30 Day Challenge To Change Your Life Financially

What do you think of a 30-day challenge to change your financial life? If you like challenges, this article was made for you.

To meet any challenge in any area of ​​our lives, you will need willpower and self-discipline.

However, most people fail because they simply can not even start or, after a few days, do not have self-discipline to perform the necessary tasks. For this reason, the purpose of this article is to explain how you can develop this willpower to reduce your spending and organize your financial life.

Willpower research

Before explaining the challenge, I need to share research findings on self-discipline and willpower.

Experiment # 1: Physical Exercises

In 2006, two Australian researchers - Megan Oaten and Ken Cheng - set up an exercise program to assess the consequences of willpower. They enrolled 24 people aged 18-50 on a physical exercise program and over a period of two months subjected them to an increasing number of weight-lifting, resistance training, and aerobic activities.

Week after week, people were forced to exercise more often, using more and more will power whenever they went to the gym. After two months, the researchers evaluated the other aspects of the participants' lives to see if the increase in will power in the gym resulted in greater willpower at home.

It is important to clarify that, before the experiment started, most people were sedentary. Now, of course, they were in better physical condition. Surprisingly, they were also healthier in other parts of their lives.

The longer they spent at the gym, the fewer cigarettes they smoked and the less alcohol, caffeine and industrialized food they consumed. They spent more time on household chores and less on television.

They were also less depressed. Still the researchers were not convinced. Were the results really related to willpower? Or do the exercises just make people happier and less craving for fast food ?

Then they designed another experiment.

Experiment # 2: Financial Management

This time they enrolled 29 people in a 4-month financial management program. They set savings targets and asked participants to cut back on extra expenses, such as going to restaurants or going to the movies. Participants were also asked to record all their expenses in detail. At first, this task was dull, but as time passed, people developed the self-discipline necessary to write down each expense.

As expected, participants' financial lives improved as the program progressed. But the most surprising thing is that they smoked fewer cigarettes and drank less alcohol and caffeine (averaging two cups less coffee, two less beers and, among smokers, 15 fewer cigarettes a day).

They ate less industrialized food and became more productive at work and at school.

It had been the same as in the study of physical exercises: the more people strengthened their "muscles" of willpower in a part of their lives (whether in the gym or in finance), that power overflowed to what they ate or to their commitment at work.

Experiment # 3: Study Habits

Oaten and Cheng did one more experiment. They enrolled 45 students in an academic improvement program focused on creating study habits. As expected, learning ability has improved. And as they also anticipated, students also smoked less, drank less, watched less TV, exercised more, and fed healthier.

Moreover, none of this was stimulated in the academic program. Again, as the "muscles" of will power developed, good habits seemed to overflow to other parts of your life.

Conclusion: When you learn to have will power, you change the way you think. Your brain learns to control its impulses and distracts itself from temptations.

I'll stop here, but if you want to know more about this, I recommend reading Charles Dunigg 's book The Power of Habit , from which I extracted this research.

30 Day Challenge: Personal Budget

To work your willpower muscles, I want to propose a challenge for you from now on. I'll explain it in detail and I'll even provide you with a spreadsheet to help you with this challenge.

Your commitment: put into practice what is proposed and share your results after 30 days?

Do you accept the challenge?  So let's figure out what you need to do.

Task # 1 : Write down all your expenses. Do this in the simplest possible way;

Task # 2 : Consolidate all expenditures into a spending spreadsheet;

Task # 3 : At the end of the 30 days, review your spending and make a personal budget for the following month (you can use the same worksheet as item 2).

In the beginning, these tasks can be boring, but as the days go by, you will acquire the self-discipline needed to write everything down and feed your spending spreadsheet.

Ready to get started?

So now leave a comment below to formalize your commitment saying "Yes! I accept the challenge." At the end of the 30 days, go back here in the article and share your results. It is very important to understand what has changed for the better or what went wrong so that others can learn from your experience.
Powered by Blogger.