November 11, 2024
3 By 3 Kickstart Challenge: The $100 Weekend
Every weekend holds within it the promise of progress, the chance to inch closer towards our savings goals if we take action.
"Embrace the power of creation, for in the moments we shape, lies the path to the extraordinary."
Financial Empowerment: A Wealth Beyond Money
When you don’t have all the money in the world, financial empowerment is a treasure worth pursuing.
In a world obsessed with chasing riches, it’s easy to believe money equals success and the more that one amasses, the greater their achievements. I’m not a rich man by traditional standards, but I’ve come to realize that financial empowerment holds its own value, accessible to anyone regardless of income level.
These daily savings challenges won’t lead you to vast fortunes overnight. Instead, they inspire individuals to save while giving insight on something far more profound: it’s up to us to create the moments that will define our lives. Financial empowerment is the ability to take control of your finances to shape your financial future, regardless of your current circumstances.
While I may not have limitless resources at my disposal, these savings challenges have blessed me with a profound sense of financial empowerment, significantly enhancing my life. After four years of dedicating myself to these daily savings challenges, I’m starting to rediscover my capacity to dream, filled with hope for the future and unburdened by the financial stress I once had. For me, this is a wealth beyond money.
This next challenge was the one that taught me the importance of financial empowerment. Regardless of financial status, in this challenge you’ll discover it’s about taking action to take control of your money rather than letting it control you. We each have a choice — to seize the moment or merely let life happen to us.
"Financial empowerment is about building a foundation for a brighter tomorrow. It's the freedom to pursue your dreams, the security to face life's uncertainties, and the peace of mind that comes from knowing you're in control of your finances."
3 By 3 Kickstart Challenge: the $100 Weekend
In just one weekend, this challenge will transform the way you think about money and help kickstart your savings journey.
During this challenge, you will focus on three simple actions over the course of three days — making money, saving money, and cutting expenses. It’s a bold mission and a lesson in creativity, resourcefulness, and determination.
For many, the weekend symbolizes a sacred oasis among the hustle and bustle of everyday life. It’s a time to unwind, indulge, and relax in the simple pleasures and pastimes that bring us joy. But this weekend is all about jump starting your savings.
Are you ready to take on the 3 by 3 Kickstart Challenge?
Over the course of three days, you’ll tackle three distinct challenges each day: earning $100, saving $100, and slashing $100 from your expenses. In the sections below, I’ll delve into the specific strategies and actions I undertook to meet each component of this challenge, illustrating the steps I took to earn, save, and cut expenses by $100 each.
Day One: Cutting $100+ in Expenses in 30 Minutes or Less
According to one study, the average American spends $18,000 per year on unnecessary expenses.
From streaming services to daily lattes, and internet “deals” to luxury items, there are numerous expenses that seem obvious. But hidden in all these expenses are excessive fees, overpriced services, and unneeded waste.
Instead, of dramatically changing my habits to embrace extreme frugality, I focused on something simple that required the least amount of effort. Remember, this challenge is about empowerment – taking control of your finances, not having them control you. It may be for some, but to me, extreme frugality takes away from the purpose of empowerment.
So, I simply shopped around for car insurance. This decision saved me a little more than $660 in just thirty minutes. On average, for the one-third of people who shop around for car insurance annually, they save $356 each year.Â
Saving on insurance was easy, but it was just the beginning. There’s a variety of simple strategies to cut expenses in various aspects of life. Consider this: the average American spends $3,678 on impulse purchases, throws away over $400 worth of food, racks up $181 in late fees, dines out to the tune of $3,369, accrues $1,657 in credit card interest, and shells out $3,276 on subscription services and memberships each year.
Day Two: making $100+ in Less Than a Day
With the power of technology at our fingertips, we have the ability to access a multitude of apps and websites that can provide instant financial boosts. Whether you’re selling goods online, driving for rideshare companies, renting out a room, or freelancing your skills, new opportunities are created each day.
However, not all opportunities are created equal. Some of these tasks do require time and some don’t seem to be worth the time required. Instead of trying something new, I decided to stick to what I knew, a skill that anyone can do with a computer, a camera, and a social media account. I sold the stuff I no longer cared for on a social media marketplace. It seems we all have something to sell that we no longer need; in fact, the average home has $3,100 worth of unused stuff that could be sold. Â
Selling stuff is a rather straightforward process that offers a dual benefit: not only does it provide a source of additional income, but it also aids in decluttering your space. Whether you’re parting ways with unused items, clothing that no longer serves you, or household goods gathering dust, selling these possessions can quickly turn clutter into cash. Â
Day Three: Make the Savings Commitment
With your newfound earnings in hand, it’s time to make a deposit in your savings account. Write out that deposit slip or transfer the funds to your savings. Remember to account for taxes and any fees needed to cover your expenses. With each contribution, you are reaffirming your belief in your ability to shape your financial destiny to create a brighter future.Â
Each time I conquered this challenge, I made it a point to not only to deposit my earnings but also to allocate any saved funds from reduced expenses into my savings account. In this particular instance, I deposited the $300 earned from selling my belongings, along with the $55 saved ($660 annually) by reducing my monthly insurance premium.
What could happen this weekend with the 3 by 3 Kickstart Challenge?
For me, this was the next challenge to complement the Dollar by Dollar Savings Rule. By the end of a three-day endeavor, I had managed to boost my savings by $300 while simultaneously trimming my annual expenses by over $660. While results will differ for others, my objective to save $100 in the shortest time frame possible surpassed my expectations.
This financial boost was the encouragement I needed at this time. It ignited a desire within me to pursue further challenges with greater enthusiasm. It was this enthusiasm that led me to repeat the challenge the following weekend, during which I managed to earn over $1,800 and cut more than $500 in annual expenses. Since then, it has become a ritual that I undertake four times a year, aligning with my Spring, Summer, Fall, and Winter Savings Challenge.
It served as a powerful reminder of my ability to take control of my finances. In retrospect, this was the pivotal moment when I unwittingly stumbled upon the transformative concept of financial empowerment. While a mere hundred dollars may seem insignificant, the lesson it imparted was invaluable, worth far more than its numerical value.
November 8, 2024
November 8, 2024
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