Four-Week Financial Fitness Challenge - FOX 13 News

Four-Week Financial Fitness Challenge

Posted: Updated:
ATLANTA - The beginning of summer often means the start of summer fitness workouts. But how about a twist this year with a financial fitness challenge? Here's a four-week plan to trim your expenses but fatten your savings.

WEEK ONE: Set goals and put them in a timeframe. Think on it. Talk to your partner because this sets the tone for how you will save and how you will spend. For example: Paying off debt would be an immediate goal. Saving for a baby is likely more of a mid-range goal and a long-term goal would be saving for your child's college education. Once they're in a category, rank them so you know which ones are top priorities.

WEEK TWO: "Feed the Pig," a finance Web site operated by the American Institute of CPAs, has already created a four-week financial workout plan. It says to use this time to track spending for at least a week. Here's my first-hand experience, I have found a month offered a more accurate view of my finances

When that's done get those expenses divided up into categories by using the 50-20-30 Rule. We've talked about this before. No more than 50 percent of your take-home pay should be used for essential expenses like rent or mortgage and utilities. Twenty percent goes to savings and the rest - 30 percent - is for lifestyle choices like cable, pedicures, vacations, eating out, things like that. This is where you'll have to look at where you can trim your spending.

WEEK THREE: Build that budget. Here's a list of already-designed templates or sites that you could use.

www.BudgetPulse.com
www.feedthepig.org
www.learnvest.com
www.levelmoney.com
www.mint.com
www.mvelopes.com
www.payoff.com
www.ReadyforZero.com
www.yodlee.com

WEEK FOUR: Take a harder look at more long-term planning. Look at your 401K. Is it maximized? Are you insured properly? If there is a death, is your family covered? And this is important: set milestones. When you meet a goal go ahead and treat yourself.

  • I-Team Story ArchiveMore>>

  • Patient: Hospice company failed me too

    Patient: Hospice company failed me too

    Wednesday, August 27 2014 10:37 PM EDT2014-08-28 02:37:56 GMT
    The state is now looking into a defunct hospice provider originally investigated by the Fox 5 I-Team.
    The state is now looking into a defunct hospice provider originally investigated by the Fox 5 I-Team.
  • Hidden fees in checking accounts: Who's transparent, who's not

    Hidden fees in checking accounts: Who's transparent, who's not

    Wednesday, August 27 2014 8:10 AM EDT2014-08-27 12:10:06 GMT
    We already know about some of the fees our banks charge -- the monthly fee, the overdraft charge, out-of-network and minimum balance fees. That's standard stuff. But did you know that the average checking account has 30 fees attached?
    We already know about some of the fees our banks charge -- the monthly fee, the overdraft charge, out-of-network and minimum balance fees. That's standard stuff. But did you know that the average checking account has 30 fees attached?
  • Judge mulling sanctions related to ethics trial

    Judge mulling sanctions related to ethics trial

    Monday, August 25 2014 6:29 PM EDT2014-08-25 22:29:27 GMT
    A judge is deciding whether to sanction the Georgia attorney general's office, the state ethics commission and the commission's director for not releasing certain documents in a whistleblower trial.
    A judge is deciding whether to sanction the Georgia attorney general's office, the state ethics commission and the commission's director for not releasing certain documents in a whistleblower trial.
  • Contact the FOX 5 I-Team

    * denotes required fields

    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thanks for contacting FOX 5.  To reach our newsroom by phone, please call (404) 898-0100.

  • Good Day ArchiveMore>>

  • Back to School Jamboree with Hosea Feed The Hungry

    Back to School Jamboree with Hosea Feed The Hungry

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

  • Outlet Mall shopping secrets

    Outlet Mall shopping secrets

    Friday, August 29 2014 10:43 AM EDT2014-08-29 14:43:26 GMT
    I think this is what many of us assume about outlet mall shopping -- we get rock bottom prices on everything from clothes to housewares on brand names that are either leftovers from last year or this year's overstock. Well, it's not quite like that.
    I think this is what many of us assume about outlet mall shopping -- we get rock bottom prices on everything from clothes to housewares on brand names that are either leftovers from last year or this year's overstock. Well, it's not quite like that.
  • Good Day Atlanta

    Pike Nurseries: Labor Day entertaining and planting

    Pike Nurseries: Labor Day entertaining and planting

    Friday, August 29 2014 9:08 AM EDT2014-08-29 13:08:02 GMT
     Did you know that Pike Nurseries has a Pinterest Board that is chock-full of great entertaining ideas for the Holiday Weekend?
     Did you know that Pike Nurseries has a Pinterest Board that is chock-full of great entertaining ideas for the Holiday Weekend?
Powered by WorldNow

FOX 13 / WTVT-TV
3213 West Kennedy Blvd.
Tampa, Florida 33609
Main: (813) 876-1313
Newsroom: (813) 870-9630
Fax: (813) 871-3135

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices