The Debt Diet Challenge Week #5: Our Participants Weigh In

Melissa

This week I spent a lot of time reviewing every option I could think of for daycare expenses that will increase in September. My husband and I were able to save a lot of money during the summer months by taking vacation time to save on babysitters and daycare. This really helped jump start our debt reduction. I am sickened at how much it costs for decent childcare in our area, but I think I came up with a plan that we can live with that will still allow us to send a lot of money to our credit cards plus give us flexibility to use more vacation days to save additional money. My husband and I have a decent amount of vacation days at both of our jobs and since we are no longer taking any trips for awhile—this is a much better use of our time. I will really miss Mickey Mouse next year, but the little devil has wrecked us financially with a trip or two every year racking up major credit card damage.

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My other challenge for this month is to cut back on eating out and coffee. I have failed in my need for my $2.11 plus tip iced Dunkin Donuts French Vanilla in the morning. There is just something about the icy coldness combined with the double dose of caffeine that really gets me going in the morning. I may have to deal with this summertime addiction when the weather starts getting cooler and focus instead on not eating out. I get together with two different groups of friends each month for dinner and drinks. I canceled one group last week. I can probably just catch up with them every few months as they like to indulge with appetizers, meal, drinks and dessert, so it can get expensive. I did meet up with my other group of friends and recommended a cheap restaurant and told them I was on the “Debt Diet.” I even had a coupon, too. They thought it was good idea to cut back on how much we spend out because we don’t care what we eat, just as long as we get together to catch up. We even thought next month we may bring a picnic on the beach. I will say the “fair share bill splitting method” is very awkward to bring up even with my close friends. I would rather skip a few months and go to an inexpensive place than to feel cheap at the end of the night. I know I should get over it, but it is still too awkward a conversation.

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My husband had to go away on business this week and he said for the first time in a long time he wasn’t afraid of what credit card bills would come in while he was gone. These would always turn into a fight when I discovered what latest electronic item he purchased in the last month. I am proud to say neither one of us are using our cards, and there was no fight when he got back. Progress yet again!

I am definitely saving a lot on groceries now. I monitor the fliers for 3 different stores, use coupons and stock up on sale items. Also one store that I usually frequent has a promotion with gas savings and I saved .60 a gallon this week just from doing my regular grocery shopping with them. I never paid attention to these sales and promotions before the Debt Diet. I was always too busy. Now I have fun seeing how much I can save.

The debt crisis with the nation has had us very worried with what could happen to interest rates on our cards. We are trying to attack as much as we can while still allowing us a little wiggle room to live. If things get as bad as they say, we may need to go more radical.

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