If you would like to start 2012 on the right financial footing and want to do something that is attainable, consider taking a challenge. Two of my favorite challenges are spending challenges and pantry challenges. Take either or both of these challenges, and you will find extra money to do with what you please—to save for a new vehicle or home, to bulk up your emergency fund or to snowflake on your debt to get it paid off faster.

I have already spoken about the spending challenge, otherwise referred to as the No Spend Month as an excellent way to raise money for Christmas gifts, but it is also good to do another time of the year. Choose one month when you limit your spending for disposable items such as groceries, entertainment and gas by as much as 50% of what you typically spend. You will find yourself being mindful of what you spend money on because there is very little money to spend.

To continue reading, head over to Beating Broke where I am a staff writer.

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