This week we are featuring Team Hicks! Ms. Hicks and her adult daughter, Anjelica, are working as a team but have separate goals for the race.
Anjanette’s goals are to:
– start a budget and stick to it
– cut monthly expenses
– create a sinking fund for new furniture
– create a sinking fund for vacation
– and pay off half of her outstanding debt
And Anjelica wants to:
– create and stick to a budget
– pay off phone
– pay off credit card
– pay off car
– save 3 – 6 months of expenses
The team started by eliminating some unnecessary expenses.
“I stopped a couple of subscriptions such as my Farmville VIP membership for $19.95 a month,” Hicks laughed.
Hicks also realized just how much she and her daughter were spending eating out. “I spend over $400 a month on fast foods,” Hicks said.
Ms. Hicks says, with Anjelica’s help, that’s all changed. “We’ve stopped eating out. We’re buying groceries and cooking dinner. I’m taking my lunch to work,” said Hicks.
Mother and daughter are also supporting each other.
“This is totally new to me. I’ve never had a budget in my life. But since I’ve started the race, I’m like, ‘WOW, I actually have money.’ And it’s more than just a little bit left,” Anjelica said.
eCO Takeaway Tip
Creating a monthly budget can help reveal areas where you overspend. Have you been paying for a gym membership but haven’t worked out in months? Like Anjanette, removing unnecessary expenses can help you save a lot of money over time. $19.95 a month might not sound like much, but that is $239.40 for the year can help you get closer to your financial goals.
Follow all the teams and their progress at ecosavingsrace.org.