2018 January Recap | 52 Week BINGO Money Challenge

Do you remember the story of the tortoise and the hare?  Both tortoise and the hare had the same goal…to get to the finish line; although, the strategy for getting there was vastly different.  The hare was quick, took a few shortcuts and thrived in moments of instant gratification.  He prided himself in how quickly the finish line came into sight, so much so, that he gave himself a moment to stop, even briefly, when he was on the brink of success.  But enough about him for now.  Let’s chat about the tortoise. 

Even though his pace is much slower than the hare, he is consistent .  Step by step, no matter how big or small that step is, he kept moving toward his goal. This folks, is where the lesson “slow and steady wins the race” originates.  While the hare was sleeping, the tortoise slowly passed him by and reached the finish line first.She Makes Cents | 52 Week BINGO Money Challenge January Recap

In my personal financial journey I have been both the tortoise and the hare.  Years ago, I took half of my emergency fund and applied it to my credit card balance because I was impatient and wanted the instance gratification of a zero balance. In that moment, like the hare, that finish line was in sight...literally I had about $600.00 balance that I owed.  Instead of paying at the pace that was working for me, I stopped, departed from my financial plan,  deviated from Dave Ramsey’s Baby Steps  and I cashed out.  A week later an actual emergency happened and I couldn’t take care of it in cash.  So that very credit card balance that I risked it all to get to a zero balance instantly increased because I had to pay for the emergency on credit.  There are times when we know what the best course of action is and we take the “easy” way out.  I risked my financial stability and I lost money and time.  One thing I did gain, though, was the hard lesson… “slow and steady wins the race”.

Since then, I have taken a tortoise stride to becoming debt free.  I set my pace to put money toward my money goal EVERY week using the She Makes Cents 52 Week BINGO Money Challenge.  In January of 2017 my balance on my student loans was $19,000K+ and by December 31st the balance was $12,500.00.  This part year I saw the largest decrease in the loan balance in the 10 years I have been .  This partly because I figured out exactly how my interest accrues.  Once I understood that, I was able to break my larger goal down into micro goals.

January Recap: 52 Week BINGO Money Challenge

This year I set an “paid in full” date of October 2019.  To reach that I have set a new goal to get my balance down to $10,000.00 by May 1st.  With the help of the Mr. we are knocking out debt together.  Every week I select a number on the bingo money card and I send that amount to my student loan providers.  The pace may seem slow to some people, but it is a pace that ensures that I continue to maintain the habit on constant saving.  I started at the year off with a $12,505.00 balance (that extra $5 is because of interest) and I am closing out January at $11,945.62.  Based on all of the awesome progress that member  of the SMC Money Tribe are sharing in our group, they are also cultivating great habit with an encouraging community of like minded-women.

 

52 Week BINGO Money Challenge from Personal Finance Blog, She Makes Cents | The easiest way to save money

52 Week BINGO Money Challenge | October Recap & End of the Year Money Goals

This morning, I took out my shemakescents 52 Week BINGO Money Challenge card to forecast what the next seven weeks of the year will be like, from a money savings goal perspective. Since January, I have saved money every week with the challenge and in doing so; I have cultivated a habit of saving. Financial guru, Dave Ramsey says that “personal finance is 80% behavior and 20″ head knowledge” and I am very inclined to agree. If you are a new reader and have no idea what the 52 Week BINGO Money Challenge is, click here to catch up. After forecasting the rest of the year to see whether I would be able to hit my latest money goal, getting my student loans to $12,500 or under by December 31, 2017, I started doing money projections for 2018.

First, I calculated how much and how quickly my debt would decrease if I made the same amount of money and repeated my most success money moves as I did this year. I then upped the ante to see how adding another $100 per month or $200 per month would get me closer to my goal of eliminating my student loan debt altogether. Finally, I increased my snowball calculations to see how quickly my debt would decrease if my income increased to match what I put on my vision board.  Looking at debt from these three different perspectives shows me the true cost of making different and better money moves, as well as, how quickly I can dump my debt.She Makes Cents 52 Week BINGO Money Challenge | Success StoryWhy do I do this, you ask? Sometimes I need a visual reminder of my goal at hand. I hear so many people say that they will never pay their debt off or that they are so overwhelmed by their debt that they choose not to even think about it, let alone to look at it. Do you remember that time, I broke down the difference between one day versus day one? If I waited years ago to get serious about tackling my debt, especially my student loans, I would never have been projected to hit my goal date by 2020, eleven years ahead of Sallie’s Mae schedule. The visual of saving eleven years of interest is enough to keep me motivated for these next three years.  That is because when you visualize something, especially positive associations with money, you give yourselves permission to prepare yourself to receive it.  

