This month you have a good feeling. You haven't spent much, you haven't gone out to eat much and you haven't bought a new bike. But when you look at your checking account, you realize that you've hardly been able to reduce your deficit. But what is the reason for that?
It's time to know and control your spending!
How does the One Month Budget Challenge work?
The goal of the One Month Budget Challenge is to show you exactly where your money is going and how you can cut off unnecessary expenses. To do this, you have two steps to take:
- Get an accurate overview of your expenses
- Take immediate action to cut unnecessary spending
This challenge is also a part of the Timeless Challenge!
I believe that every person can change the world with their actions! Make your life through meaningful actions (challenges) to something special and lasting! Make yourself immortal!
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How to get an overview of your expenses
To better control and reduce your expenses, you need to know them. To do this, you need to track your expenses for at least one month (we recommend three months). How do you do that? With a good old budget book in which you enter every expense for a month.
Sounds boring? Good, then use one of the many good apps. You can track your spending, get great statistics and know your current wealth reliably at any time.
How to reduce your expenses
Once you have a list of all your monthly expenses, the first step is to look at all your fixed expenses. These are expenses that come due every month. These can be recurring expenses like the Netflix subscription, a loan installment, an insurance policy, dues for a sports club, etc.
Now question each individual item to see if you really still need it or if you can cancel this contract. Every year I find contracts that I no longer need and cancel them immediately. Even if it is only a small, 5-EUR contract per month, I avoid future expenses of 60,- EUR per year. Something like that adds up!
Of course you could now classify your expenses and get an exact info where most of your money goes. For example, you could sum up all your expenses for going out to eat (including the daily coffee "to go") and calculate how much you spend on this.
This way you will quickly get an overview of the reasons for your current financial situation.
For the Challenge, this means that for one month (30 days) you can
- Create an overview of your expenses
- Cancel all fixed contracts that you no longer need.
You can extend this challenge for another month, and in the second month you can group your "variable costs" together and get an overview of them. Get into the habit of saving on a specific expense in the future. The daily "coffee to go" is not necessary. You can also make it at home and take it with you in a reusable cup. This way you save at least 3,- EUR every day. With 20 working days, that's 60,- EUR per month, or 720,- EUR per year. With that, you can go on vacation for almost a week. So it is worth it!
Life Score Points for the One Month Budget Challenge
You get 50 Life Score points if you keep track of your spending for a month and take concrete action. You can do this three times a year and earn three Life Score points.
Marble(s) for the "One Month Budget" Challenge
For the One Month Budget Challenge, you can get the beautiful marble(s) in yellow. These have the following size:
- 500 Life Score Points - One yellow marble with a diameter of 20mm
If you want the marble(s), please read on ....
How can you participate?
When you have documented your income and expenses for a month, please fill out the form below again, but this time with the message that you have completed the challenge. We will send you the well-deserved Life Score points and the marble.
IMPORTANT NOTE!!! We do not want any information about the contents of your documentation! You do this only for yourself!
The One Month Budget Challenge on social media
If you want to inspire others, or share with others, feel free to do so on our social media channels.
The One Month Challenge on Facebook
We invite you to join our Facebook group "Personality" to exchange with others.