Million Dollar Challenge October

The Million Dollar Challenge – September & October 2016

These AMAZING challengers leave me inspired EVERY month. Here I am, struggling HARD CORE to get back on a budget and push ourselves financially and you all are rocking your finances! You all are INCREDIBLE!

Can you believe only TWO months left of the challenge??? How crazy!!!

The Challengers

The majority of challengers are married and in their 20’s and 30’s. Most challengers started their financial journey within the past year and have a household income below $50,000 and a net worth below $50,000. If you are interested in learning more about the challengers, please check out “Meet the Challengers.”

Getting to Know the Challengers Question:

What have you personally benefited from participating in the $1,000,000 Challenge?

  • Accountability… We declared Debt FREEDOM!!!
  • We fall off the wagon but it makes us keep coming back
  • More focus on my finances
  • I love the motivation, it helps keep me going
  • I love the community. Sometimes, it makes me feel bad for doing so little
  • Just getting to brag on progress helps keep us motivated to go above and beyond!
  • Better control of my money
  • A monthly reminder of my priorities!
  • Accountability
  • Keeping track of our debt dropping – watching it carefully has kept us from getting into more debt and has motivated us to pay things down faster
  • This is year #2 for me participating in the $1,000,000 challenge. I have developed the discipline of updating my net worth each month, paying down my mortgage as quickly as possible, and increasing my % contribution to company’s 401K plan. It gives me a sense of peace to know exactly where I am financially. Last year I had my right knee replaced and it cost $14K when lost income is factored in. I just had my left knee replaced in September and estimate it will cost $18K since the new health insurance has a higher deductible. I’m able to afford both surgeries thanks to having money saved. I am deeply appreciative that you started this challenge Nichole (Too Sweet of You! Hope you are on the mend and feeling much better from your surgery! Wishing you the very best! -Nichole)
  • Seeing progress and helping keep focused
  • It helps me be more accountable. I’m more motivated to save money and it helps remind me to invest more.

 

 

September & October Update

Debt Paid Off

September: There were 19 challengers who reported financial progress this month, 12 of those who paid off debt. Those 12 people, paid off…$20,190.19!!! That is an average of $1682/person! WOW! Well done!!!

October: There were 17 challengers who reported financial progress this month, 14 of those who paid off debt. Those 14 people, paid off…$21,429.35!!! That is an average of $1530/person! We have some INCREDIBLE debt slayers in this group… many of you are knocking on debt freedom’s door and I can NOT wait to celebrate with you! 🙂

We have paid off an UNBELIEVABLE amount of debt! Take a minute to think about the impressive figure below. Our small group has paid off more than $350,000!!! In most of America, this buys a really, REALLY nice home. WOW!

Total Debt Paid in 2016: $352,652.95

 

image-19

Savings

September: There were 13 challengers who reported saving towards an emergency fund, vacation fund, or some other large purchase. Those 16 people, saved… $37,043.03!!! That is an average of $2849 per person. WOW!!! I’m sensing there were some bonuses in there or something because that is many people’s take home pay.

October: There were 9 challengers who reported saving towards an emergency fund, vacation fund, or some other large purchase. Those 16 people, saved… $10,591.73!!! That is an average of $1177 per person. Impressive!!!

Total Savings in 2016: $306,049.59

Wow, we have saved more than $300,000 and paid off more than $350,000… we are definitely NOT your average broke American. YAY for us! So proud of this group.

image-20

 

 

Investments

September: There were 15 challengers who reported investing towards retirement, children’s college education, or other investment accounts. Those 15 people, invested… $37,405.39! WOW!!! A few of you had some impressive investing this month! CONGRATS!

October: There were 13 challengers who reported investing towards retirement, children’s college education, or other investment accounts. Those 13 people, invested… $10,568.58! 

Total Investments in 2016: $238,339.94

image-21

 

Total Progress for September: $94,638.61!!!

Total Progress for October: $42,589.66!!!

