In order to help you get started, I will give you examples of goals, an action step or plan and an affirmation to keep you motivated.
Goal: Save $500 in either an Emergency Fund or a Living Expense Fund
Action Step: Set up an Automatic Savings draft from your checking account to the bank account that houses this Fund.
Affirmation: “I am grateful that income is CONSTANTLY increasing.”
An Emergency Fund is money you put away for emergencies ONLY; situations like car or home needs. Many financial experts suggest you keep a minimum of $1000 in this fund. We’re just getting started, so $500 is better than $0.
A Living Expense Fund is the money you put away for rainy period; for instance if you lost your employment for some reason. The amount you save here should be a minimum of six months worth of you EXPENSES. So add up your rent/mortgage, utilities, groceries and any other regular expenses you have for one month and multiply that figure by six. That’s how much you should have in that fund. It is only used if you have a loss of income, so you can still stay afloat.
Goal: Pay off one debt (preferably the easiest one to pay in three months)
Action Step: For the next three months, give up one habit that will yield you enough money to pay off your debt (i.e. skip the beverage, dining out or monthly shopping trip) Put what you would have spent on your debt to pay it off.
Affirmation: “I am grateful I can pay bills and I do so with love and happiness.”
Goal: Clear out the junk in my basement
Action Step: Make a list of items of which to dispose and put it on Freecycle for them to take away and clear this space.
Affirmation: “I am making room for only abundance in my life and my home.”
Goal: Give a monthly blessing to someone else.
Action Step: Donate to your favorite charity or give someone something you know they could use and will appreciate. You can share what you already have.
Affirmation: “I give knowing that I will receive.” or “I am sharing my prosperity with others because I know that it is more blessed to give than to receive.”
I added this category because often times when we set goals for ourselves, it’s usually to do something we need to be doing. Well, being the Frugalicious Diva, I say we NEED to be living our life to the fullest. It’s not just about work, it’s us enjoying ourselves too. With that said, choose something fun or interesting that you can accomplish in 3 months.