I've done it, and I want to share with you how liberating it is and how it can be for you to. If you don't have credit card debt, then we hate you...I'm just kidding, we actually admire you, and maybe we're kind of jealous. Being a single mom with 3 children bills rack up. It's so easy to reach for the credit card and "pay it now" and deal with paying it back later. But that's where the problems start.
Whether you have $5000 or $30,000+ in credit card debt it doesn't matter.
How to Start:
I'm not asking you to cut up your credit cards, but just put them away, far away, leave them at home, wherever you put them just don't have them on you. Trust me, it won't work if you carry them around in your wallet, YOU WILL USE THEM.
Once you pay your bills; mortgage, utilities, medical (basically whatever is set each month) calculate what you have left, whether it's $300 for the week or $200 or whatever the amount, use only that in cash.
The Plan:
Ok, so you get your paycheck this week and it's say, $1500 , you pay what bills are due and you're down to $500 and you aren't getting paid for another 2 weeks! OMG, panic. You start asking yourself, can I truly live on $500 until the next pay check? YES YOU CAN. Even as a parent with children, you can. It takes extreme discipline.
It all starts with FOOD.
I'm sure your pantry isn't empty. You have food so be creative. As I say to my kids, we're "eating the pantry" this week. That means whatever is in there it's getting eaten. Even if it means pasta for 5 nights then
so what. Open that freezer and open that bottom drawer, ahhhh! Well look at that, we have waffles I didn't even know we had! Or frozen ground beef, a couple of frozen chicken breasts, sausages...you get my point. You've got food, don't waste it.
Live Like a European
In Europe a lot of people buy food daily. I know this means more trips to the grocery store but this does prevent those Sunday trips to the grocery store where you drop half your mortgage payment and end up with food that you find buried in your freezer months later. Instead, on Sunday go and buy your milk, orange juice, eggs, whatever perishables you need for the week and dinner for Sunday-Thursday. Your bill should not be more than $65. Don't go crazy for dinner. Whatever I buy for Sunday dinner I make enough for Monday. If your kids don't like leftovers, tell them to get a job and contribute to the family.
Take Control
School lunches are out of control, so as the parent, take control. I can pretty much guarantee that your pantry is stuffed on Sunday with snacks for the week, and expensive deli items. While it's nice to make your kids a ham and cheese sandwich it adds up, and DON'T buy pre-made chicken salad, not only is it extremely expensive but it's also loaded with salt and fat. Buy a whole chicken, cook it on Sunday and then use the meat to make homemade chicken salad and the rest for chicken soup. I do this every other week and it is so easy! Now you have enough chicken salad for school lunches AND homemade soup for Monday night dinner, add fresh Italian bread and you're done.
Quick and easy dinners on a credit card free budget
grilled cheese and bacon, spaghetti and salad, breakfast for dinner (kids love this and it's inexpensive, we do pancakes and eggs) steak sandwich's (a great way to use up veggies that are not fit for a salad)
Give your Kids an Allowance
Believe it or not I have been saving money by giving my kids an allowance. Chances are they're not spending it everyday so it adds up. When they want to go to the movies make them dip into their allowance, if they don't have enough, guess what, say no.
JUST SAY NO
Not just to your kids, but to that stupid voice in your head telling you to buy something you don't need.
SUCCESS!
After 3 weeks of no credit card use I quickly realized I CAN DO THIS. I had to literally walk out of stores when I realized I didn't have my credit card. Even the things I absolutely thought I needed, I didn't. We were out of bread, so guess what? In my freezer I had hotdog rolls from the summer. Kids loved their peanut butter and jelly's on a roll! I got into line at Starbucks and didn't have cash and drove away. I got to work and poured a free cup of coffee. My daughter needed money for her dance, she went to her wallet and paid for it herself. It's not easy, it's humbling in fact. But when you realize how often we whip out that credit card for things we really don't need, you quickly realize just how much you can live without.
I'M STILL NOT USING MY CREDIT CARD!
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