13:09.640 we actually talked about with her, but when we were 0:13:09.720 --> 0:13:12.600 like reading up on her story, one of the things 0:13:12.600 --> 0:13:16.160 that kick started her ability to save well was she 0:13:16.200 --> 0:13:19.520 actually spent no money on clothes for a whole year. 0:13:19.760 --> 0:13:21.760 I think she did make an exception for like socks 0:13:21.800 --> 0:13:24.640 and underwear, but that's how intent she was on getting 0:13:24.640 --> 0:13:28.240 her financial act together and saving money for her future 0:13:28.520 --> 0:13:30.959 and for more important stuff like what she really she 0:13:31.000 --> 0:13:33.200 did share a story about h and M and being 0:13:33.200 --> 0:13:35.679 in the checkoutline and she was going to put those 0:13:35.720 --> 0:13:37.360 clothes on a credit card, and that was a wake 0:13:37.440 --> 0:13:39.840 up call for her. And so I think something like that, 0:13:40.200 --> 0:13:43.079 finding a category in your life that is worth putting 0:13:43.120 --> 0:13:45.360 on hold for a period of time and challenging yourself 0:13:45.480 --> 0:13:47.880 not to spend a dollar on that stuff can be 0:13:47.920 --> 0:13:50.440 a really helpful challenge to partake in. Totally yeah, and 0:13:50.480 --> 0:13:53.720 her willingness and intentionality to do this of obviously paid 0:13:53.800 --> 0:13:56.120 off in a big way. We yeah again, We talked 0:13:56.120 --> 0:13:58.280 about her story on Monday. But so how to go 0:13:58.280 --> 0:14:00.720 about doing this? We would suggest that you choose a 0:14:00.760 --> 0:14:03.959 specific category and a specific length of time, and so 0:14:04.360 --> 0:14:06.080 we do want you to try to stretch yourself, but 0:14:06.120 --> 0:14:08.959 try to keep realistic expectations so you know, so that 0:14:09.000 --> 0:14:10.880 you don't fall off the wagon. Because remember you can 0:14:10.920 --> 0:14:13.160 always end up succeeding at that first goal and then 0:14:13.200 --> 0:14:15.080 sort of set another at another one to the list. 0:14:15.360 --> 0:14:17.000 I think that will be a more encouraging way to 0:14:17.040 --> 0:14:21.000 progress rather than goals that you aren't achieving. And so specifically, 0:14:21.040 --> 0:14:23.680 maybe this means, for you know, Amazon shopping for an 0:14:23.800 --> 0:14:26.800 entire month, or maybe you commit to only buying used 0:14:26.840 --> 0:14:29.880 items through February. Uh. And so you can modify it 0:14:29.920 --> 0:14:32.720 spending challenge to fit your specific needs and your specific goals. 0:14:33.080 --> 0:14:35.200 And you might even find that allowing yourself to purchase 0:14:35.240 --> 0:14:37.840 new items, say only on Wednesday, that that might give 0:14:37.880 --> 0:14:40.760 you just the amount of flexibility you need. But whatever 0:14:40.960 --> 0:14:43.400 path you pick, we would suggest that you write it 0:14:43.440 --> 0:14:45.480 down and then find a way to keep it front 0:14:45.520 --> 0:14:48.120 of mind. Maybe that means you just kind of writing 0:14:48.200 --> 0:14:51.440 tracking your progress on a worksheet that you keep taped 0:14:51.480 --> 0:14:54.040 to the bathroom mirror. Maybe this means giving yourself a 0:14:54.120 --> 0:14:57.120 small reward once you crush this challenge, but different things 0:14:57.120 --> 0:14:58.960 that are going to keep you on this path where 0:14:58.960 --> 0:15:01.360 you're able to reinforce this behavior that you want to 0:15:01.360 --> 0:15:03.920 see done. Yeah, that's I feel like that the no 0:15:04.000 --> 0:15:07.480 Spend challenge is so flexible. There's so many different ways 0:15:07.480 --> 0:15:10.120 that people can participate, and we all could probably use 0:15:10.160 --> 0:15:11.920 it this time of year just as a way to 0:15:12.480 --> 0:15:15.720 save more and also prevent ourselves from wasting money in 0:15:15.720 --> 0:15:18.240 a way that maybe we normally see our dollars flow 0:15:18.280 --> 0:15:20.320 down the drain in this general direction. It's like let's 0:15:20.320 --> 0:15:22.240 put a let's put a plug in that hole. Um 0:15:22.280 --> 0:15:25.160 And yeah, so I get hopefully, hopefully this is this 0:15:25.240 --> 0:15:27.800 challenge is helpful for lots of people. And of course 0:15:28.080 --> 0:15:31.080 that modification is helpful because you can kind of make 0:15:31.080 --> 0:15:33.240 it look however you need it to look. But we've 0:15:33.280 --> 0:15:36.160 