Detox Your Money: February

How is it already February?! The month slipped right by and we didn't do any yoga! Seriously. But that's okay, we aren't going to beat ourselves up about it. We still have our fitness goals going for the rest of the year, but our focus now shifts to our February challenge - Detoxing our Money!

The entire goal of our Detox Your Life Challenge is to improve a different area of our lives each month. It's okay if we don't accomplish ALL of our goals; however, we will take much pride in tackling the goals we set and use those accomplishments to build momentum in tackling our remaining goals as the year goes on.

Last month, for the Detox Your Fitness Challenge, our goals were to:

• Lift Weights 4-5 days per week (check!)
• Cardio 2-3 days per week (at the end of our lifting workouts) (check!)
• Hike at least once a week (We hiked twice, we weren't able to the other weekends because of the weather but we did add in a couple stair climbing sessions in the gym and some HIIT workouts!  We’ll make up our lost days when the weather improves.)
• Yoga at least once a week (didn't happen...nope...not once!)
• Stretching every day for 10 minutes after waking and 10 minutes after lifting (half and half, we stretched after working out but not much after waking up)

I (Whitney) start week 5 of the She Sweats 12-Week Run Builder next week and Scott will start week 5 of the She Sweats 12-Week Transformation (Yes, men can do "she sweats"!).

Again, just because a new month is upon us doesn't mean that we are going to completely forget about our fitness goals. We will continue with our fitness goals and simultaneously move forward with our money goals!

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Why are we talking about money?

Fitness is a large passion of ours, but financial responsibility and freedom are top priorities and huge passions as well. We both majored in finance in college and continue to be captivated by personal finance. Scott has worked in corporate finance for over a decade now and continues to stay on top of personal finance and investing news. We share a strong passion for helping our community get better at budgeting, saving, investing, and building financial freedom along with living a healthier lifestyle by focusing on pursuing active hobbies and eating healthy.

We're not perfect, but we strive to be as disciplined and responsible as possible by living within our means; it's simple - we focus on the things we need in our pursuit of happiness, not the things we want in the relentless chase for status. Living a balanced life requires saying "no" more than saying "yes". This applies to finance and fitness. It is not about deprivation, it's about self-awareness and control.

Wondering what all of this detox stuff is all about?

Take a look at the concept behind our Detox Your Life Challenge here.

Let's take a simpler approach to money this time, shall we?

Start off the month by reading our post on 18 ways to save $15,000 in 2018! It has a ton of valuable information to help you reach your financial goals. Then, pick one (or two!) of our money saving challenges to try! Getting your finances in order sounds complicated but it's really simple. It not easy but it is simple. The easiest way to get started is by spending less than you earn and prioritizing your goals whether that may be to pay off debt or build emergency savings. How you do that is up to you but we will help guide you along the way!

Check out these money quotes to help motivate you!

So, what will we be working on this month?

• Opening a new savings account to maximize the interest we’re earning
• Categorizing our grocery receipts to help drill-down on wasted expenses
• Reviewing our retirement investments to ensure we’re saving enough for retirement
• Reviewing the new changes to the tax code to identify incremental income that can be poured into savings and take advantage of new opportunities

Looking for ideas for your own challenge?

• Make this month a no spend month
• Build a budget
• Build a financial plan
• Take advantage of free (or low-cost) financial advice through your employer or bank
• Start an emergency fund (ANY amount helps!)
• Cut back on how many times per week you eat out
• Write down every single thing you spend your money on this month (count every penny!)

Need to write down your goals with pen and paper?

We do too! We have a simple printable for you! You can print it in color or black and white and then just fill in whatever notes or goals you need to jot down. Get it here.

Reminder: Make sure you are signed up for the Detox Your Life Challenge emails so that you know when a new challenge is released or we have something fun to give you like a new printable!

Check out these additional resources:

• 18 Ways to Save $15,000 in 2018
• No Spend Money Saving Challenge
• How We Ditched Cable TV
• 6 Simple Ways to Save Money (and Calories!) at Restaurants

Start one of our free Money Saving Challenges:

• Save $1,000 in 3 Months
• 3 Month Money Saving Challenge
• Beginner 6 Month Money Saving Challenge
• 52-Week Money Saving Challenge
• 12 Month Money Challenge
• $300 12-Week Christmas Money Saving Challenge

Get Ready for New Articles to Help You Along the Way

We will come back here and add the links as we publish these posts!

