We are on Cost Freeze and my credit cards transactions for this month was nearly empty outside groceries and gas. Cost Freeze works.
A tool used at the best and most successful fortune 500 companies to tell everyone- Stop.
Non essential is maintained or removed.
Its quite simple. You need to eat. You need to buy gas. Rent/Mortgage, heat(lowered), subscriptions ended.
Then everyone realizes this problem is not so simple and getting some non essentials will improve the situation.
When you begin Cost Freeze, you stop spending money, you scrutinize every purchase, and you review your reoccurring expenses.
Insulation of your home, LED lights, and more can pay for itself.
Multiple hundred dollars a year in potential savings. Note that expected hours of use are high, but these LEDs are going to last years, this is a quick and dirty estimation. Cost was less than 100 dollars to make the change.
Can you imagine other areas where spending money saves money?
Going on ‘Cost Freeze’ is a change in mentality that you decide, declare, and carryout. You will start to save money, and on an extreme basis.
This is cause for innovation, as scarcity in spending money will have you find other uses for time. For instance, instead of getting pie at an expensive restaurant, baking a pie with friends is nearly free. No driving, no parking, no tipping, no drinks- still 100% friendship.
After a freeze in spending money, you may find it almost necessary to improve your life. Old shoes, haircut, carbonated drinks, etc…
There is a way to deal with this. Budget. Put a set amount(ie: 50 dollars) towards non essentials, and decide if you would rather fix your shoes or drink diet caffeine free coke.
The mild pain of saying ‘No’ to things gives you the benefit of security as you can extend the use of your assets.
While others are in panic about making debt payments, Cost Freeze extends your cash many months.
This may be overkill, but after an economy recovers you will be stronger than before. Good decisions today pay dividends and failure is expensive.