CONGRATS on TWO incredible months!!!

image-22

 

Total Progress in 2016: $897,042.48!!!

A small group of us have changed our finances by just shy of ONE MILLION DOLLARS! Can you believe it? I’m in shock. It looks like we may just conquer this challenge once and for all. I’m in awe! Keep pushing to the finish line fellow challengers!

Congrats to all of you for your continued hard work and determination. You all inspire me to push harder and achieve more. THANK YOU!!!

Facebook Group The $1000000 Challenge

Facebook

If you are a challenger or planning to become a challenger we would love for you to join our Facebook Community that is solely dedicated to The $1,000,000 Challenge. You will find inspiration and encouragement from your fellow challengers. Inspiring and informative articles. I also post “Questions of the Week” which if you answer, provides extra entries into the $100 Amazon Gift Card Giveaway!




$100 Amazon Gift Card GIVEAWAY






You May Also Enjoy:

Emergency FundCalculate Your Debt Free DateHow Investing Small Amounts of Cash can Pay Of in RetirementHow to Spend Your Tax Refund Wisely

Million Dollar Challenge August

The Million Dollar Challenge – August 2016

These AMAZING challengers leave me inspired EVERY month. Truly incredible… unbelievable financial progress! CONGRATS!!!

Can you believe we are three quarters done with this million dollar challenge? This year has flown by but I’m so thrilled we are making this year our year to dramatically change our finances. As well as inspire others along our journey!

 

 

If you would like to join the sixty courageous challengers who have taken on this challenge. Please Join HERE!

The Challengers

The majority of challengers are married and in their 20’s and 30’s. Most challengers started their financial journey within the past year and have a household income below $50,000 and a net worth below $50,000. If you are interested in learning more about the challengers, please check out “Meet the Challengers.”

August’s Getting to Know the Challengers Question:

Will you meet your personal goal regarding your financial progress by the end of the challenge?

image-18

 

August Update

Debt Paid Off

There were 20 challengers who reported financial progress this month, 16 of those who paid off debt. Those 16 people, paid off…$23,222.83!!! Well done all you debt slayers! That is an average of $1450/person!

We have paid off an UNBELIEVABLE amount of debt! Do you think we will we pay off half of a MILLION dollars by the end of the year?

Total Debt Paid in 2016: $311,033.41

WOW!!! 🙂

image-14

 

Savings

There were 16 challengers who reported saving towards an emergency fund, vacation fund, or some other large purchase. Those 16 people, saved… $39,399.58!!! That is an average of $2462 per person. Super Savers!!!

Total Savings in 2016: $258,414.83

image-15

Investments

There were 15 challengers who reported investing towards retirement, children’s college education, or other investment accounts. Those 15 people, invested… $39,502.78! 

Total Investments in 2016: $190,365.97

image-16

Total Progress for August: $102,125.19!!!

CONGRATS on an incredible August!!!

image-17

 

Total Progress in 2016: $759,794.22!!!

A small group of us who are determined to change our finances have done just that in epic proportion… THREE QUARTERS OF A MILLION DOLLARS! INCREDIBLE! We are on track to hit our $1,000,000 goal. We need to finish strong! Best of luck!

Congrats to all of you for your continued hard work and determination. You all inspire me to push harder and achieve more. THANK YOU!!!

Facebook Group The $1000000 Challenge

Facebook

If you are a challenger or planning to become a challenger we would love for you to join our Facebook Community that is solely dedicated to The $1,000,000 Challenge. You will find inspiration and encouragement from your fellow challengers. Inspiring and informative articles. I also post “Questions of the Week” which if you answer, provides extra entries into the $100 Amazon Gift Card Giveaway!

2016 Million Dollar Challenge

The $1,000,000 Challenge of 2016

Are you inspired by the INCREDIBLE progress of these challengers? Are you ready to be the one who improves your finances by $10,000, $20,000 or do I dare say $50,000???

