Tiffany “The Budgetnista” Aliche is a highly sought after expert and voice in the big, sometimes scary, world of finance. The Budgetnista has a collection of awards for her teaching on financial empowerment, and she’s even authored a Number 1 Amazon bestseller, The One Week Budget. The audacious money guru most recently took on the Live Richer Challenge in efforts to help 10,000 women face their financial fears and live richer lives. Aliche announced the admirable undertaking on January 5 to kick off the new year, and not even a full month later, she has conquered the feat. Women from all over the world, including Kenya, China, The United Kingdom, Barbados, The United Arab Emirates, Japan and 49 of the United States, made the commitment to live richer. Collectively, they saved over a whopping $1.5 million a year as a result. Black Enterprise caught up with our busy friend Tiffany to talk the challenge and how we too can start living richer.
Black Enterprise What inspired you to start the Live Richer Challenge?
Tiffany “The Budgetnista” Aliche: The idea to start the Live Richer Challenge came to me in January 2014. In the beginning of the year, most people realize that their financial challenges need to be addressed. During that time I received messages from women all over asking for help. Some of these messages were urgent. Some women were unable to support themselves and their children, some were in dangerous situations, while others were ashamed of their financial situation.
I did my best to help these women individually but soon became overwhelmed. It was then that I formulated the Live Richer Challenge. I wanted to help the maximum amount of women in the most efficient way possible. I wanted the women to form a community where they could begin to help each other. I wanted to provide this service for free to women because I did not want to be an additional financial burden.
How exactly does the challenge work?
The Live Richer Challenge is a free, online financial challenge created to help 10,000 women achieve seven specific financial goals in 36 days. Over a five-week period, challenge participants discover how to shift the following:
Week 1: Money Mindset
Week 2: Budgeting & Savings
Week 3: Debt
Week 4: Credit
Week 5: Insurance & (beginning) Investing
Final Day: LIVE RICHER!
Once the challenge begins, participants receive a daily task delivered to their email for a period of 36 days (5 weeks). These simple task are designed to help each woman accomplish the weekly goals.
When the challenge is over, how do you recommend that women make saving a part of their day-to-day lifestyle?
Challenge participants learn how to develop a savings plan during Week Two. In order for savings to become part of the day-to-day lifestyle, women taking the challenge first learn to create a budget and reduce excess spending. Women are then taught to automatically transfer their savings to an online-only bank account called Money Bucket. The beauty of Money Bucket is that it takes two to five business days to transfer money back to a regular checking account. The wait curbs impulse spending.
What have you observed to be women’s biggest or most common mistake in handling our finances, and how do we overcome it?
The most common mistake I see women make is not starting. When they finally realize they need to start, they’re ashamed and overtaken by fear. This fear paralyzes them, so they continue to delay. It’s a vicious cycle.
To break this cycle, during Week One (Money Mindset), participants learn to set aside shame and ask for help. Through the Live Richer forum, they interact with other women who are experiencing similar challenges. The forum provides support and accountability. These are two key factors in overcoming common financial mistakes.
This challenge was a big undertaking and you conquered it. What’s next?
Live Richer meet-ups are already taking place nationwide, so up next is the Live Richer Tour. Seven cities over aÂthree-month period.
What do you think is the greatest benefit of financially responsible and independent women?
The benefit of creating a financially responsible woman is that women tend to take the knowledge that they have and share it with those closest to them. When you help a woman, you help a family. When you help a family you help a community. When you help a community you have the ability to shift the nation forward in a lasting, tangible way.
What’s a live richer tip that we can all start exercising today?
My favorite Live Richer tip that you can all start exercising today is open up a Money Bucket. Days after it rains, you’d never know. Why? The ground soaks up the water soon after a storm. Many of us are like the ground, and when it “rains” money (aka payday), we too soak up the water (our funds).
The only way to keep some of the rain is to put out a bucket. An online-only Savings or Money Market Account (MMA) is the perfect Money Bucket. It’s free and it takes two to five business days to transfer money back into a regular bank account. This mandatory wait will stop impulse spending with savings. Money Buckets make money inconvenient, and inconvenient money doesn’t get spent.