El Dinero Report January 2021 | Stephanie Garcia

SUMA 2021 Dinero Workout

Get motivated! Get fit! Strengthen up your financial bod ahora! With SUMA’s Dinero Workout. 🏋🏽You think Shakira got her millions (and those kick ass abs) by sitting around and waiting? No! So, let’s go! 🤸🏽‍♂️

We’ve laid out a regimen that even a financial fitness beginner can tackle. Each week focuses on toning a specific area of your dinero.

Now before you get started on this Dinero Workout, don’t forget to enter our giveaway by clicking the button below!

WEEK 1: STRENGTHEN YOUR EMERGENCY FUND

PAY YOURSELF PRIMERO

Just like it’s not optimal to stretch AFTER a workout, it’s best to think about saving money before you start spending it.💵 The Balance blog says not to wait and see how much you have left over at the end of the month. Save a portion at the beginning of the month to condition your emergency savings to keep that money instead of tempting you to pull a savings muscle at the end of the month. 😫

SELL AND REPEAT

Work on strengthening the core of your emergency savings by searching around the house for items you don’t need anymore. Those premium kid’s toys your kids played with once can be put online and sold for extra cash. 🧸Do you have more cafeteras than you actually use? Downsize to one and sell the others. There are so many online platforms to sell your stuff on so it’s easier now, more than ever. 📲

BUSTLE YOUR SIDE HUSTLE

It’s time for cardio! 🏃🏽‍♀️Get moving to a money-making side hustle. Walk dogs on apps like Wag, 🐶create jewelry to sell on Etsy, make tamales to sell around the neighborhood on weekends. Do the side hustle shuffle around your full-time gig to add dinero to your monthly income and use it to build up that emergency savings muscle.💪🏽

STASH YOUR WINDFALLS

If you get any extra cash you weren’t expecting, birthdays, rebates, abuelo slipping you a $20 when he shakes your hand, whatever, let your body pause and rest. 🧘🏽‍♀️Then put that cash straight into your emergency savings. It’s not part of your overall budget so you’ll still be fine with your budget bulking up for the month. ✍🏽

Combine these with a well-balanced financial diet of cutting out fat expenses, like your daily coffee pickup, and focusing on eating at home. Take-out is full of gasta-dinero calories. 🥙

WEEK 2: TRIM YOUR SPENDING FAT

TRACK YOUR GASTOS

We know how it goes: you’re up late, catching up on your novela, mindlessly online shop snacking and before you know it, you’re on your fourth Amazon order. 😬The perfect storm to pack on the spending pounds. Start tracking your spending. The Motley Fool recommends doing it for at least 30 to 60 days as the first step in making your budget. It’ll help you spend consciously and see where you can trim. ✂️

HAVE A NO SPEND DAY

A fast can help reset your financial bod to keep your spending in check. Doing a no gasto, fasting day means committing to spending nothing for one day, once a month. 🙅🏽Yes, this will help your financial bod in the short-term but The Motley Fool mentions it can also change your spending mindset over the long term. 🙇🏽

BECOME A DISCOUNT CODE GURU

Sometimes it’s hard to find the strength to avoid ALL spending. In those times, think about trimming even the littlest bit. 🤏🏽Search for promo codes and coupons for percentages off items that you absolutely have to buy. Like refusing to eat taco number five, even a little percentage off helps trim that spending fat! 🙌🏽

CANCEL UNUSED SUBSCRIPTIONS

Those subscription snacks with empty spending calories are clogging up your savings cabinets. Throw them out! A magazine subscription you can read online or a spa membership you don’t use – cancel them! Basta! Say “no more!” 🙅🏽

Couple your Week 2 workout with going cash only for three days💵 to really feel the spend and remove credit cards from your online retail accounts to make snack spending harder to do.

WEEK 3: DEBT LOSS INSANITY

SNOWBALL ROUTINE

We’re gonna hit it hard in Week 3! With the Snowball Routine! ❄️After you get your financial body all warmed up, it’s time to focus on those debt handles.

The Dave Ramsey Blog breaks down the snowball method:

List your debts from smallest to largest regardless of interest rate.
Make minimum payments on all debts except your smallest.
Pay as much as possible on your smallest debt.
Continue reps 1-3 until each debt is paid in full.

You’re gonna want to fall out. You may get fatigued. Don’t do it! It might take a while to see a difference in your debt loss but keep it up and you’ll eventually be able to zip up those skinny debt loss jeans.👖

WEEK 4: DEBT LOSS INSANITY PART DEUX

Alright! If that Snowball routine wasn’t fuerte enough, let’s try out that Avalanche routine. 🗻️This is similar but almost opposite of the Snowball, working a different debt loss muscle.

The Balance Blog is here to help break it down:

List your debts in order of highest interest rate to lowest.
Make minimum payments on all debts except the highest rate.
Pay EXTRA on the highest rate.
Continue reps 1-3 until each debt is paid in full.

Getting into a routine is the best way to ensure a fit financial body. Cycle through all our workouts at your own pace to find a schedule that works for you. And be sure to check out SUMA’s giveaway where you can win a 1-on-1 session to our Dinero Gym with training by a top financial coach.

And before you leave us, don’t forget to enter our giveaway by clicking the button below!

SOURCES:

https://www.daveramsey.com/blog/4-quick-ways-to-build-your-emergency-fund

https://www.thebalance.com/easy-ways-to-build-emergency-fund-453608

https://www.fool.com/personal-finance/2018/09/18/20-ways-to-cut-spending.aspx

https://www.daveramsey.com/blog/how-the-debt-snowball-method-works

https://www.thebalance.com/get-out-of-debt-with-debt-avalanche-4140758

https://www.daveramsey.com/blog/how-the-debt-snowball-method-works

https://www.thebalance.com/get-out-of-debt-with-debt-avalanche-4140758