We’re back with another edition of “Money Mondays” with financial expert, Lynn Richardson. You don’t need to earn a lot of money to start saving money. She’s been helping April, a single mother living paycheck to paycheck - trying to pay off her debt with the goal of owning a home.
This week, it's Lynn's "Savings Challenge!"
Did you know that almost half of Americans don’t have enough cash to cover a $400 emergency?
Most people will make the excuse, “But I don’t make a lot so how am I supposed to save money?” Well, this challenge is designed for EVERYONE, no matter how much you make. Again, it’s all about choices.
We’re going to start off really simple.
If you make under $30K a year, here’s all I want you to do.
I want you to commit to the “52-week Savings plan.” That means...
- Week 1 you save $1, then...
- Week 2, you’re saving $2 dollars a week.
- Week 3 = $3 a week
If you do this for 52 weeks, you’ll save $1,378 for the year! That’s better than nothing!
Below are income brackets to help gauge how much you should be saving during this challenge.
Be sure to check-in every Monday for a new weekly challenge!