Four-Week Financial Fitness Challenge - Los Angeles News | FOX 11 LA KTTV

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>>

  • Developer: Kenerly never asked for bribe

    Developer: Kenerly never asked for bribe

    Wednesday, August 20 2014 10:18 PM EDT2014-08-21 02:18:28 GMT
    Prosecutors considered him their key witness, a longtime Gwinnett developer given immunity to spill what he knew about corruption inside county government. David Jenkins testified before a Gwinnett grand jury in 2010. He also met multiple times with prosecutors. Those interviews were videotaped. Four years later, prosecutors agreed to a no contest plea bargain with former commissioner Kevin Kenerly on one count of bribery. He will serve 10 years on probation and pay a $10,000 fine.
    Prosecutors considered him their key witness, a longtime Gwinnett developer given immunity to spill what he knew about corruption inside county government. David Jenkins testified before a Gwinnett grand jury in 2010. He also met multiple times with prosecutors. Those interviews were videotaped. Four years later, prosecutors agreed to a no contest plea bargain with former commissioner Kevin Kenerly on one count of bribery. He will serve 10 years on probation and pay a $10,000 fine.
  • Control your debit or credit card by remote control

    Control your debit or credit card by remote control

    Wednesday, August 20 2014 8:35 AM EDT2014-08-20 12:35:26 GMT
    Oh, that awful feeling when you think your credit or debit card is safely tucked into your wallet, but it's still shopping. Somebody, somewhere has got your card number and is using it. What if you could turn off that card?
    Oh, that awful feeling when you think your credit or debit card is safely tucked into your wallet, but it's still shopping. Somebody, somewhere has got your card number and is using it. What if you could turn off that card?
  • Reality TV Star Todd Chrisley faces tough questions

    Reality TV Star Todd Chrisley faces tough questions

    Tuesday, August 19 2014 10:58 PM EDT2014-08-20 02:58:47 GMT
    It's one of the hottest reality TV shows in the country and it stars an Atlanta millionaire.It's called "Chrisley Knows Best" and Todd Chrisley is the flamboyant lead.But Senior I-team reporter Dale Russell has been digging through court records and says "reality" means something different to people who have done business with Chrisley.
    It's one of the hottest reality TV shows in the country and it stars an Atlanta millionaire.It's called "Chrisley Knows Best" and Todd Chrisley is the flamboyant lead.But Senior I-team reporter Dale Russell has been digging through court records and says "reality" means something different to people who have done business with Chrisley.
  • 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.

  • Good Day Atlanta Extra

    Paula Deen: 'I'm happier, more solid, I'm smarter'

    Paula Deen: 'I'm happier, more solid, I'm smarter'

    Wednesday, August 20 2014 11:14 AM EDT2014-08-20 15:14:12 GMT
    Celebrity chef Paula Deen says she is 'happier and smarter' after a controversial year in the spotlight. Deen joined Good Day's Paul Milliken to candidly discuss the lessons she's learned, and her hopes for the future.
    Celebrity chef Paula Deen says she is 'happier and smarter' after a controversial year in the spotlight. Deen joined Good Day's Paul Milliken to candidly discuss the lessons she's learned, and her hopes for the future.
  • Virginia-Highland restaurant gets facelift, pays it forward

    Virginia-Highland restaurant gets facelift, pays it forward

    Wednesday, August 20 2014 9:12 AM EDT2014-08-20 13:12:15 GMT
     It's been a traditional watering hole for a quarter of a century.  And now, Highland Tap is celebrating a new look by helping out a neighbor.  
    It's been a traditional watering hole for a quarter of a century. And now, Highland Tap is celebrating a new look by helping out a neighbor. Highland Tap is a popular restaurant/bar in Atlanta's historic Virignia-Highland neighborhood. The restaurant closed down
Powered by WorldNow

KTTV FOX 11
1999 S. Bundy Dr.
Los Angeles CA 90025

Main: (310) 584-2000
News Tips? (310) 584-2025

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