Are you ready to dramatically change your finances? If you are ready to join the challenge that will push you to PAY OFF MORE DEBT, SAVE MORE, and INVEST MORE than you EVER thought possible. I encourage you to make 2016 YOUR YEAR and Join The $1,000,000 Challenge TODAY! Plus this year, there is a $100 Amazon Gift Card up for grabs!




$100 Amazon Gift Card GIVEAWAY

 


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Emergency FundCalculate Your Debt Free DateHow Investing Small Amounts of Cash can Pay Of in RetirementHow to Spend Your Tax Refund Wisely

The $1,000,000 Challenge. Join us in Paying Off, Saving and Investing ONE MILLION DOLLARS!

The Million Dollar Challenge – July 2016

I am SOOOO sorry for the unbelievable delay of this post… moving OVER 7,000 miles is just pure CRAZINESS!!! We finally are in our Hawaiian home and are starting to get settled. Hopefully this means you will be hearing from me a little more frequently. 🙂

***Several of you caught that I provided the wrong survey link last month. I accidently re-gave you June’s linke. So sorry about that but I did include everybody’s progress 🙂 ***

I have sooo much to share and I hope to have the chance in the next few weeks! From the disaster of our PCS budgeting, to visiting our family for 3 weeks, to the delicious DEBT FREE cake my brother-in-law made for us to celebrate our new found FREEDOM, to our little guy’s first time at the beach and so much more!

beach

If you would like to join the sixty courageous challengers who have taken on this challenge. Please Join HERE!

The Challengers

The majority of challengers are married and in their 20’s and 30’s. Most challengers started their financial journey within the past year and have a household income below $50,000 and a net worth below $50,000. If you are interested in learning more about the challengers, please check out “Meet the Challengers.”

July’s Getting to Know the Challengers Question:

When do You Begin Saving for Christmas?

image (13)

July Update

Debt Paid Off

There were 13 challengers who reported financial progress this month, 13 of those who paid off debt. Those 13 people, paid off…$20,420.33!!! Well done all you debt slayers!!! Keep up the amazing work! That is an average of $1570/person!

We have paid off an UNBELIEVABLE amount of debt! CONGRATS Challengers! Do you think we will we pay off half of a MILLION dollars by the end of the year?

Total Debt Paid in 2016: $287,810.58

image (9)

Savings

There were 14 challengers who reported saving towards an emergency fund, vacation fund, or some other large purchase. Those 14 people, saved… $40,139.84!!! That is an average of $2867 per person. WOW!!!

Total Savings in 2016: $219,015.25

 

 

 

 

Investments

There were 14 challengers who reported investing towards retirement, children’s college education, or other investment accounts. Those 14 people, invested… $30,734.78! 

Total Investments in 2016: $150,863.19image (11)

 

 

Total Progress for July: $91,294.95!!!

CONGRATS on an incredible July, Challengers!!!

image (12)

 

 

 

Total Progress in 2016: $657,669.03!!!

A small group of us who are determined to change our finances have done just that in epic proportion… by more than $600,000! INCREDIBLE!

Congrats to all of you for your continued hard work and determination. I am so proud and thankful to be part of this AMAZING group of challengers. You all inspire me to push harder and achieve more. THANK YOU!!!

Facebook Group The $1000000 Challenge

Facebook

If you are a challenger or planning to become a challenger we would love for you to join our Facebook Community that is solely dedicated to The $1,000,000 Challenge. You will find inspiration and encouragement from your fellow challengers. Inspiring and informative articles. I also post “Questions of the Week” which if you answer, provides extra entries into the $100 Amazon Gift Card Giveaway!

2016 Million Dollar Challenge

The $1,000,000 Challenge of 2016

Are you inspired by the INCREDIBLE progress of these challengers? Are you ready to be the one who improves your finances by $10,000, $20,000 or do I dare say $50,000???

Are you ready to dramatically change your finances? If you are ready to join the challenge that will push you to PAY OFF MORE DEBT, SAVE MORE, and INVEST MORE than you EVER thought possible. I encourage you to make 2016 YOUR YEAR and Join The $1,000,000 Challenge TODAY! Plus this year, there is a $100 Amazon Gift Card up for grabs!




