Day: October 8, 2015

Spending Freeze: How and Why Part II

spending freeze challenge

 

 

Are you getting excited about the spending freeze? Have you joined my exclusive Facebook Group for this phenomenal event? If not, you can do so here. For a recap of the first reason how and why you can go here and read last weeks post. Now on to how and why part II

WHY:

2.Get your budget back on track. A spending freeze can be very revealing. It will tell you just where you’ve been overspending on nonessentials – whether it’s your daily latte, weekly meal out, or monthly shopping binge. When it comes to your budget, information is power. Understanding where you’ve been overspending – by not spending anything – is a great way to take control of your budget for the future.

When I did my very first spending freeze four years ago, I was surprised at just how much money I was spending on eating out for lunch everyday, a pack of cigarettes everyday and other miscellaneous expenses. Not to mention, how much money I was spending by taking my grandchildren in the store with me. If they wanted, candy, chips or a soda you better believe Nanny was going to get it for them.

When that month was over, my husband and I had saved over $300! We were able to use that saved money to start our vacation account. Oh the joy we felt when we picked out destination, Tybee Island, GA.

Each month after that first month, we did a two week freeze and we had over $1500 to take our vacation with. Each year our focus has been different during the freeze and this year our focus is on funding our grandchildren’s vacation to Kentucky.

HOW:

2.Look through your freezer, fridge and pantry. Plan meals for the two weeks, and stock up on what you’ll need to make them. Ideally, you won’t grocery shop at all, but you could set aside a small amount of cash to purchase fresh items, like fruits and veggies, halfway through.

By using coupons, you can save even more money and put the savings with the money you save during the freeze. I find that crockpot meals work very well for these two weeks. You can even try casseroles as well. Whatever you decide, make sure that you go to your freezer and pantry first to plan your meals. Then go and buy what you don’t have. I have found that those few pieces of uncooked chicken, or those few uncooked pork chops come in handy during my spending freeze.

Last week, I gave you homework. I asked you to get a piece of poster board and write your goal amount that you want to save and what you are saving for. This week, I want you to take that poster and hang it where you can see it everyday. I would like to hear from you, what amount have you decided to save and what are you saving it for? Comment below and let me know.

Your Money Make-Up Artist,

Tracie

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