Financial literacy has been a hot topic around my financial blogging friends lately. In fact, it's so en vogue right now that Federal Reserve Chairman Ben Bernake even made an announcement that the average American needs to do more at an early age to "navigate an increasingly complex financial marketplace." People, that's you.
So this Friday, use your lunch break to do something about it and better your financial situation. Since we all know how big I am on small steps, I'm challenging you to do one of three tiny little things today.
Here are your options for the first ever "Budgeting Babe's Fabulous Financial Challenge."
1) (Easiest) Learn one new fact about personal finance today and share it with someone else. This may mean running over to Borders to pick up "Personal Finance For Dummies," or it may mean browsing one of your favorite blogs or news sites and spending a few minutes reading up on how to better your financial situation. Whatever you find out, make sure you share it with someone else today.
2. (Not hard!) Increase your retirement contribution by one percent. If you have an online account, do it now. I swear you won't even notice it. I make an effort to increase my contribution by one percentage point a few times per year. I started out contributing three percent, and now I'm up to nine percent. Do it today, I dare you :)
3. (For those with savings accounts): Move $25 from your checking into your savings account (more if you'd like) today. Just for absolutely no reason. It's not a significant amount and most of you won't miss it. If you're banking online, it shouldn't take you more than a few minutes. You'll feel good about it, and it may start you making random contributions more often, which is a good habit to have.
So there, I've thrown down the financial gauntlet on this lovely, sunny Friday afternoon. What are you going to do about it? Shy away? Say, "Oh, that's a nice idea but it's not for me?" Tsk, tsk. Suck it up today and do something to lift yourself up and those around you. You'll be glad you did.
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... OK, now that you've done something cool and savvy, report back to us on what you did. I can't wait to hear!
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15 comments:
I upped my 401k contribution by 2% (to 22%). I've resigned myself to not saving much this year because we're paying for some of our wedding, but the 401k thing should be pretty painless. Only a few more percentage points and I'll be maxing out that in addition to my Roth IRA. Woo hoo saving!
You should do random acts of saving (RAOS?) more often! It's like ... Simon Says, via internet.
$25, depo'd!
Transferred $5.00 to savings to pay toward May CC payment! Every little bit helps!
TAG...you're it :-)
The only way to better ones financial situation is to stop spending money on things they can not afford.
The best savings step I've taken so far is to continue setting aside my "car payment" -- even though it has been paid off for a year!
Nicole - I did it - I transferred $25. Thanks for the push today.
Also - I sent another email, but maybe you didn't get it? Do you want to just email me at smartypig214@gmail.com and I can send you your gift?
Ingrid
2 cents from me
next CC payment add $10 to it it will save you hundreds later.
I like this challenge! I will send over 50.00 dollars to savings, and I will increase the 401k to 13%.
Thanks for the suggestions!
Yeah!! You guys rock :)
I've been busy but will have new posts up soon...
Nic
I just wanted to let you know that I've added you to my blogroll!
I agree with twiggers - every little bit helps!
I discovered yesterday and this is going to sound silly - the power of compound interest. If I save $6,000 assuming a 10% rate of return for 35 years, I'll have a little more than a million. It doesn't cover inflation but at least I know what the real tangible numbers are in the future.
Thanks for the push. I upped my 401K 1%. You are right- it didn't hurt! I won't miss it.
Well, as a poor college student who doesn't yet have a 401k or IRA (although I AM working on getting one) I couldn't quite make the $25 goal you listed. But instead of shying away and telling myself that I would do it when I get my next paycheck I moved $10. It's not much, but it's something more that can gather interest in my savings account!
Continue to save & lets your capital work for you ,
Tracy Ho
wisdomgettingloaded
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