Welcome To The She Spends Savings Challenge!

With some of our spendiest months of the year approaching, we thought we’d try something different in October to get you prepared. We created an easy-to-follow savings challenge for the next five weeks that you can follow along with. 

We have created a hashtag, #SheSpendsSavingChallenge that you can use on any social media you like to track your progress and connect with other readers who are working through the challenge. We will also be checking in with you in our Facebook group each week. 

This week’s challenge is debt. So, over the next few days, we’re going to complete the following challenges:

Your first challenge? Check up on how much debt you have. Aggregate your credit card bills, student loans, car loans and mortgage payments and add them together. These are your liabilities. Then, check out your checking, savings and investment accounts. Add those together. Those are your assets. Subtract your liabilities from your assets. If you come up with a negative, you have a debt to pay off. If it’s positive, you can pay off your debt, and should as soon as possible, so the debts no longer accrue interest. 

After performing your debt checkup, you can move onto the next challenge. We’re going to consolidate or refinance debt. Use this article from our archives to make it happen. 

Don’t have any debt to refinance? Fantastic! In later weeks, we’ll address ways to cut spending that will help you pay down your debts. In the meantime, we recommend checking out these tips for slowing down the impulse to shop (because curbing spending will keep debt low!). 

Finally, check up on your credit score. Use this article to make it happen. This is a great baseline. While credit scores don’t typically change in the course of a month, keep this number in mind as your healthier spending habits start to stick. It could change, for the better!