Spending diet

Has anyone successfully gone on a "no spend diet"? You spend money only on what you need and save the rest or use it to pay off debt. I keep on wanting to do this but it's like a diet, I'm always going to start tomorrow lol. I have two credit cards that I just can't stay away from. I pay more than the minimum every month but I would love to pay them off. Would you hide them or cut them up? I'm in school and would love to grow my savings and pay off a bit of debt before I graduate in September. I would love to hear tips and tricks for getting started and sticking to it. LO is still young but I want to exercise more discipline over my spending so that I can set a good example and teach him about good money management when he is bigger.
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Re: Spending diet

  • bullybuttbullybutt member
    edited November 2014

    I've struggled with this also and its super hard during the holiday season (buying food for gathering/wanting to decorate house/cute clothing for kids/presents).  I've committed to not using my CC for anything this year and not paying for anything that I don't already have the money for.  I'm trying to pay on my CC as soon as I get a paycheck so that I don't spend that money on "wants".  Thankfully, I have my direct deposit set up to deposit 10% of my paycheck into a savings account each paycheck and that gives me quite a chunk of change each month (which will eventually go towards paying off my CC also).

    Add:  I wouldn't cut them up in case you need them for a real emergency.  Freeze them in a bowl of ice or something.  Mine is currently "hid" in my wallet behind other useless cards.  Out of sight, out of mind (for me).

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  • Ive never heard of a spending diet but I LOVE the concept!  i think I will do this at the start of the new year!
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  • A few of us here did something similar a few months ago. We tried to go 15 days without spending anything  but what we needed to. It was really hard. Most of us slipped a little but I think we all did a good job. I want to it again after the holidays.

    I wouldn't cut them up either. I keep one that I don't want to use in a old wallet on the top shelf in the way back of a old closet filled with a lot of random crap. I'm lazy and it's really inconvenient to even try to get it down. Maybe you can do something like that?
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