Forget about hot girl summer, it’s time to have a rich girl summer!
This challenge will help you grow as a person, surround yourself by amazing people, go on adventures and do whatever your heart desires.
With only two months left this summer, I created a 30 day challenge that’ll help you take control of your finances. Achieving your financial goals might seem daunting at first, but by tackling one challenge each day, you will transform tremendously.
So, grab your calendar, and start challenging yourself for the next 30 days!
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Day 1: Learn to say “no”
Getting rich requires immense focus so you need to cut out anything that’s distracting you from reaching your goal. I challenge you to start saying “no” to things and people that no longer support you..
Day 2: Brainstorm what a rich girl summer means to you
What are the activities that are currently missing in your life? What do you wish your rich life looked like? It’s pivotal to picture the journey of reaching your rich life and not just the end goal. Start envisioning your dream life and brainstorming the ways you can get there.
Day 3: Monetize your skills
The fastest way you can become rich is by increasing the number of income streams you have.
down and brain dump every skill you have onto a piece of paper. Can you monetize any of them? Social media management and freelancing is a popular one to try!
Read: 47 Lucrative Side Hustles
Day 4: Tackle your debt with the avalanche method
List out all of your debts from highest interest rate to lowest interest rate. Focus on paying off the highest interest rate debt first (usually a credit card). But still remember to pay the minimum on the rest of the debts!
Read: How To Pay Off Debt Quickly
Day 5: Start subtracting things from your life
Shift your mindset from wanting to add more things (new car, shoes, habit, etc), to brainstorming what you can take away. Subtracting things from your life is just as important as adding them.
Day 6: Purge your closet and host a clothing swap
You can either donate the clothes, host a clothing swap or sell them online
Read: How To Host A Successful Clothing Swap
Day 7: Focus on these 3 things
Only do things that make you money, make you happy, or help you grow as a person. If something doesn’t fit those three categories then just say no! (remember Day 1’s challenge!)
Day 8: Get a travel rewards credit card
If you’re a travel lover then travel rewards credit cards can help you do that for free! I’ve gone to England, Maine, and Mexico (via cruise) for free thanks to my favorite credit card. Make sure you pay it off every single month!
Day 9: Incorporate real estate investing
There are three main types of real estate investing – flipping homes, rental properties that cash-flow, and house hacking! House hacking is the easiest to get into and is the most accessible one. You purchase a primary residence, live in part of it, and rent the rest of it out to help pay down your mortgage!
Day 10: Grab your friends and drive through the rich part of town
As you drive through the affluent neighborhoods, point out the homes you like the most. Start picturing your life there. You need to believe that you deserve and can achieve that wealth. The best way to do this is to constantly surround yourself with it. If you’re feeling extra ambitious, then visit an open house on the weekend!
Day 11: Exercise!
Exercise and personal finance both require discipline and are closely related. Fitness will help lead to a healthier lifestyle and mindset.
Read: 5 Fitness YouTube Channels To Follow
Day 12: Get a high yield savings account!
The average interest rate you earn on a traditional bank account is 0.04%. If you switch to a high yield savings account, you can earn closer to 0.5% (These fluctuate, please check current rates!)
The reason high yield savings accounts offer drastically higher rates is because they are typically online banks and have less overhead.
Take 15 minutes to open a high yield savings account and put your emergency fund in there!
Read: How To Choose A High Yield Savings Account
Day 13: Audit your habits
When you have good habits, your brain will start focusing on the more important things. List out all of your habits so you can figure out which ones you need to cut out. Cutting out bad habits will leave more room for incorporating good ones!
Read: How A Habit Audit Will Change Your Life
Day 14: Start going shopping in a new store
If you’re addicted to retail therapy, then I want you to try this unconventional way of treating your shopping addiction. You’ve probably developed a habit of going shopping to the same stores. If you change your environment and go to a new store then you trick your mind into thinking that impulsive shopping is only allowed in the other stores.
Read: 6 Ways To Overcome Your Retail Therapy
Day 15: Download a cash back app to get FREE gift cards
Fetch Rewards helps you get cash back just by scanning your receipts and referring friends! You can earn gift cards to Amazon, Adidas and more!
