Everyday Cheapskate: 25 Ways to Save $1,000 a Month
Several years ago, I met Kathryn and Galen, who live in the St. Louis area. At the time, they were drowning in debt, and Galen was dealing with his recent job layoff. Their financial situation appeared grim.
I agreed to work with them to set up a plan that if followed diligently would get them out of debt and on their way to financial freedom.
Together, we determined that given their current lifestyle and financial commitments, they were $1,000 short every month, an amount they would have to find somewhere, some how, for this plan to work.
Never have I seen a couple so committed to getting out of debt! They didn't complain or expect any pity. Instead, they adopted a scorched-earth attitude as they became committed to doing anything and everything possible to reach the goal.
Here's Kathryn's list of the 25 things they did to find the $1,000 they needed every month to stay on track getting out of debt:
1. We joined The Grocery Game (an online program that is no longer in business; an excellent alternative is the CouponMom website) to slash our grocery bill.
2. We accepted help from community food-distribution ministries and ended up working as volunteers once we were back on our feet.
3. We replaced our oven and sofa with gently used items we found on Craigslist.
4. I made my own laundry detergent.
5. Our daughter withdrew from private college and moved home to attend a local community college for a fraction of the cost.