You don’t have to make a lot of money to get back on course with your money savings goals, nor do you have to be a personal finance guru. In the past two years, I have thrown an extra $5,550.00+ toward this debt (on top of my monthly payment) by chipping away at it piece by piece. In order to crush your savings goals, you first must change your mindset about your ability to succeed. Then you change your bad money habits and replace them with great money habits that honor your money goals. You see, it is not what we do every once in a while that makes us successful. Success is gained in our daily habits.

As we approach the end of one year and the beginning of a new one, I look forward to making new and fresh goals for myself. I look forward to not repeating my mistakes of the past and being willing to step out on faith when it comes to opportunities that come my way. Today, I affirm my success with my money goals for myself and for you too.
She Makes Cents | Money, Career, & Lifestyle Blog for Goal Setting Millennial Women

Money Challenge Half Year Review

There are times when you are working toward a goal and it is hard to see the progress of your work.  This, my friends, is not one of those stories.  Since January of this year, the #SMCmoneytribe and I have used the 52 Week BINGO Money Challenge that I created to save towards each of our money goals.  Many members of the SMC Money Tribe are saving for a dream vacation and it makes me proud that because of their planning and saving, their dream to see the world can happen without disrupting their long-term money goals.  I, on the other hand, am saving money to use as extra payments toward my student loan debt.  This process is known as a debt snowball.  Snowballing your debts helps you pay them off much faster and can save thousands of dollars in interest.  In my case, my student loans are keeping me from progressing to Baby Step 3 from financial guru Dave Ramsey because they are the last of my debts, not including my mortgage. 

Top Atlanta Blogger, Danielle YB Vason of She Makes Cents, shares her story on how she is tackling her debt using her money challenge and Dave Ramsey Baby Steps

JUNE RECAP

Last month was the first time I can remember actually seeing progress to reduce my student debt and this month blew last month’s money recap out of the water.  For the month of June, I saved more money than any of the previous months and the last four months combined.  I sent two major snowballs to my student loan provider to pay down the balance instead of pushing back my next due date.  This lets your money work for you and not the other way around.  I also saved $326.00 for the month and hit the $700.00 YTD mark for this challenge.  With a contribution from the Mr., we have saved a combined $1,575.00 that we could have easily spent on frivolous things.  Thanks, babe!  Teamwork makes the dream work.

MONEY GOAL TRACKING

At the beginning of the year, I wrote out my money goals and one of them were to pay off my credit card debt, which I did.  The second one was to have my student loans at or under $15,000.00 by the end of the year.  Around April of this year, I upped that goal date to October and then again, in May, I thought I would push myself further and make it a goal to have the balance at $15,000.00 by the end of my birthday month, August.  I did this because a goal date of the end of the year ensured that I would hit the goal, but with such a long time to work toward the goal, it took away the hustle for it.  By pushing the date up to August, it really forces me to review how I am spending and saving money and keeps me motivated to the short-term goal at hand.

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52 Week BINGO Money Challenge | May Recap

