Step down budgeting

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.

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.

Kim McGrigg is the former Manager of Community and Media Relations for MMI.