BIRMINGHAM, Ala. (WIAT) — As we enter the 10th week of the eCO Savings Race, the Jackson family is well on their way to reaching their financial goals. Like most of the competitors, they want to pay off debt, build up their emergency fund, and achieve overall financial peace. Quintin and Michelle Jackson are using their new-found financial knowledge to help them make buying decisions.
“An ‘ah ha’ moment is coming in where if you use credit, you have to pay interest. That was a big ‘ah ha’ moment for me,” Quintin said. “Do I want this or do I need it. And for me, myself, it’s junk food. Do I want that honeybun? Or do I need it.”
Michelle is working on buying generic versions of items-something she is has never done before.
“I know how this product taste and I know what this product can do in comparison to something I am not comfortable with. It was one of those timid and scary moments, but in the end, it worked out. Generics are OK,” Michelle said.
The Jackson’s recently held a successful yard sale–something they encourage everyone to try!
“In order to eliminate debt, you have to eliminate stuff. And we had a lot of stuff. We put items in our yard sale that were brand-new and still had tags on them. And realizing that we had this much stuff for this amount of money that was just sitting. I am very proud what we made off of our yard sale because it helped us eliminate two of our biggest debts,” Michelle said.
The Jackson’s financial coaches have provided this week’s eCO Takeaway Tip for you to practice at home:
It can often be challenging to discern between wants and needs. If you find yourself questioning whether a purchase is a need, wait 24 hours and see if you still want the item. Giving yourself time to consider helps remove the emotional factor from the purchasing decision.
Following along with all the team’s progress at ecosavingsrace.org!