The New Year is still young and holds many promises, like fulfilling your new resolutions. Or have you given up already, like yours truly and my ever-renewed resolution to hit the gym? While I may have given up on the gym thingy, there are still a few resolutions I’ll not be lazying around about, like reading more books, taking a professional course, learning a new skill, and working harder towards financial success. 

That’s where financial wellness challenges come in. If you are looking to be better with your finances, here are a few financial wellness challenges to consider;

Choose a Budgeting Tool

Are you starting your personal finance journey or want to start working toward financial independence? Start by choosing a budgeting method and tool. 

First, budgeting helps you plan your finances, ensuring nothing falls through the crack. It also enables you to develop better financial habits, like saving, investing, and managing your debts. 

The question is, what budgeting tool or planner type will you use for your budgeting? Yes, you can rely on your memory. I used to do it; I knew how much to send to my savings accounts, debt payments, and investments every payday. But it was hectic and disorganised, especially when tracking my bills and expenses. However, planning and organising my financial data has become easier over time, thanks to spreadsheets and budget planner books.  

Start budgeting today with our easy-to-use planners

Join a Money Saving Challenge

Financial wellness challenges can never be complete without a savings challenge. And there is never a shortage of saving challenges. So, if you want to save more for any particular goal, e.g., vacation, emergency fund, holiday season, household upgrade, new gadget, etc., choose a money-saving challenge and run with it. 

These challenges are perfect if your money personality ranges between a spender, a shopper, or a debtor. They will help you stay accountable and work toward your goal. Some of the money-saving challenges to participate in include:

• Monthly savings challenge – it’s among the most straightforward money-saving challenge, especially if you’re a beginner. Choose an amount to save every month, no matter what. It can be a fixed amount for the entire year or increase over the months. 
• The 52-week saving challenge – you start by saving $1 or equivalent in your currency in the first week of the year. Then, keep increasing the amount by a dollar every week of the year. So, you will start with $1 in the first week of January, then $2, $3, etc., until the last week of the year. By week 52, you will have saved a whopping $1,378. 
• Reverse 52-week saving challenge – works like the 52-week, only that you start with $52 in the first week to $1 in the last week. 
• No-spend saving challenge – can you survive without spending on wants? This challenge is about only spending on necessities like rent, food, and household shopping. Then, you can channel money you spend on wants, like eating out, fashion items, or unplanned getaways, to other financial goals, like savings, debt payments and investments. My variation of this challenge includes either cutting off expenses for discretionary expenses or reducing the expense by a certain percentage. 

Have bad habits to break free from? Use this money-saving challenge workbook 

Start a Financial Self-Care Routine

What are your self-care routines? Going to the gym? Spa day? Breakfast or dinner dates? Self-care routines have become common, and there’s a good reason for this. Whatever routines you choose can help alleviate anxiety, depression, and stress and increase confidence and happiness levels. That’s where a money self-care routine comes in handy; to help you manage the stress and anxiety around your financial situation. 

Because money issues can lead to depression, anxiety and debt, incorporating a financial self-care routine in your financial wellness challenges will help you get a hold of your finances, reducing stress and anxiety around money. From managing your emergency funds to taking a few hours every month to review your finances and plans. 

Learn More About Personal Finances

The topic of money can be overwhelming. If you have little or no background in finance and investments, investing heavily in financial literacy should be at the top of your financial wellness challenges list. Topics around debt, taxes and investment are particularly intensive and very important.

You don’t have to go all in. You can start small by following and reading blogs with personal finance content, listening to podcasts, watching YouTube content, reading finance books and signing up for courses. 

Check out the book cafe for book recommendations 

Financial literacy helps;

• Boost your confidence in making money decisions 
• Manage your money effectively, e.g., debt and expense management 
• Reduce stress and anxiety around money 
• Become knowledgeable about money topics, reducing the risk of falling for fraudulent schemes 

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In Conclusion

Regardless of your financial goals, these financial wellness challenges can help you get closer to achieving them. From budgeting and saving more to learning more about financial topics that trouble you. These are just a few of the many money challenges available, so don’t feel limited. 

What financial wellness challenges are you partaking in this year?