Hello lovelies and welcome to a 3-day weekend! Congrats to everyone who is going strong on the She Makes Cents BINGO Money Challenge.  It makes me so happy when members of the #SMCmoneytribe share their progress and uplift each other.  I also love hearing how so many of you are making the challenge work best for you and your lifestyle.  For example, Angela from Australia wanted to maximize her savings for an anniversary trip to the United States, so I created a custom double version for her and her husband.  As of May 1st, they have already saved $1032.00 and that money is constantly growing for them!!!!  Some are saving a fixed amount every month (hey Kechia) but all in all, the majority of you are tackling this challenge the good ole’ fashion way…one week at a time with your trusty money card sheet.  Regardless of where you are in your progress, you are already winning at the habit of saving.  There is a quote that I really like from Roger Crawford that says, “Being challenged in life is inevitable, but being defeated is optional”.  Every person who has accepted this money challenge is refusing to allow their money or lack of it defeat them.  Every dollar you save is getting you that much closer to your dream vacation, it’s getting you that much closer to paying off debt, or that much closer to building your emergency fund.  While everyone’s goals are different, just know that you can do it and that you have an entire tribe of women behind you to help cheer you on along the way.“Being challenged in life is inevitable, but being defeated is optional”. | Quotes on She Makes Cents

My Growth on the Money Challenge

My progress on the money challenge is much different this year than years past.  My sources of income have changed and I no longer get paid on a consistent schedule, but rather on a client by client basis.  Ugh…entrepreneurial life at its greatest!    At this point in the challenge, I am usually hundreds of dollars ahead of my current progress.  For half of a second that bothered me because I am always trying to be better than I was before.  The beautiful thing is, this challenge is made to support the one’s financial changes and in the end that numbers are the same if you complete the challenge.  As long as I complete every box, I will end up in the same savings range as the years before.  What difference does it really make if I am crossing out low to mid numbers during the first part of the year and higher numbers toward the end of the year?  It actually makes no real difference at all.  In the effort to save more money this year than any of the previous years, I must focus on the four bonus boxes that are still empty on my money card.

Sharing Money Goals

Do you remember when I announced that the Mr. would be joining me in the challenge?  Well, he just started last month.  For him, doing the weekly version of the SMC money challenge was another thing added to his “honey-do” list that he never got around to.  That is one of the reasons it took him four months to join in.  He later suggested, instead of doing a dollar for dollar match, that he might try contributing a fixed amount every paycheck toward the challenge.  So far his YTD contribution has been $500.00!  From a financial standpoint, the numbers at the end of the year will be higher doing it this way than if he were doing a dollar for dollar match, because $250.00 per month translates into about $62.00+ per week and $62.00 will always be higher than $52.00, our highest (non-bonus) box on the money card.  It’s easy for him, it works for me, and it gets us closer to our debt free money goals.

Related Article: How to Win on the She Makes Cents Money Challenge

May Recap 

For the month of May, I saved $89.00 which puts me at a YTD of $376.00 by myself and $876.00 when combined with the Mr.   Every dollar saved on this challenge is helping me pay off my student loans.  Outside of our mortgages, this is the only debt we are carrying because we work hard to pay off any credit card debt that we rack up before each billing cycle.  At the end of April, I made my first lump sum payment of $679.00 toward the principle and I had originally planned to make a lump sum payment every quarter.  However, after seeing my payment drop a new passion for hitting certain milestones was reignited.  Now, I plan to make a lump sum payment every time the balance in the money challenge is over the $225.00 mark.  At the beginning of the year, my main money goal was to have my student loans under the $15K mark by the end of the year, but I decided to up the ante and push that goal date to the end of August (my birthday month).

I can’t wait to hear your progress on this challenge.  Please feel free to tweet me @shemakescents, email me, or stop by our Facebook page to say hello.  I love hearing from you and I love to hear your progress, motivation, struggles, and suggestions.  Until then, happy saving to you and yours.

Want to join the challenge?  Click here for your FREE money card download.

HOW WOULD YOUR LIFE CHANGE IF YOU ACCOMPLISHED YOUR MONEY GOALS?

 

 

 

52 Week BINGO Money Challenge | March Recap

Welcome to the weekend #SMCmoneytribe.  Congratulations on finishing month 3 of the She Makes Cents 52 Week BINGO Money  Challenge!  How does it feel to see your money grow and know that you are closer to your goals than you were before you started the challenge?   Keep that feeling close in the coming months.  This is around the time, where people need the most motivation to keep going.  As I revealed in the February recap, 80% of people fail their resolutions by February.  If you are still going hard on this challenge, you are already more focused and goal-driven than most people.  While the challenge isn’t hard, it does take discipline and consistency.  I must admit I even found myself getting a little behind and then having to catch up before the end of the month.  I am happy to report I am all caught up with a new sense of motivation.