• Small expenses you might miss in your budget
• Ways to build an emergency fund
• What to do with that tax "refund" (and why that's in quotes!)
• Simple finance habits that changed our lives
• Things you keep doing that keep you in debt (and how to get out!)
• How we are debt free but still USE credit cards

18 Ways to Save $15,000 in 2018

If one of your main goals for 2018 is to get your personal finances in order, then we have put together a great game plan to help you! Below are the first five steps/tips that we recommend you take:

• Set a goal – we recommend saving six months’ worth of your income
  • Related: Money Saving Challenges
• Develop a plan – the ideas below may help you reach your goal, but it’s important to do a financial review to determine where and how much you’re realistically able to save
• Make it difficult to overspend – carve out a day each week (for example, No-Spend Mondays) to avoid spending frivolously on things you don’t necessarily need to collect or consume (excluding crucial recurring expenditures like gas, bills, groceries, etc.).  Have this same day serve as a time to complete your financial review to help you avoid impulsive purchasing.
  • Related: No Spend Money Saving Challenge
• Make a list of helpful financial guidelines (ours are coming soon!)
• Track your spending using a site like Mint.  There are several websites and apps out there, but we’ve used Mint for many years and highly recommend it due to its simple approach to budgeting.

Now, if you are looking for ways to save even more money you are in the right place! Below is a list of 18 ideas for 2018 to help you save $15,000!

Disclosure: This post may contain affiliate links. Check our disclosure policy for more details.

If you really want to step up your game, join our Detox Your Life Challenge! Also, join us on Instagram, Pinterest, and Facebook for more tips!

18 Ways to Save $15,000 in 2018

1.     Max out your employer’s match on your 401(k) to earn free money and save on your current year tax bill

A single person making $40,000 annually and setting 6% of their pay into a 401(k) will save approximately $500 in taxes by utilizing the tax deferral and will receive $1,200 in “free money” assuming the employer matches 50% of the 6% contributed.  This means that your out-of-pocket contribution of about $1,900 per year is actually worth $3,600.

Speaking of taxes, here are 5 smart ways to use your tax refund.

$1,700 total saved annually ($1,200 earned + $500 saved) 

2.     Declutter your home and sell things you no longer need (or cash in on those impulse buys you made)

List items like furniture or other items of significant value on Facebook Marketplace or Craigslist.  If it’s something small and you’re not worried about shipping, list it on eBay and start racking up on cash to help you reach your savings goal.  Take clothes you wear less than once a month to your neighborhood consignment shop (we've had great luck with Plato's Closet) if they’re not worth anything on eBay.

A great starting point is this checklist of 10 things to get rid of for a clutter-free home. You can also take part in our 30-day minimalism challenge.

Our story coming soon on how we earned over $8,000 by decluttering and simplifying our home.

Easily earn up to $1,000 annually  

3.     Skip the weekly bar/pub visits

It’s okay if you want to engage in social activities a couple times a month for big celebrations (friends or family birthdays, closing a big deal at work or delivering a high-quality project/presentation to your boss), but it’s not necessary to hit up the bar or pub multiple times a month just to unwind after a long workweek.  Instead, go for a hike on the weekends and unwind with nature – several new studies are showing time in nature is beneficial for your mental and emotional well-being. Read about our hikes here.

Check out these 6 tips on how to save while dining out.

About $1,300 saved annually

4.     Reevaluate your gym membership options

Boutique gyms like your local CrossFit or Orangetheory are very taxing on your wallet.  Instead, try out one of our workout plans and shoot to spend no more than $40/month on a standard gym membership (Orangetheory unlimited and CrossFit are about $150/month on average). 

We just transferred to Workout Anytime after waiting to secure the best deal and paid $420 for two years total for the Friends & Family plan – that’s only $17.50/month for both of us!!!

We have a ton of free workouts on the website and also offer workout plans that cost less than the price of one session with a personal trainer!

About $1,300 saved annually

5.     Ditch the dish or cut the cable!

If you need more to watch than Netflix or Amazon Video, go with SlingTV or PlayStation Vue (if you have PlayStation).  According to our research, the average cable and satellite TV plans cost more than $120/month.  Compare that to SlingTV’s plans of $20-$40/month or PlayStation Vue’s plans of $40-$75/month and you can save big!