got more money challenges that we want to pose to 0:15:36.200 --> 0:15:38.720 you than want you to consider. We'll get to those 0:15:38.880 --> 0:15:50.560 right after this break. Alright, we're back. We're talking about 0:15:50.640 --> 0:15:53.080 money challenges, and you know, as we highlight some of 0:15:53.080 --> 0:15:55.320 these different challenges that we're gonna try to cover a 0:15:55.360 --> 0:15:58.960 wide range of examples, um, that could spur change, you know, 0:15:59.000 --> 0:16:01.120 in a few different assets of of how you handle 0:16:01.200 --> 0:16:03.320 handle your money, because many of us are in different 0:16:03.320 --> 0:16:05.240 phases of life and we have different areas where we 0:16:05.240 --> 0:16:08.400 could improve, for instance, like buying too many clothes, Like 0:16:08.440 --> 0:16:10.240 that's not a problem for me, that's not a problem 0:16:10.240 --> 0:16:12.240 I deal with and so for me specifically, that's not 0:16:12.280 --> 0:16:14.280 a challenge I'm gonna subscribe to because that's one you 0:16:14.280 --> 0:16:16.840 would easily crush and you don't even need to take 0:16:16.840 --> 0:16:19.840 it on. Maybe I should take it on just to like, yeah, 0:16:19.840 --> 0:16:21.800 it's just like adding an it under the top of 0:16:21.840 --> 0:16:24.640 your to do look already done. But as we introduce 0:16:24.960 --> 0:16:27.080 several more of these different challenges, we don't want you 0:16:27.120 --> 0:16:29.840 to get overwhelmed as we discuss these, because first of all, 0:16:29.880 --> 0:16:32.360 you don't need to take them all on, right. If 0:16:32.360 --> 0:16:34.320 you try to do that, they probably mess you up 0:16:34.400 --> 0:16:37.080 if you try a bunch of these at once. Instead, 0:16:37.160 --> 0:16:38.560 we want you to think of it more as sort 0:16:38.560 --> 0:16:41.920 of a choose your own adventurous scenario. Just tackle one 0:16:41.960 --> 0:16:44.360 at a time and then take a breather, and then 0:16:44.400 --> 0:16:46.760 again attempt another one if you feel like that they 0:16:46.800 --> 0:16:49.440 are making a helpful impact. Like it makes me, you know, 0:16:49.440 --> 0:16:51.760 we're talking about like running a race. It makes me 0:16:51.840 --> 0:16:53.560 think that if you decided all of a sudden that 0:16:53.560 --> 0:16:56.560 you're gonna do everything that you possibly can to get healthy, 0:16:56.640 --> 0:16:59.440 and you started dieting and you started training for a 0:16:59.440 --> 0:17:03.000 triathle on and also you're looking to get totally ripped 0:17:03.040 --> 0:17:04.760 like you're getting small, like you can't do all of 0:17:04.760 --> 0:17:08.080 these things at once. I mean you you probably could try, 0:17:08.160 --> 0:17:11.320 but you're either gonna completely burn out or you're gonna 0:17:11.520 --> 0:17:14.600 see some negative effects to your body. Uh. If you're 0:17:14.640 --> 0:17:16.439 pushing yourself too hard, it's a good chance that you're 0:17:16.480 --> 0:17:18.720 gonna get injured. Uh, and that's something that we want 0:17:18.760 --> 0:17:21.439 you to avoid with your finances. That's right. Yeah, you 0:17:21.480 --> 0:17:24.800 can definitely overdo it. And it's possible to say I'm 0:17:24.800 --> 0:17:26.639 gonna do all the challenges and I'm gonna, you know, 0:17:26.680 --> 0:17:29.879 and I want to win big. Was that your dead lift? 0:17:31.240 --> 0:17:32.800 I don't know if I've ever done a dead lift. 0:17:33.000 --> 0:17:35.560 I'll probably try to refrain forever. But I think you didn't. 0:17:35.640 --> 0:17:38.040 I used to lift in high school, so it shows. 0:17:39.760 --> 0:17:42.320 So Yes, as we continue to roll roll out some 0:17:42.359 --> 0:17:44.920 of these challenges, don't feel the need to do all 0:17:44.960 --> 0:17:47.480 the above, and in fact, it's best not to go 0:17:47.520 --> 0:17:50.959 in that direction. But Matt, let's let's offer up another 0:17:51.040 --> 0:17:54.159 challenge here. We talked about no spend challenges, but food 0:17:54.359 --> 0:17:57.359 challenges can be helpful, helpful way to save more money 0:17:57.359 --> 0:17:59.920 in a hurry too. And that's because when you look 0:18:00.080 --> 0:18:03.679 the numbers, the average American family spends a lot of 0:18:03.720 --> 0:18:07.359 money every month on groceries and not to mention eating 0:18:07.400 --> 0:18:10.960 out as well. And the average cost of a meal 0:18:11.160 --> 0:18:14.080