Month 5: Financial Challenge

Month 5: Financial Challenge


Money can be a challenging topic to talk about.

How much of your paycheck you spend, versus how much you ultimately save, may be the single biggest determiner of future financial success.

RULES

  • Please note that NHP does not want to see any of your personal information i.e. payslips, bank statements or any personal financial numbers!
  • This challenge will be judged on the answers to the questions asked each day of the challenge, as well as on photos, videos and documentation received.
  • Remember to communicate with the NHP wellness team.

Day 1 to 3: Assess your finances

(Monday 10 June to Wednesday 12 June)

Demartini, one of the greatest financial coaches is famous for saying “The clearer your picture of your financial present, the faster you can grow your financial future.” Spend some time the next 3 days thinking about your current financial situation. Assess your current financial situation.

Ask yourself:

  • What would be one word or sentence to describe how you are feeling about your finances?

Rate your financial health out of 10:

  • 8 out of 10 would mean that you are completely financially healthy, savings in place, managing your debt, all protection elements in order and you are well on your way to financial freedom.
  • 7 or less - changes may be needed.

Day 4 to 6: Understanding your payslip

(Thursday 13 June to Saturday 15 June)

When it comes to personal finance, it is vital to understand the concept of budgeting. In fact, Warren Buffet says, “If you want to get wealthy, learn how to manage one month’s income”.

Ask yourself

  • Do you understand your income?
  • Do you review your payslips on a monthly basis?
  • Do you understand all the additional benefits that your company makes available to you?

If the answer is no - then use your tea time or lunch today and find the answers to these key questions. Often times people feel embarrassed asking what they think is a stupid question, they feel afraid due to their lack of knowledge. There is no such thing as a stupid question!

Start by getting a copy of your payslip, next up review the deductions. We do not want to see your payslip but do answer the questions.

Ask yourself

  • Do you know what is being deducted?

Many people simply give up when it comes to managing their finances. Henry Ford said “whether you think you can or think you can’t - you are right!”

Enjoy your Sunday. Remember to relax!

Day 7 to 9: Learn How to Budget Better

(Monday 17 June to Wednesday 19 June)

A budget is critical to financial health. In order to budget you need to:

  • Step 1: Get 3 month’s bank statements and a copy of your payslip.
  • Step 2: Build your budget - write it down or Google a basic budget template that will work for you.
  • Step 3: Compare your income to your expenses.
  • Step 4: What is your outcome do you have money left over or are you short every month?
  • Step 5: Build your budget. Once you have set you’re your budget ask yourself what could you potentially change or streamline - small changes could make a big difference

Top 10 Budget Saving Tips

  • Bank Charges
  • Insurance - have you compared?
  • Review your groceries
  • Could you save on your petrol spending or consider to car pool?
  • Track your cash
  • How much are you spending on your cell phone?
  • Eliminate unnecessary spending like your daily coffee or lunch at the canteen
  • Memberships - Sports and Hobbies, DSTV
  • Family Support: How much are you giving to family members each month?
  • Utilities: could you save on this expense?
  • Entertainment and take-aways

Ask yourself:

  • Have you been overspending on unnecessary things?
  • Has there been anything you could identify where you can save money?

Day 10 to 12: Getting Financially Organised

(Thursday 20 June to Saturday 22 June)

When a person is financially organised you track your expenses and check your bank account on a regular basis. It is said that, the financial house that is well organised receives more money than one which is not.

Think about your budget and ask yourself the following questions:

  • Are you financially organised or not?
  • Do you budget on a monthly basis?
  • Is your budget profitable?
  • Do you know what you are spending money on?
  • Do you feel in control of your budget?
  • Does your money run out before the next pay check?

Enjoy your Sunday. Remember to Relax!

Day 13 to 18: Planning

(Monday 24 June to Saturday 29 June)

1. Pack our your food cupboards and fridge

Ask yourself:

  • Did you find old foods that could be thrown away?
  • Any old canned food that has been there for ages? Why not donate?

Now make a list of the things that you will need next month when going to do grocery shopping.

Buying groceries once a month can save you a lot of money. Having a nice big breakfast or lunch before going grocery shopping will stop you from buying “junk food”. Not only will this help on the pocket but also on those “hips”.

2. Plan your lunches a week ahead. This will definitely save you on those daily costs.

3. Delete all emails that can lead to temptation to buy cloths or anything else.

Ask yourself:

  • Do you know how much bank charges you pay a month on average? Is there any way to reduce this?

4. Plan on cutting out restaurants. Why not plan some picnics in the park, a nice dinner in your garden or even a nice lunch with the family at home?

Challenge Details

  • Use your financial calendar to record your progress
  • Remember, you can cheat others, but you can't cheat yourself!
  • All additional challenges should include a 2 to 4 minute video and enough photos. We want to really see your effort. We would like to see the creativity, spirit enthusiasm and originality in the challenges

REMINDER

  • Include 2 to 4 liters of water daily
  • Eat 3 to 5 portions of fruit and vegetables
  • Walk at least 8 000 steps a day
  • Stay in proper routine in order to get a good night’s rest

ENTERING THE CHALLENGE

  • Whatsapp your participating photos, videos, stories and answers to: 081 739 4840 during the month
  • For enquiries call 081 739 4840 or email back2basics@nhp.com.na




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