Reflections on the Gain a Grand Challenge

financial goals

$738.54

This is my total gain from the Gain a Grand challenge.  It’s not bad considering I got sick and didn’t do much towards it for half of the month!

However, it’s not as great as it looks either.  My four biggest savings came from:

  1. Shopping around for travel accommodation ($348.80)
  2. Cashing in rewards ($116.88)
  3. Waiting before buying ($100)
  4. Going without ($100)

With the exception of going without, these are not true savings. 

When shopping around for accommodation, I usually stick to my budget, using the savings to get more for my money.  That is, I spent $500 on $850 accommodation, rather than spending $500 on $500 accommodation.

The rewards that I cashed in had been accumulating before the month started, and the items that I waited before buying will now need to be bought.

Because the month got so busy, I also didn’t reconcile the savings against my budget.  It’s likely that I also had unplanned expenses to offset against this.  However, if I had been able to focus on this more, I would have had the opportunity to make more gains.

A general theme seems to be that the biggest savings came from the biggest expenses.  As such, this wouldn’t necessarily help if you’re already living on a tight budget.  However, it’s definitely worth re-visiting.  I can usually use one or two of these tips to help me through a particularly lean month.  For those of you who don’t generally budget or think about what you’re spending, there’s potential to gain far more than a grand.

The GoalGetters Gain a Grand challenge provides suggested daily activities to help you save or make money, helping you towards your financial goals.

2019 goals challenge – day 12 Do 1 thing today for your financial wellbeing

GoalGetters uses the eight dimensions of wellness to help achieve balance in our lives.  Read more about this in the Finding Balance article.

Financial wellness involves understanding your financial situation, and managing it so that you can be prepared for changes.

Goals within the financial dimension may include paying off debt, saving for a particular purpose, setting up a retirement fund, seeking financial advice, or setting and sticking to a budget.

Ideas for 1 thing to do today for your financial wellbeing:

  • Find something you no longer use and sell it
  • Choose an expense and look for ways to reduce it
  • Set up a budget

Try one of these today or choose your own.