Emotions, Finance

The Year of Less

According to ValuePenguin, Ā  the average credit card debt in America has been rising. Ā Furthermore, in recent years, more people have a higher debt amount than those even a decade ago.

Photo credit: Supermoney.com

In just the last few days I have had some major realizations on just how bad my own debt is and the fact that spending money, can be a replacement for any other kind of vice such as alcohol or unhealthy eating.

Due to inspiration from Cait Flanders’ book ā€œThe Year of Lessā€ and Anna Newell Jones’ ā€œThe Spenders Guide to Debt-Feee Living, Ā I have decided to embarked on a year long journey of my own. Ā 

The rules I have set for myself is as follows:

What I’m allowed to shop for

Groceries and basic kitchen suppliesĀ 

Cosmetics and toiletries (only when I run out)Ā 

Cleaning productsĀ 

Gifts for othersĀ 

Items on the approved shopping listĀ 

What I’m NOT allowed to shop for

Clothes, shoes, accessories, Books, magazines, notebooks, Household items (candles, dƩcor, furniture, etc.), Electronics, Items from the vending machine at work

Approved Shopping List

Books for bible studyĀ 

One new outfit per season

2 take out coffees a monthĀ 

I can also purchase anything that must be replaced, but the original item has to be tossed or donated

Results from Inital planning/prep

So, knowing that I have a big number to work on I terms of my debt, Ā I started to put some things in place immediately. Ā I know that ads and social media (FOMO) are huge triggers, so I immediately started unfollowing all of the shopping related groups I belong to. As well, I knew I needed to unsubscribe from a bunch of email lists and cancel my subscription box addictions. Ā The results are as follow:

23 Facebook groups unfollowed

2 bags of clothes donated (50% of workout; pajamas)

50,000emails deleted from Gmail! Ā 

$300/year Sparkle Hustle Grow – cancelled

$200/year FabFitFun box – cancelled

$800/year Stichfix. -paused

$340/year Hulu-cancelled live TV

This is just the beginning of my journey. Ā If you are interested in joining, Ā check out my Year of Less group on Facebook. Ā  And check back for more updates along my path to less debt!

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