New Year, No Spending

iVillage Member
Registered: 01-02-2014
New Year, No Spending
Thu, 01-02-2014 - 7:35pm

So for the last two New Year's I've sworn up and down that I am going to get out of debt by the end of the year. And every year I fail. I don't think I accure any additional debt, I just manage to always rack back up whatever I had initially paid off. I'm so tired of the credit card debt. So this year, I'm changing the resolution. The goal is simply to live on less. Ideally I'd like to find a way to live on half my salary. But, in order to succeed, I know I need to start small. So, I'm going to start with 3/4 of my monthly paycheck. Wish me luck!

Community Leader
Registered: 08-25-2006
Fri, 01-03-2014 - 1:01pm

Welcome to the board!  I hope you stick around and browse through the threads for ideas.  You are not alone!  

Serenity CL making a second marriage work

iVillage Member
Registered: 10-01-2008
Fri, 01-03-2014 - 1:30pm
Start small and hopefully you will succeed this year. Maybe 1/2 is a little to much. Your plan for living on 3/4 and paying the rest toward your credit cards sounds much more doable. And don't forget how much eating out & stopping for drinks can add up and eat away at extra $$$. Good luck and report back!!!
iVillage Member
Registered: 07-24-2001
Tue, 01-07-2014 - 1:30pm

I can understand what you are going through.  I think budgeting finances really is JUST like budgeting calories . . . if you try to cut back too drastically, you are certainly going to get frustrated.  So I like your idea of starting with smaller steps.  When I started my "get out of debt journey" 2.25 years ago, I just concentrated on tracking my money for the first few months.  Once I saw where the money was actually going, I had a better idea where and what to cut back on (for example, utilities was a big one for me . . . lowered my thermostat and put plastic on the windows).  I think part of the secrete is not letting yourself get overwhelmed.

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Tue, 01-07-2014 - 5:18pm

Good luck, kpdebt.

Remember though that there's a reason your CC balance keeps coming up.  Are you keeping track of every penny you spend?  If you don't know where it's going to, you won't be able to control it.  In my experience, this takes at least six months to cover the unusual expenses, like suddenly having to replace all 4 tires on your AWD vehicle, paying for emergency oil burner repair, etc.

"No spending" unfortunately isn't realistic.  It's like saying, "I'll lose weight by just giving up all junk food and snacks" - it's not realistic to think that your behavior is going to change overnight and be something that you can maintain day after slogging day.  Anyone who's ever gone more than 3 days on a diet knows how incredibly hard it is to maintain that exhausting level of discipline. 

Post here frequently for input from everyone - most of us have been here for a long time.  And good luck!

Community Leader
Registered: 07-26-1999
Wed, 01-08-2014 - 1:25pm
I was reading a blog the other day and they were doing a no spending january (except for necessities of course) and one of the comments on the thread was that the lady couldn't get her husband to agree to an entire month of no spending, so they would do a no spending week the third week of every month. It was a smaller goal, but still made an impact without feeling so restrictive and if they did it all year long, still amounted to no spending for essentially 2 months of the year. We used to do a no spending day once a week on this board, as a group effort. You may want to even try a small step like that if you get frustrated in general. Sometimes its all about baby steps.