Ready to take control of your financial future? Dive into this 7-day money challenge and start seeing real growth in your bank account.
I've reached millionaire status by testing countless personal finance strategies, and now I'm here to share what I've learned to help you improve your financial situation.
Let’s be honest—there’s no quick fix to getting rich. But this 7-day challenge will help you take practical, actionable steps toward better financial health.
Each day of this challenge, we’ll tackle a different aspect of your finances, from debt management to investing. Some days will be tough (like Day 1), forcing you to face hard truths about your spending or debt. Other days will be about taking action to set yourself up for future success.
This challenge isn't about overnight wealth. Instead, it's about making small, practical changes that build up over time. I'll suggest tools that I find helpful, but you can use whatever works best for you.
Ready to give it a shot? Let's break down the week ahead:
Day 1: Face your debt head-on
To effectively manage your finances, you need to know where all your debt comes from—credit cards, student loans, personal loans, and any other debts you've accumulated.
Lack of clarity about your debt makes it difficult to plan effectively.
As of mid-2024, 77% of American households carry some type of debt, with an average of $104,215 per household—an all-time high.
While some debt is normal, it's crucial to get a clear picture of your financial situation to plan your way forward.
Start by signing up for Empower (it’s free) and syncing all your financial accounts. This will provide a comprehensive view of your finances.
With this clear picture of your total debt, you can create a targeted repayment strategy. Empower is a tool I personally use to track all my finances, and the best part is, it’s completely free.
With Empower, you can:
- Track your spending to see exactly where your money goes
- Set saving goals to keep your spending in check
- Stay on budget to get closer to your financial goals
Click here to start using Empower
Day 2: Master your budget
If you're not using a tool like Empower, your spending habits may be unclear, making it harder to save money.
Without a budget, overspending in certain areas is common. Research shows that people who follow a budget save 10-20% more than those who don’t.
With Empower, you can easily set up your budget. However, if you prefer a more hands-off approach, consider signing up for Albert’s 30-day free trial, which creates a personalized budget for you.
Albert uses advanced technology to help you identify areas of overspending and develop a realistic budget tailored to your income and goals. Plus, the Albert app offers fee-free cash advances of up to $250 for those moments when you need extra cash in a pinch.
Start using Empower or try Albert’s free trial to begin your journey toward smarter spending and better savings.
Day 3: Simplify your debt
Now that you’ve synced up your debt on Day 1, you’ve likely noticed how multiple debts with varying interest rates are complicating your repayment efforts.
High-interest debts are draining your finances and prolonging your journey to financial freedom.
As of the second quarter of 2024, the average American household carried $8,689 in credit card debt, according to The Motley Fool.
To ease the burden, consider using Upstart to consolidate your high-interest debts into a single, lower-interest loan. This can significantly reduce your overall interest payments and simplify your repayment process, making your goal of becoming debt-free more achievable.
Simplify your debt and save money—check your rate with Upstart now and take a step closer to financial freedom!
Day 4: Embrace frugal living
Your current lifestyle might be standing in the way of your financial goals. Overspending on non-essential items is a common pitfall that can hinder your ability to save and pay off debt.
A 2023 survey by OnePoll and Ladder found that the average American spends about $18,000 annually—or $1,500 each month—on non-essential purchases. This kind of spending adds up quickly, making it harder to achieve financial stability.
To regain control of your finances, start by reviewing your spending habits using tools like Empower or Albert. These apps can help you track where your money is going and identify areas where you can cut back. Consider reducing dining out, canceling unused subscriptions, or limiting impulse buys.
Even small changes can make a big difference, freeing up extra cash that can be redirected toward savings, debt repayment or investing. By living below your means, you’ll not only accelerate your journey to financial stability but also build a more secure and stress-free future.
Day 5: Start your investment journey
If you haven't started investing for your future, you're potentially missing out on significant long-term growth and the powerful benefits of compound interest.
Imagine this: starting to invest just five years earlier could result in up to 25% more wealth by the time you retire. Don’t let procrastination hold you back from securing your financial future.
Acorns makes it easy to get started, even if you're new to investing. With automated micro-investments, you can begin building wealth effortlessly. Plus, when you open an account today, you’ll receive a $20 bonus to jumpstart your journey.
Don’t wait any longer—start investing with Acorns today and claim your $20 bonus. Your future self will thank you.
Day 6: Turn clutter into cash
Your home might be filled with unused items taking up valuable space—items that could be turned into extra cash. These forgotten possessions aren’t just clutter; they represent a hidden financial opportunity.
Research shows that the average household has about $3,100 worth of unused items that could be sold. Imagine what you could do with that extra money—pay down debt, boost your savings, or invest in something meaningful.
Start by decluttering your home, room by room. Identify items you no longer need or use, then sell them online through platforms like eBay, Facebook Marketplace, or even host a garage sale. Not only will you generate extra income, but you’ll also create a more organized, stress-free living environment.
By turning clutter into cash, you can simplify your space and strengthen your financial future. It’s a win-win!
Day 7: Celebrate your progress
You've made significant strides in improving your financial health over the past week. It's important to take a moment to acknowledge this progress—after all, recognizing your achievements helps keep you motivated for the long haul.
Celebrating small wins not only boosts your confidence but also increases the likelihood of reaching larger financial goals. Reflect on what you’ve accomplished during this 7-day money challenge and use that momentum to plan for continued financial success.
To keep building on what you’ve started, consider leveraging the right tools to maintain and accelerate your progress:
- If you’re ready to start investing for your future, Acorns offers an easy way to begin with automated micro-investments. Plus, you’ll receive a $20 bonus when you sign up today.
- For budgeting and managing your spending, Albert can help you create a personalized budget and even offers fee-free cash advances when you need a little extra.
- And to get a comprehensive view of your finances, Empower is a powerful tool to track your spending, set savings goals, and stay on budget—all for free.
By integrating these tools into your routine, you’ll reinforce positive financial habits and keep the momentum going. Remember, small steps taken consistently can lead to significant results over time. Start your journey today and watch your financial future transform!
Start investing effortlessly with Acorns! Turn your spare change into investments, making it simple for anyone to build wealth over time. Set up automatic contributions, sit back, and watch your money grow. Plus, get a $20 bonus when you open a new account and start recurring investments.
Albert, an online fintech banking platform, is an all-in-one app that helps users save, spend, borrow, and invest. It's popular for its fee-free cash advance, and it also offers numerous tools to help you save money and budget.
Empower makes achieving financial freedom easy with retirement plans, investment management, and personalized tools. Get started with their free Personal Dashboard, which provides valuable insights into your financial health and access to powerful tools. For those looking for more, Empower also offers expert investment management services to help you grow your wealth. Open a free account today and take control of your financial future.
