Augusta, GA – Many of us want to save more money as a resolution for this new year, but we may not know how to start. Earlier this week, we spoke with “The Budgetnista” Tiffany Aliche. More than 65,000 people world-wide signed up this year alone for her Live Richer Challenge. She’s here to help us save too.
News Channel 6’s Renetta DuBose asked Aliche what the draw is to her Live Richer Challenge?
“To be honest, I think the main draw to the Live Richer Challenge is that it’s free. Also, there are 65,000 people in 80 countries collectively working toward a common goal and I think that’s really the draw, especially for women. The challenge is geared towards women, although we don’t turn anyone away,” Aliche responded.
DuBose also asked why saving is so important?
“Saving is a habit that can lead to wealth. You don’t save your way to wealth, but it’s really one of the cornerstones to wealth building. Saving is so important because if you don’t save anything you can’t retire, you don’t have enough money for investing, it’s difficult to bring up your credit score, it’s difficult to pay down debt, so saving is really a cornerstone for basic money management skills. So, if you can learn how to save effectively, you can learn how to fix the rest of your financial life,” she said.
This isn’t the first year Aliche has done this money-saving program.
“In 2015, I launched the first Live Richer Challenge and I asked about 20,000 women world-wide who did that challenge what is your number one goal or challenge and they said it was saving. That’s why the 2016 challenge is a savings edition because I really wanted to listen to the women who were involved and give them what they needed. I agree savings is essential,” Aliche explained.
We asked The Budgetnista what is a good way to start for people thinking they can’t get out of debt or they don’t have enough money to save?
She replied, “Honestly, I’m The Budgetnista so I’m always going to say the same thing. Start with a budget. A budget is also another cornerstone to a strong financial life. You want to have a strong budget. A budget is just three things:
A list of all of your expenses (rent, utilities, entertainment)
How much that list cost you monthly
Take Home Pay – Expenses = Savings
That’s a simple budget. If you’re going to start saving, first you have to know where is your money going. Then, you can make adjustments to your budget so you can save more or you can make more so you can save more.”
DuBose concluded the interview with asking Aliche how easy is it to save if you don’t have a lot of money?
She said, “Well, it all really depends. If you don’t have a lot of money, you either have an I spend too much issue or you have an I don’t make enough issue. If you have an I spend too much issue, then saving can be easy. If you have an I don’t make enough issue you really have to address that and figure out how you can make enough income. If you spend too much, once you kind of look at your budget you can make clear choices. You know what, if the cable bill is too high, let me call and reduce it. Let’s just say your cable bill is $200 a month, you reduce it by $50, continue to “pay” $200 a month, but $150 to the cable bill and $50 to an online only savings account. That’s one of the best places to save your money because it makes your money inconvenient. Inconvenient money gets saved. Saving does not have to be difficult. Automation and putting your money in an online only savings account are two critical components to saving well.”
To learn more about how to save with The Budgetnista, visit her website here. Aliche said in a day you will receive challenge tasks directly to your inbox. You will also have access to a private forum of more than 50 thousand people.