How I Stay Motivation Doing The Money Challenge

Every once in a while, I calculate how long it would take me to pay off the remaining $17,940.40 in student loan debt I owe if I only made the monthly payment.  The answer- 11 years and 3 months.  Then I calculate how long it would take me and how much interest I would save if I added extra money toward the principal.  For example, if I paid an extra $300.00 per month starting in April 2017 toward this goal, I would only have 3 years and 6 months left to pay on this loan.  That’s right, making an additional $300.00 payment per month toward my student loans would shave off 7 years and 9 months off the term of the loan and would save me a little more than $5,550.00 in extra interest.  Let that soak in for a minute, shall we.  If I were to up the ante even more and started paying an additional $500.00 per month starting August 2017 instead of the $300.00 in the example above, I would be able to pay the loan off  in 2 years and 8 months, shave off 8 years and 7 months of the repayment term, and save $5,862.60 in interest.  Now folks, if that doesn’t motivate you, I don’t know what will.  When I feel myself drifting off my path to financial freedom, I take a moment and do this exercise.  It immediately fills me with a sense of inspiration, purpose, and energy especially considering that my student loans are the only thing now keeping me from moving from Baby Step 2 to Baby Step 3.  

The March Recap

For the month of March, I saved $72.00 which puts me at a YTD of  $221.00 through the end of March.  I save more money than the previous month and I am really looking forward to what April brings.  The end of April represents the end of the first quarter of the challenge which is when I will take the 2017 savings from this challenge and make a principal payment toward my student loan debt!  If my financial projects for next month are correct, April will be the most successful month of the challenge thus far.   Want to join the challenge?  Click here for your FREE money card download.See how finance and lifestyle blogger, Danielle YB Vason of She Makes Cents, stays motivated toward her money goals to pay off debt

 

Money Challenge 2017 | February Savings Recap

Hello  #SMCmoneytribe!  Can you believe that we just finished the second month of the she makes cents 52 Week BINGO Money Challenge?  I sure can’t.  As we approach a new month I can’t  help by wonder, how many of you are still going strong on the challenge?  According to  Business Insider, 80% of people fail their New Year Resolutions by February.  It is easy to have a laser focus on your money, career, and lifestyle goals when a clear transition is before you.  Think about all of the people who vow to do better in the new year, who will start clean eating on Monday (aka the start of the new week), and who pledge to start saving more once they earn their next paycheck.  Anybody recognize themselves in the statements above?… as I raise my own hand.  The thing about all of those examples is that is pushes off you goals to another day; therefore, delaying your ultimate reward- a goal accomplished.  Last Friday marked the end of month 2 for the she makes cents  52 Week BINGO Money Challenge and the best thing about our money challenge is that you can easily catch up if you have fallen behind or you start over. The greatest thing about this challenge is that as long as you don’t stop, you will win at your financial goals.

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 February Recap

Below is the financial breakdown for the month of February.  As you can see, I crossed off lower numbers than the previous month.    I saved an extra $41.00 this month putting me at a YTD of  $149.00.  I  am really looking forward to March.  Hopefully, I will cross off my first bonus box of the year.

How Are You Doing on the Money Challenge? I’d love to hear from you!


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Block Anything That Gets In The Way of Your Goals | Money Challenge Week 5

Hello Lovelies and welcome to Super Bowl weekend.  This folks, is a big deal for everyone from my hometown of Atlanta!  Since it is Super Bowl weekend, I will break down today’s money inspiration for you in sports terms. I want to inspire you to check your financial plan.  Is it current?  Does it reflect your current financial status and goals (gosh, the last time I posted mine was in 2013)?  If you’ve never created a financial plan that’s okay too because today is a great time to do so.  Your financial plan is like your game playbook.  Your money is the football and it is your job to block anything that gets in your way of getting to you getting to your goal.  To do so, you have to reference your financial playbook from time to time.  There will be setbacks (see How to Comeback from a Setback), people who will attempt to block your progress, and times you may have to go out of bounds.   Trust me, you can win at this debt game! Let’s turn your Xs and Os to dollar signs.  shemakescents-com-1The weekly habit of saving money with the She Makes Cents 52 Week BINGO Money Challenge will always be a part of my financial plan.  I saved $108.00 dollars for the month of January and today I have crossed off $21.00 putting me at a YTD of $129.00.  I can’t wait to see how many thousands of dollars I save again this year.   So many of you shared with me that your savings will be going toward vacations and paying down debt.  Let’s make sure that you have also included this money challenge into your financial plan so we can see your savings increase and your money challenge rewards materialize.  Everyone have a fantastic weekend and Atlanta Rise Up!shemakescents-com-2

