I'm doing something this month that is not my style: I'm sweating the small stuff. For me, Friday begins a no-buy month. I won't be spending money on clothes, entertainment or going to hair or nail salons.
I cannot eat out. Period. But I still intend to be my normal community socialite self. Free parties and drink specials will be my mantra.
With constant news of a possible recession on the horizon, I -- like many Americans -- think it's time to mend my free-spending ways and make some serious changes about the way I relate to money.
I'll be blogging everyday about my successes and tribulations. You'll find my blog, The Frugalista Files, at MiamiHer ald.com/business. I hope you'll join me in my quest for bare-bones spending. Feel free to send your money-saving tips.
It will be a difficult month for me. I believe in the good life, taking the time to smell the roses. But my fun times have come with a price tag. The $35 hair wash and roller sets and manicure/pedicures add up. Eating out is costly.
I'll also admit to being a vending machine groupie, another wallet killer.
Clearly the time for belt-tightening has come.
We've become a carddependent society but those credit card bills must be paid. According to cardtrak.com, the average credit-card debt per household with a card is $9,659.
In my mind, I'm not a lavish spender. My eyes roll at 20-somethings who whine how they got into debt by buying too many designer jeans. I rarely buy shoes that cost more than $40. The furniture in my apartment is an eclectic mix of floor-model specials and give-away chic.
I just got cable two weeks ago, as part of a bundling package that includes Internet and phone service for the same price as having only phone service.
But, on the down side, I am a fritterer, letting smaller costs add up.
Here's a snapshot of my finances so far this week: I have spent already $10 in the vending machines at work on Diet Cokes, flavored chips and gum balls. For lunch alone, I've done three Thai runs, costing me $25. Two other days for lunch, I spent an additional $15. I'm running a dinner tab thus far of about $80 (I went to a $35 dinner with friends last Friday.)
This week wasn't even extreme. My salary can't keep absorbing these costs. There's no way I can save like I need to at my current spending rate.
I picked February for this challenge because it's a special month for me.
First, it's Black History Month. While it would be noble to say I am honoring the hard work of my ancestors by being financially prudent, that would not be accurate. I plan on raiding the plethora of Black History Month receptions by heading straight to the free buffet. Tacky, but necessary.
I will not allow myself to eat at restaurants. Did I mention that I don't cook?
Also, I have a birthday this month. It's a bit of a slick plan, but if I'm in a rut, I figure playing the birthday card will allow me a few things I might lack this month. Furthermore, February is the shortest month of the year.
Is this cheating? Well, since this is such a drastic lifestyle change, I must ease into it.
I am not the first to go on a spending fast.
Mimi Whitefield, a Miami Herald business editor, did it last year but she put her whole family on a spending diet. In recent years, there have been anti-consumerism movements, especially during the holiday season. I have picked the public forum of blogging to talk about my trials because I'm afraid that, without millions (I think big) of people watching me, I won't finish my vow of austerity.
I can't lie, I am so scared about what this month holds. I can just imagine myself maneuvering around South Florida streets with a month-thick mane and a home manicure. But, I'm more afraid of what will happen to my financial future if I don't take this step.
