Do you need to go on a money diet?

November 6, 2008 4:27:29 PM PST
If you're trying to tighten the belt, sometimes you have to go to extremes to learn to live without. Well, that's exactly what one group of Houston women is doing. They have vowed to not spend a single penny for an entire week. It's called a money diet. Three women decided this would be a good way to learn how to start saving. With the help of a money coach, they hope they can stretch their dollar by not spending one dollar for an entire week.

Raynese Edwards, Tamara Brock and Star Perez are all feeling the pinch of these tough economic times, so they've taken a pledge to cut back, to go on a diet...a money diet.

It's the brainchild of financial consultant Marilyn Logan.

"So for one week, I found out that I was wasting a lot of money," said Logan. "And I'm hoping that you will uncover the exact same thing."

As with any diet, Logan says the key to success is to have an immediate goal. With the money diet, you must go an entire week without spending a dime. There's no eating out, no shopping and no money on entertainment.

Brock usually hits the boutiques once a week and says the tough part for her will be no new clothes.

Edwards' big weakness is jewelry. The last time she came to visit 'The Jewelery Lady,' she spent $200 in less than 30 minutes.

"My question would be, do you earn $200 dollars in 30 minutes?" asked Logan. "Now, if you earn $200 dollars in 30 minutes, I don't have a problem."

Putting it that way makes Edwards realize she must re-prioritize her spending.

"If I can do that and save it and put it to the side, I'd like to take that and put it into my granddaughter's college fund," said Edwards.

Perez's biggest challenge will be telling her five year old son 'no.'

"He has no concept of money," she told us. "None."

She hopes the money diet will help teach both of them the importance of saving. And all three women hope that going to the extreme by vowing not to spend a single penny for one full week will give them a new found respect for their money.

So if you want to try a debt diet, there are two things to remember. Number one -- set a short term goal and number two, know your spending weakness and avoid it.

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