Related: How We Ditched Cable TV

SlingTV savings of $960 - $1,200 annually

PlayStation Vue savings of $540 - $960 annually

6.     Turn your free-time into cash

Why waste time watching Netflix when you can turn your free-time into easy cash by taking online surveys?  Check out https://www.frugalforless.com/best-survey-sites/  for the best survey offers.

Earn at least $1,000 annually by spending only two hours a week (you can use those two hours saved by not going out and buying drinks and come out at least $2,000 ahead!)

7.     Seriously, it’s time to kick Starbucks to the curb…and this is more than financial!

I buy some really great 2-pound bags of organic coffee beans at Costco (or 5-pound bags on Amazon) for only $9 when they’re on sale, which works out to only 24 cents for a strong 12-ounce cup of coffee.  24 cents!!!  Compare this to the average $3.25 spent daily on coffee from Starbucks and you spend about $1,200 annually versus $160 (incl. coffee grind and brew machine) for good, freshly ground organic coffee from home. And, no, don’t use a Keurig either!  Here are some reasons why.

About $1,000 saved annually

8.     Start bringing lunch from home

Quit dining out for lunch and eat at your desk – you’ll be more productive and save money.  You may even be able to leave earlier on Fridays thanks to the increased productivity. Plus, you can eat much healthier by making your own lunch!

We have a ton of recipes that you can make and take for lunch!

Average of $1,200 saved annually – assumes average cost $12 per lunch when dining out versus $4 from home – three times per week

• 2x per week savings = $832/year
• 3x per week savings = $1,248/year
• 4x per week savings = $1,664/year

9.     Limit (or avoid) impulse purchases at retail stores

Grocery and warehouse stores are laid out in a way to make you spend impulsively.  If you have a Costco membership then you know this concept all too well!  Whitney will carry something in her hands around the store to determine whether or not she really needs the item (psychologically, it makes perfect sense).  You can try this approach or simply challenge yourself to pull three things you don’t need from your grocery cart at checkout each week. 

About $500 saved annually

10.  Limit (or avoid) impulse purchases online

Speaking of impulse buying, shopping online is even more dangerous given how simple it now is to place an order with a couple clicks and have it at your door within 2 days.  If you’re considering making an online purchase that is more than $50, wait 48 hours before making the impulse buy.

If you have a serious problem with online shopping, remove your stored credit card information from your browser and delete your account. Chances are you will avoid making the impulse buy if you make it more difficult to make a purchase by adding barriers.

About $500 saved annually

11.  When dining out, have water instead of soda, tea or alcohol

A couple dining out twice a week should save about $500 annually

12.  Skip appetizers and desserts

Appetizers and desserts add up significantly over the course of dining out throughout the year and they’re completely unnecessary.  If you must have a dessert, always share – it’ll fatten up your wallet and slim your waistline!

A couple getting app’s and dessert once a week can save approximately $500 annually

13.  Take advantage of Amazon’s Subscribe & Save

Find $200+ worth of items you purchase on a monthly basis, such as personal care products, cleaning supplies, coffee, pet food, supplements, groceries, etc. and put them on Amazon’s subscribe and save to earn 15% off and save at least $30/month. Our list of what we buy on Subscribe & Save is coming soon!

Learn more about Subscribe & Save here.

At least $360 saved annually

14.  Simple vehicle maintenance translates to easy savings!

Inflate tires to proper PSI (or even 1-2 PSI higher than recommended), reduce your speed by 10mph, turn off the A/C whenever possible, roll your windows up and turn on the vent on the interstate and you’re on your way to saving big on your fuel bill.

At least $300 saved annually

15.  Evaluate your transportation options

Take advantage of carpooling with coworkers or do a ride share - www.erideshare.com and www.carpoolconnect.com

At least $500 saved annually

16.  Compare auto insurance rates.

Shop around for the best car insurance rates and save big!  Learn more here. Also, ask if there is a discount if you pay in full. We get a significant discount on our auto insurance by paying for a full year.

