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I'm launching a 50/50 Challenge in November and I really want you to be a part of it. Besides having a friendly competition with each other, there's also a prize.
Even if you don't win, you should have some more money in your pocket this month. Oops..I'm getting ahead of myself. Let me explain…
Why a 50/50 Challenge?
“Spend less than you earn.”
Did you see the the two sides of the equation? For many they only focus on spending less, but that's not the entire picture.
If you're not spending wisely,look at cutting your needless expenses. If your income is less than you need to reach your financial goals, then earn more.
Too many personal finance bloggers focus on either cut expenses to the bone or how to make money online.
Neither is wrong, but truthfully most of us need to do both. I want to encourage both frugality and entrepreneurship.
How the 50/50 Challenge Works
It's a month long challenge/contest that I'll be running all through November. It starts with you choosing a target goal.
You set an amount as your goal and split it by how much you'll acquire by saving and how much you'll gain by earning more.
The challenge portion will have tips on saving and earning throughout the month here on Couple Money.
I'll be splitting the tips between frugality and entrepreneurship so whatever side of the equation you need to improve on, there will be applicable information.
The contest portion will include weekly updates on Mondays. You'll need to share your progress, either by leaving a comment on that week's update post or on your own blog (just link back to the posts, so I can track your progress).
I encourage you to exchange tips – there can only be 1 contest winner, but everyone can save/earn more money in their pocket!
At the end of the month, I'll pick the top 5 finalists and the winner will be selected by YOU.
I want the Couple Money community to decide who's the contest winner. (All of us should be Challenge winners- we'll have more money in our pockets!)
We're giving away a Kindle Fire!
This is a big challenge to undertake and I think it deserves a fun prize.
For those not familiar with the Kindle Fire, here are some features:
- 7″ vibrant color touchscreen
- Over 100,000 movies and TV shows re available to stream or download, purchase or rent
- Kindle Fire gives you free storage for all your Amazon digital content in the Amazon Cloud
- Battery Life: Up to 8 hours of continuous reading or 7.5 hours of video playback
Signing Up For the Challenge
If you're as excited as I am, please join us for a chance to win!
- Simply sign up for the Couple Money Newsletter so you won't miss out on any of the money making and saving tips and updates.
- Leave your 50/50 Challenge goal on this post's comment section.
- Every Monday when I share my own weekly updates (and highlight other challengers' success stories), leave your progress in the comment section.
Remember, you need to sign up with Couple Money’s Newsletter to be entered for the 50/50 Challenge. While anyone can join the Challenge, the Kindle Fire is for US Residents only.
For Canadian and other international readers I will offer $199 via Paypal only. You must have an account with Paypal or you will be disqualified. You must be 18 or over to qualify for the prize.
The contest ends November 30, 2011 (11:59 PM Eastern). I’ll be drawing the finalists on December 1, 2011 and will contact them. I need a valid email so I can contact you if you’re one of them.
I'll post the finalists here on Couple Money and readers will then have until December 4, 2011 (11:59 PM Eastern) to choose their winner.
My Own 50/50 Goal
I'll be setting my goal for $1,000 – half will be from cutting expenses and the other half will be more hustling for work.
My plan for my $1,000? I'm trying to get a bit more for our car replacement fund and give a portion to Charity:Water.
Thoughts on 50/50 Challenge
What you do with the money saved/earned is up to you so please share it in the comments section below.
Please do me a favor and share this challenge with others on Twitter, Facebook, and whatever site you use.
I hope you can join me this month!
Photo Credit: Amazon