How to apply the 75 Hard challenge to your finances

Richa Ved gets to grips with the 75 Hard challenge, and how you can adapt it for your finances

The world is obsessed with fitness challenge fads and there’s always a new one trending.

You’ve possibly come across the ’75 Hard’ recently if you’re an active social media user. 75 Hard is a mental toughness programme created in 2019 by entrepreneur and author Andy Frisella, aimed at completing 75 days of a disciplined and consistent lifestyle.

I’m currently on Day 20 of this challenge myself, and phew, I’m going strong! While this challenge is great for mental discipline and physical transformation, other aspects of life could also use a similar transformation.

Your relationship with your body is similar to your relationship with your money. It revolves around how you think of and feel about it, and eventually how you interact with it.

Conversations around money and personal wealth tend to focus on budgeting, investments, debt, or savings. But your relationship with your money goes beyond just money management methods. That’s where I got the idea of a 75 Hard Financial Challenge!

So, what is Andy Frisella’s 75 Hard? There are five rules you must follow daily: 

• Follow a diet – and while this can be any diet of your choosing, no alcohol or cheat meals are allowed
• Complete two 45-minute workouts; at least one must be outdoors
• Drink a gallon of water (3.8L)
• Read 10 pages of a book
• Take a progress photo

If you fail to complete any one of them or break a rule, you restart at day one.

This 75 Hard Financial Challenge is inspired by Andy Frisella’s 75 Hard and is aimed at improving your personal relationship with your finances by creating consistent healthy financial habits that you can incorporate into your lifestyle.

And at the end of 75 days, you’re sure to take back and continue with some practices, if not all!

Here are the five rules you must follow daily for 75 days:

1. Set a daily spending budget of 1% of your monthly salary 

Setting a daily spending goal based on your take-home pay will lead to lower expenditures and higher savings. Assuming 30-40% is allocated for your monthly rent and household bills, a daily spending limit of 1% (adding up to 30% monthly) will lead to 30-40% savings monthly. And yes, a strict 1% spending budget is tight – but that’s the challenge!

2. Stop using any credit cards or BNPL schemes for all expenses and purchases

Give up depending on any credit purchasing forms and only spend on what you can afford. This will reduce your habit of casually incurring small amounts of debt. These eventually accumulate to larger amounts and are difficult to repay at the end of a certain period.

3. Spend 45 minutes researching ways to increase your income

Curbing expenditure is one thing, but your long-term financial goal must always be to increase your income.

Consistently spending time to learn and practice different ways of increasing your current earnings, either through investments or side hustle opportunities, will help boost your income.

4. Read 10 pages of a money management book

Reading is an important, acquired skill, one that requires consistent effort till it becomes a habit. One of the best ways to learn constantly is by reading.

Plus, reading financial books can help you better understand personal finance concepts, create personalised financial goals, and give you a roadmap to making better money decisions while building your wealth.

5. Track your progress on a sheet

Tracking your progress will not only help you look back but also give you a sense of validation at the end of every day that you succeed in this challenge.

Plus, you can add further accountability by taking it up with your partner, or some friends and family. This way you can all keep a check on one another, remain accountable, and share some recommendations or tips.

The base rule remains the same: if you fail to complete any of them or break a rule, you restart from day one.

We’d love it if you share your journey or experiences on social media and invite your friends and family to join in on the #75HardFinancialChallenge.

While you’re at it, do remember to tag Mouthy Money. Here’s to a healthier relationship with your finances – good luck!

Photo credits: Pexels