If you read my blog post from Week 5: “You’ve Got To Be in Position To Make The Completion,” you know I love football. And if you’re a fan as well, you know football season is drawing near. Of course there are players (rookies) that were drafted by the team and there are other players that “tried out” for the team, but have to “prove themselves” if they wish to stay. After observing a few players in practice as well as their performance in scrimmage and Pre-Season games, the coaching staff has to make decisions regarding the upcoming player roster: Who Stays vs. Who Goes. So many factors can determine a player’s fate: performance on the field (and sometimes off,) depth of the team, injury (or injury history), age, and many other factors. This is always a stressful time for players and the coaching staff as decisions whether a player stays or goes in some cases takes careful consideration. Some coaches know right away who is an “asset” to the team and who is a “liability.” For all practical purposes, let’s use another football analogy regarding your finances as you begin to budget your money by FIRST asking yourself this question……
STEP 7: WHAT HAS TO BE CUT FROM YOUR SPENDING HABITS?
You’ve had plenty of time to track your spending. You’ve trimmed the fat, now it’s time to make some SERIOUS cuts. Some feelings are going to get hurt after the cuts (mostly yours,) but with great sacrifice comes great reward. For your budgeting to be effective, you have to stick to it. DISCIPLINE IS KEY. So as an example, let’s take a look at some areas of my spending that DIDN’T make the cut and for all practical purposes, I’ll use basic football positions you all should know… hopefully.
1st CUT (KICKER): SHOPPING FOR NON-ESSENTIAL ITEMS– In football, a “Kicker” kicks off the ball to the opposing team, kicks the extra point after a touchdown as well as attempt 3pt field goals when scoring a touchdown is not obtainable. As much as I love thrift stores, and discount retailers (TJ MAXX, Marshall’s, Ross, DSW etc.,) these are considered “Kickers” to me. These non-essential items are purchased to score extra points. An outfit here, another pair of shoes there, accessories I don’t need, or makeup I may only use once. The kicker is my bonus, my “extra points” if you will. If you walked inside my closet or looked in my bathroom, you’d understand why. I need not another article of clothing, pair of shoes, or tube of lipstick.
2nd CUT (SAFETY): EXCESSIVE BEAUTY APPOINTMENTS– A “Safety” is a team’s last line of defense because they are furthest from the line of scrimmage. Safetys usually assist Cornerbacks with a deep pass that may be thrown to a Wide Receiver or in some cases, a Tight End. If I’ve lost you completely with football jargon, just nod and pretend you understand. Vanity is a “safety net” for some of us, because in essence it can be the last line of defense for us. Some aren’t comfortable leaving the house unless they’re in full regalia; hair, makeup, nails, etc. hence our “last line of defense” to be noticed or to catch someone’s attention. As a rule of thumb I chose ONE ELEMENT OF VANITY to keep, my “Safety” and that was maintaining my bi-weekly hair appointments. If a sacrifice of vanity has to be made, I’m willing to bet hair will win every time (especially if your hair requires a high level of maintenance.) Some spend monies on eyebrow waxing/threading or whatever the latest technique is. I grab an eyebrow brush, a pair of tweezers, shaping scissors, a razor and go to work. The result looks great. At times, I will “glam it up” and add some “oomf” to them when necessary, but for now, the brows are just fine. I reserve perfecting my brows for special occasions, church, funerals, and weddings only (lol.) There’s also a new trend with eyelash extensions. As great as they look, the maintenance can be quite costly. For me, that’s nothing a good tube of mascara and eyelash booster can’t fix. The same goes for nails. When I was going to the nail salon regularly (over 15 years ago,) acrylics was the “in thing.” Now it’s gel nails. I grab a bottle of Sally Hansen’s “Hard As Nails” and the Essie nail color of my choice and hit up the nail salon for a $10-$15 manicure (which comes from my monthly discretionary income.) The result. Healthy nails. The same goes for Pedi’s. You can actually do your own pedicure at home but I usually have a professional pedi done monthly (again taken from my monthly discretionary income of course.)
3rd CUT (RUNNING BACK): EATING OUT EXCESSIVELY– Now I know even those who despise football know what the function of a “Running Back” is or can at least name one. Running backs receive the ball (usually handed off from the quarterback) and “rush the play.” Running Backs are usually of average height but are very strong and powerful when rushing through a group of linemen. Just as a Running Back rushes through a group of lineman, for some (like me,) it is so easy to make a “rushing play” to grab some fast food or a bite to eat at a restaurant/bistro to keep from having to cook. I was more responsible when I was married, but as a single adult, it’s just so much easier to pick something up on the way home. I keep referring to the $500 I spent eating out in one month. This included stops for breakfast on the way to work, lunch, and dinners/brunch out with friends. $250 can get me a refrigerator and pantry full of food. Prepackaged dinners always come in handy, and I’m not above eating Ramen Noodles (shrimp flavor is my favorite.) Eating Ramen noodles has nothing to do with being poor and not being able to afford anything else, hell, I like ’em, they’re economical, and it doesn’t take long to prepare them. As convenient as it is to hit the nearest Luby’s drive thru for Chicken Fried Steak, mashed potatoes, cabbage and a wheat roll, the $11 I spend on that ONE MEAL can get me all the items I need to make a spaghetti or enchilada dinner that I can stretch an ENTIRE WEEK. Also consider items such as salads and baked potatoes. Carnivores feel free to add some grilled chicken to that salad to make it interesting. And NEVER sleep on Hamburger Helper. They have so many different flavors now, it’s ridiculous. Again. Sacrifice is required in order to reach your goal. You may be eating Hamburger Helper now, but you’ll be eating steak and potatoes in little or no time if you stay the course…. YOU CAN DO THIS!!!
SO HAVE YOU DECIDED WHAT NEEDS TO BE CUT FROM YOUR BUDGET? Hopefully the examples I mentioned will give you an idea on where you can make some cuts. You’ve got some tough decisions to make if you haven’t. If you want to be financially free, you’ve got to be willing to let some things go. I’m sure a few of you have already put those players aka “spending habits” on the “chopping block” that pose more of a liability than an asset to your finances. Good for you. To those that still haven’t decided, MAY “THE FORCE” BE WITH YOU. I KNOW YOU’LL MAKE THE RIGHT DECISION. HAPPY CHOPPING!!!!
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~The Financial Hack ©2015