Tips like these helped us pay off $127K in debt. You can read our story in Slaying the Debt Dragon: How One Family Conquered Their Money Monster and Found an Inspired Happily Ever After.
Here’s my little Happy New Year gift to you. Each day in January, I’ll bring you a simple, concrete and easy to put in place tip to fuel your efforts to Save Money, Pay Off Debt, and Be Awesome this year. Looking for a quick plan? Well this might not to be the right place for you. Most things down well take time. But that doesn’t mean you can’t begin to implement systems in your life that will help you achieve your goals. I’ve said it many, many times before. Paying off debt isn’t complex. It’s just not easy. You have to punch the clock daily and do the hard work. Here’s another way to make that happen.
Day 2: Stop It
We all have something we need to quit.
Smoking.
Consuming so much sugar.
Swearing.
Nagging (which feels like swearing to your spouse).
Overspending.
Being lazy.
Watching so much TV (see above).
Eating Out.
It’s no mystery of the universe that if you quit something, you save money. Unless you quit being awesome, which I would never want you to do. I’ve talked about the fact that it’s never a good idea to make too drastic of a change in your life before. Small changes implemented over time yield the greatest success. So today, let’s think about how you could quit something, save money, which you could in turn apply toward paying off debt, without biting off more than you can chew.
Instead of making some sort of grandstand speech where you announce to your family that forevermore we shall have no more . . . cable, soda, Starbucks, being lazy . . . think in small incremental change instead. Sidenote: when we make those types of speeches, they’re usually targeted at everyone else and not ourselves. If you’re anything like me, you’re awfully good at pointing out at where we could save money if we reduced everyone else’s hobbies/splurges/favorites, but not so much when we examine our own lives.
Begin to think in timeframe windows
Back to small, incremental change. Maybe you want to tackle the beast of not eating out. If you’ve never endeavored to do so before, it might be a good idea to set an initial timeframe or window when you won’t consume food from a restaurant. For our family, the month of January is always a reprieve from dining out. We don’t eat out as an act of discipline and intentionality until Valentine’s Day, if at all possible. This means that we have literally sat at a restaurant table with friends and watched everyone else eat. We are two days in this year, and so far so good. I’ll keep you posted
Maybe a month is more than you can handle? Even though I know you could do it, begin with just a week. Set your parameters clearly. No dining out means no food, no beverage, no desserts or donuts. Or maybe you limit it based on a different understanding. Just be sure to clearly communicate with your family the boundaries before you begin. Don’t leave anything open for interpretation.
Treat quitting like a game
I’m not sure what it is about stickers on a chart that makes any kid (or kid at heart) light up. Whether you check off the days or set an endgame celebration, be a gamer about quitting. Maybe at the end of a week or month, you plan to eat out again. Don’t let that just “happen” and end up at a so-so destination. Instead, research where you’ll go. Check out the menu. By all means, find a coupon or deal.
Think outside of the box when it comes to quitting
I had a friend who realized she always overspent when she went to “parties.” Candles, makeup, bags, clothes, kitchen supplies, it didn’t matter what was being sold, she always bought more than she needed. She decided to take a six month break from any party with a selling purpose. She politely declined and offered to spend time with her friends in other ways. After six months, you might realize whatever it is you need to quit isn’t as appealing as it once was.
Identify those areas where you overspend and STOP IT – at least for a week or preferably a month or altogether if you’re a complete champ.
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I’m so looking forward to sharing this month of challenge and inspiration with you. Together, we can show debt who’s boss and give it a swift kick in the teeth this January and throughout the year in 2014. Away we go!
My book is now available: Slaying the Debt Dragon: How One Family Conquered Their Money Monster and Found an Inspired Happily Ever After. You can also check out Inspiration to Pay Off Debt: 30 Days of Encouragement from the Queen of Free
This post contains an affiliate link. That means when you get a great deal or maybe even something for free, you also help our family pay off our mortgage early. And for that, we royally thank you!
is there a way to look at the all 31 ways to kick debt in the teeth in order?
They are still in process, but you can go here to see the most recent and a recap of the ones posted thus far: http://www.queenoffree.net/category/31-ways-to-kick-debt-in-the-teeth/
Thank you. Are you going to have a coupon class anytime soon? Indianapolis, IN
I’ve been working on getting one on the calendar but nothing set in stone yet. Will let you know when it gets scheduled.