He's Slicing and Dicing His Way to Financial Freedom

Necessity is the mother of invention. I needed to find a way to have more money to pay my debt.  Mind you, I have been avoiding making payments for years.  This means, had I paid the debt when I incurred the debt, I wouldn't be paying nearly as much as I am now.  My student loan debt wouldn't have gone from $65,000 to $90,000 had I not avoided repayment. The same is with credit cards.

There are several things I've done to reduce expenses and they are:

• Bring in a roommate
• Disconnect cable television
• Take the shuttle to work
• Limit spending at restaurants
• Cut the nightlife activities

Securing a Roommate: 
The first thing I tried was having a roommate. I didn't go as well with the last roommate in the beginning but we found a happy medium.  I also recognized that there are a few things I could have done differently when having a roommate.  1. Charge more.  I was not charging enough for the space. 2. Set the ground rules and expectations upfront. 3. Always maintain open dialogue.

I never charged enough for the space I was offering. I also never really used the money "properly".  While I had a roommate, I found myself taking out payday loans.  Why in the hell am I taking out a payday loan regularly when I have extra income coming in that didn't exist before?  So VERY ridiculous.

Round Two of securing a roommate - be sure to cover all of those items mentioned AND treat it as a business relationship.   I have secured a temporary roommate who will be signing a 3-month lease and I am charging the appropriate rent for this area. I will be using this new income wisely!

Disconnecting Cable:
Cable has become like a lifeline for people.  I recognize this as I found it very difficult to "disconnect" myself from the notion that I had to have cable.  Do you realize how much garbage is aired on TV? I went back and forth on whether to disconnect or not.  I anguished over not being able to watch TV programs that only aired on cable.    Prior to "cutting the cord", I did my research.  What would I need to still be able to see local television?  Now that local channels are aired digitally, did this mean I WOULD need cable?  A friend of mine informed me of using an OTA (Over the Air) Antenna.  Once I researched this more, I was sold!  Did you know that the local channels that are aired via a digital signal is picked up via the antenna?  I bet most people did not.  I made the jump and I survive on my FREE signal provided by my antenna and a Roku box - yes, I still have internet service only because I have an online business that I run and I justify it as an entertainment expense.

Before disconnecting, I was paying $125 a month for cable, phone and internet.  Bundled deals always seem to be the best way to go, so yes... I had the phone added for the extra $10 a month.  With cable being removed, I now pay $52 a month plus $7 for HULU Plus (which serves as a DVR for me because I can watch the shows I like whenever I want) and I also pay $8 a month for Netflix - I may ditch this because it's not necessary.  Altogether, my expenses are now $67 per month.

Commuting by Shuttle:
I've always known that there was a free shuttle that goes to my job.  I only considered it as an option if my car needed to go in the shop.  Well, my car went into the shop and I panicked and overlooked the shuttle as an option and looked to co-workers to help get me to work.  It wasn't until after my car was back in my possession that I realized I needed to utilize this financially-freeing goldmine of an opportunity! The shuttle picks up about a half-mile from my house (a 10-12 minute walk for me). By taking the shuttle 2 -3 times per week, I am essentially saving $20 - $30 a week.  AMAZIIIIIIIIIIIIING!  I fill up my tank once every 2 weeks now. I think I can cut costs even more.

Brown Bag Lunch:
I don't really put my lunches in a brown bag but I do bring my own lunch to work every day.  Before all of the reflection of my debt, I would eat lunch on campus once or twice a week, easily spending $7 or $8 (or more) on lunches each time.  My mantra for lunches now stands as this, "No lunch shall be over $5 and most should be closer to the $3 mark!".  It's worked for a while now.  Mostly eating bagged salads, canned soups and leftovers.  Lunch expenditures do not exceed $20 per week.

I LOVED the Nightlife:
And I liked to boogie, however, I like having money even more.  I used to think that I was missing out on something by not going out when friends would invite me.  Honestly, I am not missing anything and have everything else to gain.  I do get text messages each week that invite me to do things but I always turn them down.  I have to worry about making these payments - not about paying $5 - $8 per drink PLUS the tip!   When I did go out I would spend on average, $40.  This didn't include gasoline. Mind you, I live 30 miles from the nightlife. That racks up the total for a night out on the town to be roughly $60 in one night!  Then, when you're inebriated, you tend to make additional poor choices such as eating at a late-night restaurant. Even more money spent!

What are some of the ways you've reduced expenses?

Educate. Empower. Economize.