Thursday, July 6, 2017

59. Do a Spending Freeze

On July 1, we started the 2017 Epic Spending Freeze Challenge, and I epically failed within two days.

My offenses include:  2 souvenirs from Canada (it's the 150th anniversary of our neighbor to the north!), a backpack (you know....for festivals, museum days, and outdoor fetes), and fancy bottled water (which is also a crime in my environmental stewardship book!). 

I confessed to my Accountability Partner, and now....I've got a clean slate.

Although the Challenge is already underway, it's not too late to get started.  Feel free to drop a line and join the crew.

Here are a few steps to keep in mind to help you get started:

1.  Obtain a free credit report.
2.  Identify where you will place your savings.
3.  Write out and total your debt.
4.  Return everything that still has a price tag.
5.  Create a weekly budget for eating out, coffee, drinks with friends, etc.
6.  Lower the interest rate on your credit cards.
7.  Set a financial savings goal.
8.  Create a "Fun Fund" for your hobbies.
9.  Create a list of must-purchase items for the next six months.
10.  Remove all shopping and discretionary spending apps from your phone.

Hope this is helpful!


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