Money Challenge | January Savings Recap


Hello #SMCmoneytribe and welcome to the weekend!  We are a month into the challenge with almost 50% more participants than the previous year.  Great job everyonet ladies!!! That says to me, they there are people out there making smarter money moves in 2017.  What made this year different for me was including the Mr. so we can double the money from this challenge.  Full disclosure…. the Mr. decided it was easier for him to remember if he just set a fixed amount of $50.00 per week to the challenge.  It makes it easier for him and I like it because even if I cross off a lower amount, I have the $50.00 to add to it.

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Show Me the Money!!!

Week one was all about learning how to win at the She Makes Cents BINGO Money Challenge.  For week two, the focus was inspiring you to stay motivated toward your savings goals.  It is easy to keep your eyes on the prize in the beginning of the year, also know as Resolutions Season,  but getting through 52 weeks is only hard if you lose motivation.  Week three, the country paused to witness the transition of presidential power and we did too.  Before I knew it, we successfully completed month one of the money challenge.  Below is the financial breakdown for the month of January.monthly-review-template

How to Join the Challenge

Want to join the #SMCmoneytribe to get access to a tribe of goal minded accountability partners who are invested in your success and your FREE bingo money guide?  Click here, fill in your info, and we will do the rest.

smcmoneytribe

How To Win on the She Makes Cents Money Challenge

Happy 1st Friday of 2017 everyone and welcome to the 2017 version of the She Makes Cents Money Challenge!  Need a quick overview of the She Makes Cents Money Challenge?… click hereIf you know me, you know I LOVE Fridays.  It’s the day I eat tacos and drink margaritas with a sugar rim, it kicks off the weekend, and it’s the day I make smart money moves on the She Makes Cents Bingo Money Challenge!bingo-money-challenge

The Benefits

They say you should do something today that your future self will thank you for and that is what this money challenge is for me and the #SMCmoneytribe.  As a part of the #SMCmoneytribe you will take this financial journey with the best accountability partners….other readers like you.  Last year I paid off my credit card completely and I am still carrying a zero balance (insert angels singing…seriously can you hear them?).  While I have used the money from this challenge to help pay down debt, other members of the tribe have used their savings to go on vacations, pay for professional certifications, holiday gifts for family, and to ramp up their emergency funds.  By accepting this challenge, you will gain more than the financial payout… you will gain a new sense of discipline, determination, and better money habits overall.

Should you get off track, you can always catch up or start over, we just ask that you don’t give up on this challenge, your goals, or yourself.  YOU can do it and you have an entire TRIBE of people cheering you on!

Double the Fundanielle-yb-vason-and-michael-vason

This year I have talked the Mr. into participating…sort of like a dollar for dollar matching.  For every number I cross off and save, he will match it.  If we decided to “double of fun” last year, we would have saved almost $4,000.00 together.  I’m doing this with the hubby because we have a shared travel goals and an invested goal to reduce my student loan debt.  The cool thing is that you don’t need a spouse to double your savings, you can do this with anyone who you know and trust who shares your goal.  Saving for a girl’s trip, why not combine efforts with your bestie(s)?

If you share your progress on social media (which I highly recommend), please make sure you use the hashtags #SMCmoneytribe so the tribe can cheer you on!

How to Join the Challenge

Want to join the #SMCmoneytribe to get access to a tribe of goal minded accountability partners who are invested in your success and your FREE bingo money guide?  Click here, fill in your info, and we will do the rest.  

smcmoneytribe

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