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Blogging for Change Blogging For Change
by sitecore\kmcgrigg on April 23, 2010

Free financial webinars are a great way to increase your knowledge during Financial Literacy Month. In fact, we've been highlighting a few of our favorite webinar activities on the blog this month (I'm a circle- What's your money personality?). This week, MMI offered a webinar on paying down debt. In case you missed it, here is a glimpse at what was covered.


In order to accelerate your debt repayment schedule, you might have to free up some additional dollars.  Too often, people are discouraged by this idea because they think of it as an "all or nothing" strategy.  In reality, there is a lot of room in between to step-down.

For example, If you eat at a fine dining restaurant twice a month, then you can step down to a family restaurant and save $60 a month per person. That alone could net you $150 needed more for debt repayment. If you eat lunch out every day at a fast food restaurant, you can save $25 per week per person if you take your lunch.

step_down_budgeting

Here's another example: An evening movie without drink or snacks- $9.50

  • Step-down by choosing a matinee at the movie theater- $6.50
  • Step-down by renting a movie to watch at home- $4
  • Step-down by renting an older movie- $1
  • Step down by borrowing a movie from the local library- $0

Don't worry if you missed this webinar, there are plenty more opportunities for you to increase your financial know-how during Financial Literacy Month. Register for an upcoming webinarparticipate in a webcast (available anytime) or download our free eBook - Financial Literacy: Your 30 step Path to Financial Wellness.

Comment(s)

Alex Berger says:
April 26, 2010
Website: http://www.howdoigetoutofdebtfast.com

I'm glad I took the time to read what you ad to say! Excellent post, thank you....Alex B.



Brandon Schmid says:
April 24, 2010
Website: www.howtomanagemoneytips.com

Neat idea...I like it. It seems like this would work out a lot better for people as it would only be small changes instead of drastic ones. I think this would also work well for diets as well. If you drink 4 pops a week, the step down to 2 or maybe even 0. Great idea. Cheers! Brandon



Bruce says:
April 29, 2010

I love the movies from the library idea and use it every week. The "Dining In" suggestion is a great superficial idea, but ignores the value of eating out where drink refills are free and the portions large enough to bring home for a second meal. That $7 meal becomes $3.50 and includes a beverage. Try providing food and drink for a teenager at home for $2 - ain't gonna happen! I still feel it is a good deal when we go to our local "greasy spoon" and can get 6 meals plus a 2 liter soda for $17 including tip. For "fine dining" we splurge and go to Wendy's once every couple of weeks.



Enova says:
April 26, 2010
Website: http://erl-mortgage.com/

Great post! Just wanted to let you know you have a new subscriber!



Kim at MMI says:
April 26, 2010
Website: http://www.moneymanagement.org/Community/Blogs/Blogging-for-Change

Brandon, Great example! Envoa, Welcome!



Kim at MMI says:
May 10, 2010
Website: http://www.moneymanagement.org/Community/Blogs/Blogging-for-Change

One of the students in a recent education class gave me another great example. Step 1: Complete cell phone package (unlimited texting/calling, etc.) Step 2: Basic cell phone package Step 3: Lower minute plan Step 4: Prepaid plan.



Lana says:
April 29, 2010

Consider shopping around for a better deal on movies... In our area you can pay $15 a person for a movie in the mall, or see the same movie at the same time in a local single screen family run theatre for only $4 - and unlike the mall, you car is not only close by, but still in the lot when you get out!



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