Everyday Cheapskate: 25 Ways to Save $1,000 on Monthly Expenses
A number of years ago, I met Kathryn and Galen. They'd won a contest sponsored by Woman's Day magazine. The prize? A money makeover and financial coaching with ... me!
Not only were they drowning in debt but Galen was also dealing with a protracted season of unemployment.
Even with our new scaled-back lifestyle, my students were $1,000 short every month.
Never have I seen a couple so committed to getting out of debt. They didn't complain or seek pity. They didn't whine or make excuses. Instead, they adopted a scorched-earth attitude as they became committed to doing anything and everything possible to reach our goal.
Here's Kathryn's list of the 25 things they did to cut expenses:
1. Coupons: We joined The Grocery Game (an online program that is no longer in business; an excellent alternative is Grocery Budget Makeover) to slash our grocery bill.
2. Sought help: We accepted help from community food-distribution ministries and ended up working as volunteers once we were back on our feet.
3. Bought used: When our oven failed and sofa wore out, we replaced them with cheap yet gently used items we found on Craigslist.
4. DIY: We made our own laundry detergent -- plus anything else we could.
5. Community college: Our daughter withdrew from private college and moved home to attend local community college for a fraction of the cost.