Are You in Control of Your Spending?

Good Morning!  I woke up this morning on a mission – to become debt free.  It has actually been my mission for sometime but something always seems to get in the way – wants versus needs, guilt versus just saying no – you get the picture.  When I got married 2 1/2 years ago, I came into our marriage with DEBT (credit card debit and school loans).  Now, my hubby doesn’t believe in using credit cards – he pays cash and the only debt he currently has is a small car loan and our mortgage.  I know some are saying that this is something that we need to work on together, right?  I mean isn’t money and financial problems the root of many divorces today?  Hubby simple said, as long as I can pay MY bills (those that I had when we got married) all is well.  Okay, so in my head there was some permission given to continue to spend like I was.  I was working full-time, had a good income, a hobby of my Thirty One business & craft shows – so all was good.  Then I made that change from a regular income to an irregular income.  Now, don’t get me wrong – I am still paying the bills but the truth is I am not making as much progress as I would like on my debt reduction.  The main reason is that I am not TAKING CONTROL of my finances  – they just sort of happen.  Does this sound familiar to anyone?

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Here are some tips that I found that may help you (and me) to move a little closer to being debt free:

  • Keep a spending diary.  To me that was the receipts from my debit card since I very seldom carry cash.  I know a definite No-No in Dave Ramsey‘s Financial Peace University class.
  • Write a list before shopping and stick to it.  Okay, so I am getting better with this.  Impulse buying has dropped dramatically.
  • Have a certain amount transferred from your checking to your savings automatically. YEAH!  I scored one here.  I actually have money transferred from both my Thirty One account and my personal account to a savings account.  The trick is keeping it in my savings account.
  • Work a part-time business, like direct sales, on the side and put that money towards debt reduction.  So I have my Thirty One business and a part-time (1 – 3 days per week) at the local WaWa.  Which is considered my part-time income to just put towards debt reduction when I use it all to pay bills?
  • Pay your mortgage every two weeks instead of monthly.  Okay, so I can opt out of this since hubby takes care of the mortgage.  Of course, my dream is to not only help pay it but pay it off!
  • Start a “clothing co-op”.  This is great for families to swap kids clothes.  They grow so fast and often only wear things a few times before they are too small.  As for me, I am looking for quality consignment or thrift stores to do some shopping in.  Since my weight keeps changing (going down), I hate spending full price on clothes only to have to shop again for new smaller ones.  I have always been a jeans person but I am finding that I need to change it up a little for professional and business reasons.  I know there are some who know me that are in SHOCK over this revelation.

So, now add these tips to help stretch that budget – personal and business – that we have been talking about.  What are some of your BEST tips for taking control of your finances?  Please share them with us.

Have a ThirtyOne -derful day.

 

 

2 thoughts on “Are You in Control of Your Spending?

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