$100 Amazon Gift Card GIVEAWAY

 


You May Also Enjoy:

Emergency FundCalculate Your Debt Free DateHow Investing Small Amounts of Cash can Pay Of in RetirementHow to Spend Your Tax Refund Wisely

July Military Family's One Income Budget

A Military Family’s One Income Budget – July 2016

I can’t believe this is our LAST budget dealing with the British Pound!!!

We have promised ourselves we would continue to budget during our PCS (military move). Three years ago, when we moved to England we got off track and stopped budgeting for 3 months. Our goal is to do much better this time around.

July is a bit of a CRAZY budget month. We have final bills from utility companies as well as some of our PCS expenses beginning to pile up. Some PCS expenses we are cash flowing and some are being paid with our PCS budget.

Are you ready to see our DEBT FREE/Mid-PCS budget? So were we! But first check out this cutie! 🙂

Budget Baby 4 months

Military Family Budget Meeting

My husband and I have a budget meeting before the beginning of each month to hash out our budget. Even if he is deployed, half way across the world. We still have our budget meetings via a phone call or some type of technology. After four years of budget meetings, we can cover everything financially related and be in 100% agreement in about 10 minutes.

Trust me. It was NOT always this painless.

The Purpose of Sharing our Budget:

We share our budget with the hope to encourage and inspire our readers who are on their journeys to financial freedom. We share our budget with the hope that it opens up a financial conversation, to create an opportunity to learn from each other.

Background

If you are new to Budget Loving Military Wife, you may be wondering a little bit about our situation. We have been seriously focused on our finances, getting out of debt, and budgeting for four and half years!

My husband serves in the U.S. military and we have been stationed in England since 2013. We began our marriage with two good incomes, which was extremely helpful to pay off our consumer debt. However, our England move made us a single-income household. We have a four month old baby boy and we are now getting ready to move to Hawaii!

In June of this year we paid off our final debt, our mortgage (stateside home that is currently a rental property) and screamed WE ARE DEBT FREE!!!

Our financial focus while living in England has been to pay down our mortgage as quickly as possible and to take advantage of our once in a lifetime opportunity to travel Europe. We have successfully done BOTH! 🙂

july Budget

 

One Income Budget

Income

Husband’s Income – $6436.27

This is total take home pay for June. We budget and live on last month’s income. Our income is in US Dollars, but most of our expenses are in British Pounds. For simplicity sake, we budget everything in US Dollars (using current exchange rates).

Current Exchange Rate: 1 British Pound = 1.40 US Dollar 

***Last month with two currencies!!! YAY!!!
****As many of you know the British Pound crashed at the end of June. However, we had already bought our British Pounds and need to clear out our British bank account. 🙁 So this month we are using a higher exchange rate than the actual rate (actual rate: 1 British Pound = ~$1.32).

Living Expenses 

Rent – $0

We moved out of our British home mid-June and paid for our temporary lodging ($1284.80) in full with June’s budget. We will also be staying a couple weeks with family in route to Hawaii. So no rent this month. YAY!

Electricity/Gas- $343.00

OH MY!!! Supposedly we used more electricity than estimated and had the above bill upon move out of our British home. 🙁 Oh well, at least we had extra wiggle room in our budget this month.

Water- $53.26

We had a quarterly bill due in June for March-May service. This is our bill for about a month of service.

Grocery- $172

This may seem low, but this is only for a portion of the month so it’s actually quite high. We did not include grocery expenses while we are visiting family. We do plan on helping pay for groceries, but budgeted it in a different category.

Car Repair/Replacement- $0

We are currently renting a car so we don’t have to worry about car repair/maintenance. We had $1722.29 left in this fund and we applied it towards our PCS budget towards buying new to us cars in our next location.

Gasoline- $75

We are only in England for part of the month and we are living much closer to my husband’s work. So this category is much less than our typical $200.

