Erin, Steph, Marla Jan and I would like to introduce the January Spending Freeze!
It's a make your own rules kind of challenge, since everyone has their own financial preferences. We'd love for you to join!
Personally, I'm going to take my small bi-weekly allowance and put that towards debt instead. By month's end, that will make a dent of $180. It's not a lot but it's better than spending it on stuff I don't need. This also means keeping my credit card in hiding with no exceptions!
I'll keep my grocery budget, but no fast food stops or Chipotle run. No online shopping. No expensive nights out at the bars. It's time to make debt a big priority and have my actions reflect that.
I even plan on extending this challenge to be every other month for all of 2014. That will knock out $1020 of debt, which is pretty cool!
Now, it's easy to debate what is a necessity and what's not. And that's why I like this challenge being completely up to you. Maybe for you it means cutting your cable or gym membership. Maybe it means cutting back on your groceries, gas, spending money.
One addition to the challenge would be to call the companies you use and see if you can lower your rates or payments. Maybe you can get a lower phone or internet bill. Maybe you can lower the interest rates on your credit cards or student loans. It never hurts to ask!
Everyone has their own motivation when it comes to their finances. Mine is to pay off debt asap. But maybe you want to build your savings or pay for a family vacation this year. I'd love to hear what your motivation is!
We'll be hosting a link up on February 4th to recap how this challenge went so grab a button and get ready to freeze!