Weekly video: 2016 Savings Challenge

Today we are kicking off a new WRAL Smart Shopper series called "This is What I’m Thinking."

And don't worry - if you do not have a Facebook account, you can still view the video on Facebook and then make your comments here on the blog.

Lately, I've been thinking a lot about savings so this week’s topic is actually a challenge – a Savings Challenge.

Over the years I have spoken with far too many people who have little to no savings. They live paycheck to paycheck and one emergency can be a financial catastrophe.

And you know, most of us have been in that position at some point. And it’s scary. And some of you may be in that position now.

So I have a challenge for all of you: start or increase your emergency fund in 2016. Dave Ramsey, the author who wrote The Total Money Makeover recommends a $1000 emergency fund. This challenge gets you halfway there.

I challenge you to save $10 a week for the next year and by the end of the year you’ll have an additional $500 in the bank that you do not have there today. Even if you are already saving each month, I challenge you to find another $10 per week to pur away.

Some of you may be thinking that you don't have $10 extra to save each week.

But I want you to think long and hard about everything you buy during the week including lattes, meals at restaurants, bottle of wine (I'm just kidding about giving up the wine...), etc. Can you cut out 1 or 2 unnecessary expenses to set yourself up for a better long term financial position? I bet most of you can.

In a year, I’m going to check back in and see how you all did with your savings goal.

Post in the Comments section if you accept the challenge and how much you are planning to save each week. Good luck!