My February Challenge
By Deb Holder
Have you ever noticed that buying little things over time chips away at your bank account? It’s those little things that always got me into big trouble with my finances month after month, year after year. I’d use my debit card without recording all the transactions, impulse buy at the grocery store, or just treat my family to frivolous things. Then I’d get the big shock when my bank statement arrived in the mail at the end of the month.
In your quest to become debt-free, try eliminating just one of your bad spending habits and see how much you save. One of my worst offenses has been my soda addiction. I’ve probably spent between $80-$100 each month on soda. It’s true! Even though I’d buy generic cases of soda at drastically discounted prices or buy brand names on sale, I’d still use part of my grocery budget to buy two or three sodas a day from vending machines at least five days a week. That’s one reason why I’ve decided to nix my sugary addiction from my life.
Because I have three children, my house is often full of guests. I’ve always felt that keeping my fridge stocked with drinks was the trait of a good hostess, but I also discovered that the drinks disappear quickly. Therefore, I’d have to go back to the store the next day to buy more. It didn’t take long for the cost to add up.
In fact, I’ve been thinking about my food costs a lot lately…. Even though I have a food budget that is less than most families I know, if I can eliminate one item and save $20-$25 a week, what else could I do to stretch my food dollar?
Here’s my challenge to you: Track your expenses this month and see what you’re spending on that one particular item you don’t really need. Next month, eliminate that item from your spending habits and see what a difference it makes. It may be enough to pay off a bill or make a significant dent in the balance. We’ll help you get started with a free expense tracker that takes the guesswork out of your budget.
Here’s my personal challenge for next month: I want to feed my family of four on a grocery bill of $400 or less for the entire month. I’m convinced I can do it. I’ll keep you posted about the details on my website. In the meanwhile, what costly spending habit do you plan to eliminate?
Take the February challenge, and then send us your story at http://www.debt-free-mom.com
Deb Holder is a direct response copywriter/marketer for the self-help niche market. She specializes in direct mail, Internet marketing, and financial strategies for women. You can contact her at results@debholder.com. She is also the CEO and president of debt-free-mom.com, a site for mothers who want to live their lives with prosperity.
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