How 1 couple has saved nearly $10K in 6 months, plus tips for 1st-time savers
One couple who challenged each other to save $10,000 have shown how saving with a buddy can help you reach your goals.
Tiffanie Graham and her boyfriend Damarie Louis shared their strategy with "Good Morning America" and said there's nothing wrong with a little healthy competition, especially when it pays off.
Their challenge, which went viral on TikTok put the pair in a race to save, turning an otherwise tedious task into a game.
"We're doing the marathon to $10,000. We decided to do it as a couple just to make it more fun. So it is a savings challenge," Graham said. "Each paycheck, you delegate a certain, like, number amount and you stuff it in your envelope -- and we thought it would be fun to be, you know, make it competitive."
"She's very competitive," Louis said.
Graham, a loan consultant turned entrepreneur, runs a budgeting business called I am Her Stationary that sells financial planners as well as savings challenge books inspired by her own history with money.
"I was fired during COVID. It was like a really down time in my life," she said. "I just tried to think of something that basically that can help people."
To date, the couple are six months into their challenge and Graham is leading with $5,000 saved, just $1,000 more than Louis.
Now that they have inched closer to their financial goals while having fun in the process, Graham is sharing her tips for others to do the same.
Tips for first-time savers
Change your mindset: "These things are possible with a little bit of structure and a little bit of commitment," Graham said.
Start off small: "I was trying to save too much in the beginning and that's why I kept -- failing," she said. "I had to save small amounts first, because those small amounts, they add up."
Try using cash: "You just want to kind of make it fun with the cash, leave it at home. That way you don't have access to it, like with your debit card when you're out spending."
Cancel subscriptions you don't use or don't remember you have: There are free websites like Trim, Track my subs and Rocket Money, that all help people track unused apps and services.
Coupon and discount sites: PayPal Honey, Coupons.com and Retail Me Not are all helpful savings sites.
Join a 'Buy Nothing' group: The Facebook Marketplace groups help users score things for free. People can also plan to shop consignment websites like The Real Real, where you can purchase gently used clothing, shoes and accessories for less.
