It is always a good time to reevaluate your finances. Whether that means saving more, investing or getting to a real level of discipline – we could all use a few changes in our money habits. As mothers, we know all too well how funds change once a child is born and each year brings upon new expenses from daycare to college. But, that does not give us an excuse to be careless with the money we try to keep in the bank as well.
Allow us to introduce you to one woman, Tiffany “The Budgetnista ” Aliche, who has helped over 10,000 women save $1.5 million dollars and author of Amazon bestseller The One Week Budget. Aliche shared her tips with Black Enterprise (BE) on just how we can get to live richer and save more – sounds too good to be true, but it isn’t! Aliche started a Live Richer Challenge on January 5 to help women “face financial fears and live richer,” the challenge brought in participants from the U.S., Kenya, China all for one goal.
See what and how these women accomplished the challenge and more:
BE: What inspired you to start the Live Richer Challenge?
Tiffany : The idea to start the Live Richer Challenge came to me in January 2014. In the beginning of the year, most people realize that their financial challenges need to be addressed. During that time I received messages from women all over asking for help. Some of these messages were urgent. Some women were unable to support themselves and their children, some were in dangerous situations, while others were ashamed of their financial situation.
I did my best to help these women individually but soon became overwhelmed. It was then that I formulated the Live Richer Challenge. I wanted to help the maximum amount of women in the most efficient way possible. I wanted the women to form a community where they could begin to help each other. I wanted to provide this service for free to women because I did not want to be an additional financial burden.
BE: How exactly does the challenge work?
The Live Richer Challenge is a free, online financial challenge created to help 10,000 women achieve seven specific financial goals in 36 days. Over a five-week period, challenge participants discover how to shift the following:
Week 1: Money Mindset
Week 2: Budgeting & Savings
Week 3: Debt
Week 4: Credit
Week 5: Insurance & (beginning) Investing
Final Day: LIVE RICHER!
Once the challenge begins, participants receive a daily task delivered to their email for a period of 36 days (5 weeks). These simple task are designed to help each woman accomplish the weekly goals.
BE: When the challenge is over, how do you recommend that women make saving a part of their day-to-day lifestyle?
Challenge participants learn how to develop a savings plan during Week Two. In order for savings to become part of the day-to-day lifestyle, women taking the challenge first learn to create a budget and reduce excess spending. Women are then taught to automatically transfer their savings to an online-only bank account called Money Bucket. The beauty of Money Bucket is that it takes two to five business days to transfer money back to a regular checking account. The wait curbs impulse spending.
BE: What have you observed to be women’s biggest or most common mistake in handling our finances, and how do we overcome it?
The most common mistake I see women make is not starting. When they finally realize they need to start, they’re ashamed and overtaken by fear. This fear paralyzes them, so they continue to delay. It’s a vicious cycle.
To break this cycle, during Week One (Money Mindset), participants learn to set aside shame and ask for help. Through the Live Richer forum, they interact with other women who are experiencing similar challenges. The forum provides support and accountability. These are two key factors in overcoming common financial mistakes.