Make a Payment Rates About Careers Contact Locations

1 Week Challenge: How To Save More Money & Own Your Life

July 23, 2019 We all want to improve our finances, but it can feel like a big task. Like, really big. That’s why we put together a one-week money saving challenge to break it up into smaller, more manageable daily steps that honestly don’t take that much effort at all. Take the #MoneySmartsChallenge and be on your way to a brighter, healthier and richer life in just one week. Let’s do this!

Monday’s Challenge: Track everything you spent last month.

And we mean, everything. Use our to document exactly where your money is going each month. Bonus points if you do the last three months. Looking at a bigger chunk of time helps control for out-of-the-ordinary spending (which is bound to happen!).  

Tuesday’s Challenge: Choose one thing you could cut from your monthly budget.

It can be small! Review yesterday’s hard work (aka your budget spreadsheet) and identify one monthly expense that you could live without. If you can, choose an ongoing or habitual expense, so you can free up a little extra cash every month. Cha-ching! 

Wednesday’s Challenge: Set up an automatic savings deposit for that amount (or more).

Take the amount you saved on Tuesday (and then some, if you can swing it) and set up an . Automating your savings means you’ll be working toward a better financial future without so much as lifting a finger. It’s the ultimate life hack!

Thursday’s Challenge: List three things you spent money on in the last month that added value to your life.

Owning your money is about more than just cutting costs – it’s also deciding which expenses add value to your life and get you closer to your goals. If you love a good latte in the morning, then buy your latte in the morning. If you want a new outfit, so you can feel confident in that job interview, then buy that new outfit. Budgeting can help give you that freedom.  

Friday’s Challenge: Contribute to your retirement account. Or if you don’t have one, open an IRA.

When you retire someday, every day will feel like Friday – but only if you plan for it. You should contribute at least enough to get the full benefit of your employer’s match (if they offer it). If you’re already contributing to your IRA, challenge yourself to increase your contribution amount by 1 percent. If your job doesn’t have retirement benefits, (aka individual retirement account).  

Saturday’s Challenge: Prepare a meal at home instead of going out to dinner.

You can easily chop your food budget by replacing one meal out with a home-cooked meal. Make an activity of preparing the meal (you can even listen to our while you cook!), then set the table, add some candles and enjoy the fruits of your labor.

Sunday’s Challenge: Schedule a “money date” with yourself this time next month.

Plan a monthly money date to review your statements, loan balances and retirement accounts. Jumpstart your new habit by with a Summit financial expert for your first money date. You can discuss your experience doing the #MoneySmartsChallenge and come up with a financial strategy specific to your needs and goals. Ready to take the Money Smarts Challenge? Share pictures of your journey on Facebook or Instagram using #MoneySmartsChallenge and tag Summit Credit Union for a chance to be featured on our page.  For more tips to help you own your money, and read more of our blogs. You might also be interested in Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have. Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground. Even in these challenging times, there's  whole lot of good happening! At Summit, we've always believed financial success happens together and that's been truer than ever this past month. Here's what "together" has meant for our community. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. If you’re not sure if something is a scam, it’s ALWAYS better to act like it could be! Fraudsters are always coming up with creative new ways to steal from you and quick to take advantage of a crisis. Here are some of the most popular recent scams to watch for. With a little planning, you may be able to actually save a little money during the holidays. Check out these tips to keep costs down without missing out on the holiday fun. Some scams go right for your money; others try to get you to part with personal information – like account numbers, Social Security numbers, passwords, and personal identification numbers (PINs). Find out what you should look for and how to protect yourself. The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA