 5 money saving challenges for 2023. You always have two choices when it comes to being productive or achieving success or saving money. You must choose between what is right and what is easy. Most people set New Year's resolution very high and they strictly follow for some times like 3 weeks, 4 weeks, the maximum 3 months. And research shows that more than 80% of the people fail on their New Year's resolutions and why is that? Because people approach goals from a strict standpoint. They go from no exercise to 5 days a week in the gym. From a fatty big meal to 7 days salad in a week. Spending on everything to a no-buy ear. It means we just go from one extreme to another extreme. And then 2 weeks we crack and we just say I guess I wasn't meant to be. Hey guys, life is all about balance. There's nothing wrong with eating fast food. But if you eat 7 days a week, you're gonna have some problems. And there's no problem with spending some money on buying a good meal outside. Having lunch with friends but if you keep dining out that's going to create differential problems. So you have to create a balance to have a better relationship with it. Whether it's spending, eating, sleeping or watching TV. Watching TV is not bad. Even Warren Buffett, he watches TV, eating ice cream. But too much is always bad. You have to develop habits that can change your life in a long run. If your goal was to save more money to be able to invest, then you have to approach it from a healthier, sustainable standpoint. In this video I'm going to provide you with 5 different money challenges that can help you actually to develop a healthier relationship with money. So there are 5 money challenges for this year. And number one, subscription reset. Sometimes we forget how many services we subscribe to. Because we think they're just $10 or $7. We compare that money as a cup of coffee in Starbucks or a decent meal in a cheap restaurant. But if you count these subscriptions for a year and you can see something is added, which is a big amount of money, that you could do something much better. You can unsubscribe to all your subscriptions and add one by one when you need it to. Or replace usually subscriptions with useful ones like unsubscribed Netflix and unsubscribed to a training course which can create your value and teach you something. The amount of money that you can save from unsubscribing, you can invest in a good market return even if the amount is very small. And number two, using more cash. I don't know say that they stop using credit cards and online payments, but for grocery shoppings and other general shoppings, using cash is much better. Because when you use cash, it gives you the feeling that you spend money. And these days there are different ways of spending money. And people have lost the feeling of spending. Like credit cards, debit cards, checks and other online payments. But if you see the currency visually, that you worked for it to achieve it, you worked very hard. And now you're losing it on a product or a service, you'll be more careful not to spend it more. But when we use credit cards and online payments, we do not have a strong feeling of losing the amount of money because it's just a card. So cash is helping to avoid extra spending. And number three, track your expenses. Tracking your expenses is letting you know actually where your money is being spent and how to cut some extra costs. You can do it only for a month. Then you will know where your money goes and you know what to cut out and add more on your savings. And number four, emergency funds. It's always necessary to save a small amount monthly as an emergency fund. When something happens like something emergency, you do not need to spend money from your saving accounts or investing accounts. Emergency funds are easy to stock. Let me tell you how to do it. Every week, instead of buying a lunch and a coffee, put that money into your emergency fund. And think about your lunch or coffee from somewhere else. Cut out the spendings. But your emergency fund is the priority. And that money, I mean a lunch and a coffee, can save you $576 a year. You can easily have that money in a year. And if you put aside like 10% of your income plus this amount of money, you can have enough money to cover all your emergency cases. And number five, start investing in stock market. Invest at least 10% of your income in an average market return, index funds. See what are the good index funds in your country? Like in the US, there is S&P 500. In South Korea, there is Cosby 200 and Watties in your country. Or you can invest in S&P 500 in the US. Consistency is the key to grow wealth and become rich the time you retire. Building a better relationship with your money requires better habits, not extreme New Year's resolutions. 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