At least $750 saved annually  

17.  Replace frequently used light bulbs in your home with LED bulbs

Sure, LED bulbs are much more expensive than incandescent or even CFL bulbs, but the extended life of LED bulbs will more than offset incandescent bulbs if you use them for more than three years.  The savings in energy costs will really add up if you start to change a large number of the commonly used bulbs. You can find this at most home improvement stores or on Amazon.

You can experience up to $100 annual savings if you change out 10 of your most commonly used light bulbs  

18.  Ditch (or at least reduce!) bad habits (such as drinking and smoking)

If you are a drinker, keep track of how much you spend on buying drinks while dining out and also how much you spend when you pick up a bottle of wine or a six-pack at the grocery store. See these numbers can be really eye opening!

The average pack-a-day smoker spends over $1,800 per year, so kicking the habit can save you about $1,800 annually

What should you do with your savings?

1. Build up an emergency fund

2. Pay off credit card debt

3. Open a Roth IRA and pour $100 a month into S&P Index Mutual Fund (Vanguard)

4. Take a vacation – shoot to save at least $2,500 and take advantage of rewards credit cards if you are paying off all credit card balances each month

2018 Fitness & Finance Challenges

As you may have noticed, our website has started incorporating saving, budgeting, and travel posts. We want to help you reach all of your goals - fitness AND finance! We're introducing a few new fitness challenges for the new year and also encouraging you to participate in one of our money saving challenges at the same time!

First up is our She Sweats Winter Workout Challenge.

Maybe you indulged a little bit more than you wanted or you just need some motivation to get back into an exercise routine...either way, our She Sweats Winter Workout Challenge will give you that motivation to "become the best version of yourself"!  Plus you could win a prize pack valued over $200!

It's simple to enter:

• Purchase your workout plan (you can use the 12-Week Transformation, 12-Week Run Builder, 13.1 Plan, or Marathon Training Plan). You must have your own copy. It is illegal to distribute copies of this workout.
• Before starting, take your "before" pictures with some sort of time stamp (using the time stamp on a camera or a newspaper). Make sure your pictures are clear. You can wear what you prefer but make sure it is something where you can tell your progress throughout the challenge period. Take pictures from the front, side, and back. Stand using good posture.
• Complete the workout plan that you choose.
• Take "after" pictures in the same manner that you did your "before" pictures.
• Email your before and after pictures (together) to thegang@heandsheeatclean.com.

• BEFORE PICTURES MUST BE TAKEN BY JANUARY 31, 2018. AFTER PICTURES ARE DUE BY MAY 31, 2018. Note: This is a longer time frame to account for the 16 week half and full marathon training plans (plus a little time cushion). If you are doing a 12-week plan you can send in your pictures once you are finished - you do not have to wait until May 31.

ARE YOU IN? PURCHASE YOUR WORKOUT PLAN & FILL OUT THE FORM AT THE END OF THIS POST TO LET US KNOW YOU ARE READY! THAT'S IT!

You can choose between the gym or the at-home version or get both for those days when you can't make it to the gym (the plans are interchangeable). The bundles (that include the workout plan and eBooks) also count. You can choose your product from the drop down menu below.

She Sweats 12-Week Transformation {At the Gym} ($30.00)She Sweats 12-Week Transformation {At Home} ($30.00)She Sweats 12-Week Transformation Bundle (Gym and Home) ($50.00)Go Clean Bundle {Gym Version} - Workout & eBooks ($40.00)Go Clean Bundle {Home Version} - Workout & eBooks ($40.00)

She Sweats 12-Week Run Builder {Gym Version} ($30.00)She Sweats 12-Week Run Builder {At-Home Version} ($30.00)She Sweats 12-Week Run Builder Bundle {Gym and Home} ($50.00)Go Clean Bundle {RUN - Gym Version} - Workout & eBooks ($40.00)Go Clean Bundle {RUN - Home Version} - Workout & eBooks ($40.00)

She RUNS This Half Marathon Training Plan ($30.00)She RUNS This Marathon Training Plan ($30.00)

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We also released a new fitness challenge for the month of January (but you can really do this anytime!). Below is the challenge but you can get more details and a printable version here.

Below are our year-long money saving challenges but we also have ones with a shorter time frame. The new year is a great time to get your finances in order! You can view all of our money saving challenges here.

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Please fill out the form below if you plan on taking the She Sweats Winter Workout Challenge.