Day 16: Call HR and find out what your 401k match is
Does your employer match your 401k contributions? What does this even mean? Today’s challenge is to call your HR and find out if they have a 401k contribution plan!
Day 17: Five step rich girl checklist
Outline a plan to work through this rich girl checklist:
- Save 3-6 months worth of expenses in a high yield savings account for an emergency fund
- Pay off high interest rate debt like credit cards
- Save money in IRA or 401k
- Save for sinking funds like doctors visits, weddings, vets, etc
- Start saving for a house or maxing out your retirement accounts, and then investing in a brokerage account
Read: What To Do With Your Next Paycheck
Day 18: Check your credit score
If you’re unhappy with your current credit score, then it’s time to take control and work on it! Here are the five factors that impact your credit score:
10% Credit variety
10% Inquiries and new credit
15% Length of credit history
30% Credit utilization
35% Payment History
Day 19: Prepare these documents when getting pre-approved
If you’re looking to buy a house, you have to get pre-approved for a mortgage first. This takes about 30 minutes but is made easier if you gather all the documents the loan officer needs!
Here are the items a mortgage lender will look at in order to pre-approve you:
- Credit score and history- different loan types will require credit score minimums
- Two most recent bank statements
- Last two pay stubs
- Last two years tax statements
Day 20: Learn how to estimate your property taxes when buying a house
Your property taxes will most likely go up after you buy your house. In order to prepare for this, google “property tax estimator for [county name]”. Most counties provide a tax estimator that can help you plan better.
Day 21: Open an IRA account!
Roth IRAs are popular retirement accounts with tax advantages. You pay taxes on the money you contribute now but not on the money you withdraw later. The money on the Roth IRA grows tax free. There are both income limits and maximum contribution limits on these- be sure to check what they are before contributing!
Read: How To Open A Roth IRA
Day 22: Calculate Your Net Worth
By setting net worth goals, you will be taking a well-rounded approach to your finances that includes all aspects of your current finances.
Tracking your net worth is also the best way to track your financial progress every year. You can either do this manually with pen and paper, or create graphs that will allow you to see your lifetime progress.
The net worth calculation is very straightforward! You just add up all of your assets and then sum up all of your liabilities and subtract the liabilities from the assets. In math terms it is:
Net Worth = Assets – Liabilities
Read: How To Track Your Net Worth
Day 23: Read one book per month
86% of wealthy people love reading. This year I made it a goal to read one book a month and so far I’ve surpassed that! I’ve been alternating between rom-coms and personal development books. I just finished Atomic Habits, so next up is a rom-com!
Day 24: Create better habits
50% of our actions are done strictly out of habit. By developing better habits, we can automate a significant portion of our life in a positive way.
Day 25: Use your credit card more
Credit cards protect you better from fraud, they help you get cash back or other rewards, and they help you build your credit! When utilized properly, credit cards are a huge tool. Use them, but do it wisely!
Day 26: Start networking
85% of all job positions were filled because of networking. Wealthy people have learned to sharpen their networking skills over the years. So for today’s rich girl summer challenge, start incorporating monthly meetings where you network with others!
Day 27: Find a mentor
If you don’t have a mentor, it will take you much longer to accomplish your goals. Mentors help guide you, support you, and give you insight that you wouldn’t have found otherwise. Find a mentor who can help you achieve your next goal- whether it’s personal, financial, or career-related.
Day 28: Accept delayed gratification and stay patient
Becoming rich is all about delayed gratification. Whether it’s habits, investing, or developing a morning routine, the results are not immediate. You need to learn to anticipate delayed gratification and remain patient.
Day 29: Journal
If you start clearing your head of all of the thoughts that are constantly fighting for your attention, then that will help you focus better on becoming rich. Start brain dumping everything you’re thinking into a journal. This will help you prioritize the right things and plan your day out better.
Read: 30 Day Journaling Challenge
Day 30: Don’t burn out!
It’s so easy to get bogged down by the next goal we have to accomplish but it creates a cycle of burning out. Plan a vacation and enjoy your rich girl summer!
Read: How To Travel For Cheap
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