As more of my colleagues find out about my side passion (Debt Free Martini), lately I am being quietly pulled to the side more often to discuss money, in hopes for a quick one-size-fits all financial solution to get them on the path of financial prosperity. After these quickie financial power sessions, I always have to stress that there isn’t a set perfect method to fix their financial catastrophe, and each person has to establish a financial plan that fits their present lifestyle and family needs. I mean it is call PERSONAL finance for a reason right?
Yes there are basics that need to be address while in debt, but why do people believe that they have to start eating tuna and reuse dryer sheets just to save a dime? Frugality comes in different variations and it’s better to educate yourself or consult a financial advisor to create a financial plan that fits your specific personal needs to reach your goals.
Personal Examples of how I have cut cost while achieving financial success.
1. I remember when I created my first budget and I decided that I was going to go cold turkey and never dine out. Well it just didn’t work for me, so I revised my budget and allocated $50 dollars a month for dining out. Not only did my two outings per month become more of an award for staying on budget, but I also found some really great restaurants to eat out for cheap to stay under that $25 dollar limit per outing.
3. I never had the patience to sift through the sales rack, and thought I was too cute to deal with the hassle. I am now the sales rack queen and will hit it up at least once a month to buy at least two items for chunk chang. For my child I have also learned the benefits of shopping off-season, and have saved hundreds over the last year and a half.
4. The greatest and most valuable way I have cut cost was by changing my mindset of how and where I spend my money, and reevaluating the list of things in my mind, that I thought I needed in my life in order to be happy. Petrish what on earth are you talking about?
So glad that you asked, for I it turns out that I don’t really need…
– 12 pairs of black high heel shoes
– 32 dresses, with 40% of them still with price tags
– A pantry overflowing with food for me and my 9yr old child
– 15 bottles of scented body lotion that I have never used
– 7 boxes of books that I will never read!
– The idea that my future dream home must be slightly over 3,000 sq. ft. of living space
– 72 pairs of underwear
So my point is it’s called PERSONAL finance for a reason, so don’t be afraid to personalize a budget or financial plan that maybe a little untraditional in order to fit your lifestyle. At the same time I owe it to you to be real in saying that if you’re in debt, it’s gonna take dedication, discipline, sacrifice, and patience to get your finances back in order, but it is possible to live a more frugal life and still be happy…at least most of the time. You just have to think out of the box, and make the best of the hot mess of a situation you have gotten yourself into.
What financial habits have you adopted, to personalize your path to financial fitness?