Quick Action Challenge: Trim a Small Expense to Grow Your Wealth
If you’ve ever thought a single small expense can’t make a difference in your financial journey, think again. Today’s challenge is all about reclaiming money that’s quietly leaking out of your budget and redirecting it toward building wealth. 1. **Identify one recurring expense** you rarely use or can live without. This could be a streaming subscription, premium app, or daily coffee run. 2. **Calculate the annual cost.** For example, if you’re spending $4 on a coffee every day, that’s 4 × 30 = 120 dollars each month, or 120 × 12 = 1 , 440 dollars a year. That’s money that could be compounding in an investment account or paying down debt. 3. **Redirect those funds.** Once you cut the expense, set up an automatic transfer for that same amount to your savings or investment account. Consistency is key—this small switch can accelerate your emergency fund or help you reach your long-term goals faster. Small changes add up. Over a decade, redirecting $120 a month into an account that earns interest can have a dramatic impact on your net worth. The discipline of finding and eliminating tiny money leaks also builds awareness around your spending habits. **Your turn:** What’s one subscription or daily purchase you can eliminate this week, and what will you do with the extra money? Share your pick and your plan in the comments—your idea could inspire someone else! *Image idea: a simple bar chart showing monthly savings adding up over a year.*