Renter’s & Car Insurance- $50

We are covering our belongings in transit and we are required to cover insurance on the rental car.

Dental Insurance- $11.68

This covers my dental insurance. My husband’s is 100% covered by his employer.

Baby- $0

Majority of our baby expenses come out of our grocery fund (diapers) and miscellaneous fund (unexpected fees or medicine, etc.).

Total Living Expenses: $704.94  (11.0% of Total Budget)

 

“Luxury” Expenses

Phones- $112.00

We called to cancel our phones mid-June because our plan was just to use our cheap “pay as you go” phone. However, apparently in England they have up to 30 days to cancel your phone after your request. So, we are still paying for our phones. 🙁

Internet- $0

We paid our final internet bill in June. Get this, they charged us a ~$30 fee to shut off our services. How silly!

Miscellaneous– $56.00

We had $60 left over from June’s budget. We are rolling it over to have a total $116 for July. This fund picks up random $5-$20 expenses that we did not foresee or helps cover categories we go slightly over budget.

Blow Money- $40/$60

This covers all of our individual purchases. Clothes, Haircuts, Make up, Lunch with Friends, Snacks/Coffee, etc. We “allow” a maximum of $75 each per month, however we try to keep this expense as low as possible.

Restaurant- $144

We had $20 left over from last month which we will roll over to July’s budget for a total of $164. We are budgeting a lot more in this account because there are a few restaurants we want to eat at one more time before we leave England. We also know between moving and living in temporary lodging there is just less opportunities to cook so we eat out more.

Vacation Fund- $0

We are done vacationing while living in Europe. :( Our visit to family is budgeted with our PCS budget.

Computer- $347

Our only computer crashed last month. We were able to purchase a relatively cheap computer to get us by for the next few months.

Gifts- $99.29

We purchased our nieces and nephews small gifts to give them when we see them in a few weeks! 🙂

Entertainment- $58

This covers my husband’s going away “party” with his co-workers.

Visiting Family- $750

We are estimating $250/week to be spent while visiting family. We will help cover costs with groceries and “welcome home” parties. There are a few American restaurants we can’t wait to visit. We also have a couple of entertainment activities scheduled (going to the zoo and bowling with our nieces and nephews).

Clothing- $150

While packing our clothes my husband and I realized how desperate our clothes looked. We have allotted a small clothing budget to pick up a few items. However, once we get settled in Hawaii we will do some MAJOR wardrobe replacement!

Wedding- $40

My husband will be in the wedding party for his brother’s wedding this fall. While we are visiting them in a few weeks they plan to buy shirts for the groomsmen.

Total “Luxury” Expenses = $1856.29   (28.8% of Total Budget)

Work & Education Expenses

Husband’s Work- $0

Husband’s College- $0

My husband is taking a break from college courses until we are settled in Hawaii.

Total Work & Education Expenses: $0   (0%)

Investments – $722.46

We have selected to invest in Roth investments because our taxable income is currently very low. We would rather pay taxes now, rather than paying taxes when we are retired millionaires. 😉 We invest approximately 10% of our gross income.

Total Retirement Investments: $722.46   (11.2%)

Savings

PCS Fund- $3152.58  

After July we will have saved $10,832.58 in our PCS (military move) fund. Our goal was to save $9000. This is not including the deposit refunds and profits from selling our car. By the end of July we should have slightly MORE saved than our estimated “fully funded” PCS budget. YAY!!! 🙂

Total Savings: $3152.58 (49.0% of Total Budget)

 

Debt Payments- $0

WE ARE DEBT FREE!!!!

 

***Please remember I am only sharing our budget to learn from each other. It is no attempt to make anyone feel sorry for us or to brag in anyway. I would love to hear your tips or what you would do differently if you were in our shoes. I am all about making our budget better and more efficient. :)

What do You Think?

How was your June Budget Meeting?
Trying anything new with your budget this month?
What would you change about our budget?







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