A Mini Money Diet to Begin the Second Half of 2015

Lettuce coming up in the garden

Today begins the seventh month of 2015, a fact that amazes me. For those of you who participated in the January Money Diet, it’s been 181 days since we first decided to begin the new year with 31 days of no spending.

I caught up with a few January Money Diet participants to see how things were going, and thought you might enjoy some of their comments.

“The gains we made with the January Money Diet jump-started our emergency fund.  We’ve been able to keep it growing because of the habit of thinking before spending, which we established in January. Thanks so much for your encouragement to start 2015 off with a more mindful use of our resources.” – Annie

I have really committed to not buying new items unless the old one wears out, or they offer a significant value and improve our lives. I have not purchased any clothing, instead culling my wardrobe down to those things I really like. This way I don’t feel like I need anything new. Goodwill received multiple bags from me! Cutting extra purchases now leaves some money at the end of the month for a vacation fund. I am finally starting to realize the value of experiences over things.” – Lisa

“I think about that January challenge a lot. I don’t spend nearly as much as I use to on clothing and have toned down a lot of the other “useless” shopping. I don’t even go to the stores that much anymore.” – Lynn

A number of you expressed interest in doing a Mini Money Diet this month, and I am with you! With the year half over, I’ve been reevaluating my goals and savings plans to try and finish the year strong. I think it’s actually easier to spend less during the summer, and these are some things you might like to do during the month of July:

1. Figure Your Net Worth

If you haven’t done this exercise since January, I suggest you calculate your net worth now to see where you stand. With six months left in 2015, you still have plenty of time to get your net worth headed UP, UP, UP!

2. Enjoy Seasonal Produce and Find Alternatives to Restaurant Meals

Homemade pizza

Take-out, pizza delivery and restaurant meals can quickly derail a budget. With so much good produce in the stores and farmer’s markets right now, vow to cook easy meals from home in July and save big. Cook on the grill, enjoy garden foods and try easy stir-fries, salads or wraps loaded fresh veggies.

If you make a batch of dough ahead of time and freeze it, you can make a homemade pizza in less time than it takes to wait for delivery–for a fraction of the cost. Here’s my easy homemade pizza recipe. You can also find easy dinner ideas on my Happy Simple Suppers Pinterest board.

3. Make Adjustments to Your Savings Goals

Life happens, and you may not have saved as much as you wanted to in the first half of the year. Why not set a monthly goal to set aside in the remaining six months? If you can scrape up just $38 a week to divert to savings, you’ll have a $1000 nest egg at the end of the year.

4. Plan to Eliminate or Drastically Reduce a Debt by Year-End

Could you pay extra on your lowest debt and completely eliminate it by the end of the year? Do a little calculation, dividing the total by 6 and adding back the monthly interest payment. Could you set up an automatic payment for this amount and enjoy the peace of paying off a debt by the end of December?

5. Hold a Garage Sale While the Weather is Nice

Garage sale

If you sell items you no longer need, you’ll enjoy more space in the areas you declutter and earn extra cash to apply to debt or savings. Maybe you’ll do as well as our 2015 January Money Diet participant, Lynn:

“We had an extremely profitable garage sale and made over $600. Even better, I got rid of so many unneeded items and organized the storage area. It was a proud moment.”

I’d love to hear how your year is going, what you’re doing to save money, and whether you’ve changed any habits as a result of participating in the January Money Diet.

Here’s to a prosperous, happy 2015 for each one of you.

Hugs and happy July,

The signature for Eliza Cross

About Eliza Cross

Eliza Cross is a full-time writer and the author of a dozen books about food and home design. She has been blogging about simplicity and sustainable living since 2006.

4 comments to A Mini Money Diet to Begin the Second Half of 2015

  • Nate

    Great post. Eating fresh and seasonal produce is not only good for you it is less expensive! We do our best to eat seasonal and can what we can’t eat.

  • Nate M.

    I think I need to try this next year! Buying produce, honey, meat and other local goods can save a ton of money. I stock up while I can.

  • Hi, Kariane – I’m glad the timing was good for you, and good for you for having an emergency fund in place when your house flooded. May your efforts get your fund replenished quickly! xoxo

  • How funny, I was just sitting down and calculating yesterday how to meet a savings goal yesterday (we’re still working on replenishing our emergency fund after using it to take care of an emergency when our house flooded 1.5 years ago). Perfect timing for this post!

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