Financial Literacy Month – Tip #22

Whether you are trying to payoff debt, save money, or just want to become a more savvy spender, there is no time like the present to start a “Spending Challenge!”

All you need for this tip is:

  • A good friend
  • A goal
  • A timeframe

Have I done this? You betcha I have! In January 2008, my New Year’s Resolution was to not shop for ONE YEAR! Yes, you read that correctly. I had just had my daughter, was cleaning out my closet and realized that I had quite a few items with tags still attached. Seeing how much stuff was stuffed in my closet, I set the goal of not shopping for a year, picked a good friend to hold me accountable, my husband, and gave the goal a timeframe of one year.

I am thrilled to report that on December 31, 2008, I met the goal! For an entire year I only shopped for essentials, no new clothes, shoes, handbags, workout clothes, make-up, you name it, if it was not essential, I did not buy it!

With the current Shelter-in-Place, spending habits have abruptly changed for many from “want” spending to “need” or essential spending. Before life returns to normal, ask yourself, do I really need to return to my old spending habits?

If the answer is no, pick up the phone, Facetime a good friend, set a goal, establish a timeframe and determine the reward (if you both meet the goal). Let the challenge begin!

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