This week, MarketWatch launched its first-ever money challenge to help people spring clean their finances by focusing on manageable tasks.
To kick off the challenge, we’re going back to the basics by helping people get a handle on their financial situation.
Even these relatively easy steps can help set you up for success. As we begin this journey together, MarketWatch took to Instagram to ask: What do you want to accomplish with this monthlong challenge? “I need ideas! Saving for nothing!” one person shared. Well, they’ve come to the right place.
It was encouraging to see that many people are thinking long-term with retirement goals. One of our suggested tasks for the week is to review your retirement accounts, if you have them. If you’re not sure how much you should be contributing, plug your current contribution into a retirement calculator, like this one from MarketWatch. Here’s what people shared:
- “Simple equation to figure out how much I need to retire (I’m scared of running out of savings)”
- “Create a legacy – thinking of my grandchildren and further”
- “To retire within a decade”
Others are focused on paying off debt.
- “Pay my debt”
- “Become debt-free and lower monthly income outflow”
Sharpening investing skills also seems to be a common goal among MarketWatch’s followers:
- “Invest some money in a startup which makes a social impact”
- “Keep on investing until eventually have multiple streams of income and retire”
- “Invest extra money to purchase a weekend vehicle”
- “Scale wealth”
And finally, lots of people are hoping to use their newfound money skills to live more comfortably.
- “Live in a California beach bungalow”
- “Buy an apartment”
- “Save up to buy a house”
Whether your goal is to find a job, start an emergency savings fund, save for college or make sure you have enough money to retire, we hope MarketWatch’s money challenge will help you get a handle on your financial situation, learn why you act the way you do around money, set a goal and take action to achieve it.
We’ll be releasing each week’s theme, along with related tasks, on our Instagram account and in our Personal Finance Daily newsletter — as well as here: MarketWatch’s money challenge will help you spring clean your finances. You can sign up here to get weekly challenges in your inbox.