Typically I would consider myself a financially fit individual based solely on the fact that I’ve
been fortunate enough not to accumulate large sums of debt and my habits drive me to pay off
and avoid accumulating any credit card debt. Despite this, my ability to save substantial amounts
of money has eluded my better judgment. When a big purchase arises, such as travel for a
friend’s wedding, I have had the foresight and discipline to put money aside each paycheck to
pay for it completely without incurring credit card debt. Yet it seems that each time I checked my
savings account, outside of these purchases, I wasn’t making much headway in my savings.
When the opportunity came to join the 60 Days to Change challenge I was initially hesitant, but
knew that I was missing something that was preventing me from achieving complete financial
health. I needed to know what this missing piece was. I didn’t have to wait long. My first big eye
opener came on Day 2, “Count Your Purchases.” My total weekly purchase total came out to 19!
Right on the border of “Continuously Commercing” and “Pathological Purchaser.” Pete’s
diagnosis was spot on. Instead of money being in my savings account, I was left wondering
where it went. The days marched on in the challenge and I continued to take a good hard look
over my spending habits as well as what I was purchasing. I quickly came to the realization that I
had been a lazy financial slob. I made purchases out of convenience without pausing to think of
the impact this was having on my bank account. My grocery store trips would go unchecked. I
walked in with the intention to purchase a few items for dinner, ~$20 total, and instead came out
with a cart full of food and treats, ~$50 total, a more than two fold increase in my necessary
purchases. While the infractions were small, relatively speaking, the list was long and added up
to substantial frivolous spending of money. My habits had to change. I needed to retrain myself
to think critically every time I made a purchase. I started small. Instead of purchasing coffee
almost everyday at work, a monthly expenditure of almost $60 a month, I bought coffee grounds
and brewed my own. An initial investment of $16 that has lasted me over two months, saving me
$100 over the 60 Days to Change! But it doesn’t stop there. Now every time I go to the store, I
bring a list of the items I am there to buy. If I come across an impulse purchase, I stop and
consider whether it’s something that I need or simply want. I play Devil’s Advocate in my head
and question whether the purchase is acceptable or if it’s something that will ultimately detract
from me reaching my financial goals. While I have failed once or twice over the past 60 days,
let’s face it bad habits die hard, my desire to achieve financial health has driven me to succeed in
reducing my monthly spending by over $350 so far. This has come out of a culmination of many
changes including: combining home and car insurance ($75 less/month), removing a home phone
line and unnecessary cable options ($50 less/month), setting a grocery budget ($100 less/month),
eating in more as opposed to eating out ($75 less/month), and other small impulse purchases, like
a quick coffee fix, that easily added up. I started the 60 Days to Change challenge in anticipation
of learning tricks to invest or put money aside to save more for the future; instead, my eyes were
opened to the spending habits I had developed over time that resulted in substantial monthly
spending and prevented me from saving money and meeting my financial goals (e.g. an
emergency fund). In order to achieve my initial goal of greater savings accumulation, I had to
first tackle the hurdle of reducing my monthly spending. You can’t have one without the other.
Having completed the 60 days challenge, I now face the future ahead with optimism. Pete has
given me the tools necessary to better achieve my financial fitness goal, and it’s up to me to
maintain those healthy habits. The progress I have made in such a short amount of time is
evidence that reaching financial health is possible, but as with everything, it requires hard work,
dedication and guidance.