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.

  • The Consumer Federation of America (CFA) is an association of nonprofit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education. Today, nearly 300 of these groups participate in the federation and govern it through their representatives on the organization's Board of Directors.
  • The National Council of Higher Education Resources (NCHER) is the nation’s oldest and largest higher education finance trade association. NCHER’s membership includes state, nonprofit, and for-profit higher education service organizations, including lenders, servicers, guaranty agencies, collection agencies, financial literacy providers, and schools, interested and involved in increasing college access and success. It assists its members in shaping policies governing federal and private student loan and state grant programs on behalf of students, parents, borrowers, and families.

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  • The mission of the U.S. Department of Housing and Urban Development (HUD) is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD works to strengthen the housing market in order to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.

  • The Council on Accreditation (COA) is an international, independent, nonprofit, human service accrediting organization. Their mission is to partner with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.

  • The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.