A money saving challenge

A friend was asking me to help him for a weight loss challenge. He gave me $100 to keep. If he can lose 2 20 pounds in 10 weeks, then he can get the $100 back and we go out for a meal to celebrate. If he can’t, then I will keep the $100 and he will lose it.  

Some might say $100 is not significant enough. Everyone’s situation is different. The amount can be easily adjusted accordingly to make it work.

I am wondering whether we can try a money saving challenge. Set a goal like saving $100 per month for a year. Certainly, the dollar amount should be adjusted to make it meaningful and reasonable. Set SMART goals. Specific, Measurable, Achievable, Rewarding and with a Timeline. A set dollar amount per month for a year is certainly specific and measurable with a timeline. Whether it is achievable and rewarding enough depends on that person. Some people don’t need this because they already developed a habit some other ways. Some might find it useful as a motivation. Some might try something else.

The news said the new Health Canada guidelines on alcohol consumption is way too strict whish is 2 glasses per week. A gentleman who got interviewed in front of LCBO said 2 glasses per week can’t even get him through the day. LOL! I like his honesty. He was almost angry and felt this new guideline is absurd and lacks of consideration or even compassion. LOL! His tone was so rich and I can’t help but smiling. This guideline received quite some feedback. I guessed mainly it is too strict that many people find it unrealistic. They would probably just ignore it. Likewise, any personal finance goals has to be realistic or we would just be discouraged and give up. We might not want to try again due to the negative experience. I even told my friend that although I do like the free $100, he should be realistic that losing 2 pounds per week during the winter might be quite difficult. He should probably lower it to 1 pound per week. Take baby steps.

The key to most our endeavors is motivation and SMART goals. Hope we can all find the golden key to our heart that can drive us towards our worthy goals.