In a recent article on CNNMoney.com

In a recent article on CNNMoney.com, banks are beginning to discuss the idea of a credit card bailout. The article mention a bailout that would forgive up to 60% of the debt that consumers have racked up on plastic. My immediate reaction is yes- get me out of the hole I dug myself. Surely others would say the same thing.

Now my concern is "How we put up the shovel?" Have we truly learned to control our spending habits? Have we trained ourselves to spend less than we make? I would dare to answer no. Dealing with teen age students on a daily basis, I know that the greatest learning takes place when the kids apply the lesson I have taught them. I am learning my lesson about spending less than I make, give me an opportunity to apply it.

I want to be a Complete Cheapskate.

I want to be a Complete Cheapskate. A complete cheapskate, as defined by Mary Hunt in her book by the same name, has six characteristics. During the next week I will be intertwining this series in more detail. For now I just want to list the characteristics:

    1. Does not spend more money than he/she earns, no matter how desperate the situation.

    2. Has a spirit of generosity, regularly sharing money, time, and  other resources with people in need.

    3. Lives honestly and ethically, regardless of the temptation to do otherwise in order to get a better deal.

    4. Saves at least 10% of all income.

    5. Does not buy compulsively but makes intelligent and well-thought out choices.

    6. Lives within a financial plan that includes a margin to allow fun and spontaneity.

 

Some of these seem to contradict and others seem pretty simple on the surface. As we begin to examine each step, I hope that we see where we are doing things well, and where we need a little help. If you want to add some ideas please feel free to do so in the comments. 

Finally Some Good News

Finally some good news. First, my sixteen year old daughter was inducted into Honor Society last night! Only 3 percent are inducted in at my daughter's school. Second, automobile invoice came in for the new term. Bill went down $25 a month. In addition to gas prices going down $1 a gallon since I evaluated the budget last month, my monthly budget has been cut $145.00. I'm going to follow the Dave Ramsey and Crown Financial adage and build up 1000.00 emergency fund quicker. Any other ideas?