There is an old adage that says, "It’s not how much money you make that matters; what matters is how you make do with the money you make."
Members of the -based S.O.S. Investment Club put this premise to the test recently, investing 21 days in a “financial fast,” and then hosting a panel discussion at the to share the results.
The program, coordinated by club member Anna Banks-Simeon, included a presentation by business school professor Dr. Darryl Franklin entitled “How to Make Your Money Last So You Can Enjoy Life.”
Dan Dorger, branch manager for the in Bolingbrook, and Gina Davis-Lloyd, a certified financial planner, also spoke offering advice about insurance and security solutions as well as basic everyday banking and savings guidance.
S.O.S. club members read Michelle Singletary’s national best seller The Power to Prosper before embarking on their individual quest to save smarter.
The book challenges readers to put away credit cards and buy only what is needed for survival over a period of 21 days to discover how to break spending habits and sever bondage to debt.
Brenda Davis took on some of the suggestions made and in the process saved approximately $750.
“I got a lot out of it, curbing the needless spending I do," she said. "It wasn’t easy, but if you follow the book religiously it’s possible.”
Simeon said the club has been meeting for 11 years.
"We’ve been successful and would like to share what we’ve learned with other
residents," she said.
To this end the group outlined a 21-day pledge sheet and filled it with affirmations that serve as a starting point to curb spending.
Here are a few of the highlights:
Day 1: Commit to being on a spending diet.
Day 2: Understand that prosperity comes with conditions.
Day 5: Recognize when you’ve purchased something unnecessary by as a result of giving in to a sense of entitlement.
Day 7: Develop a budget, and adhere to it, so that every penny earned has a purpose.
Day 8: Set aside a percentage of every paycheck for savings.
Day 13: Review the past three months of credit card statements to pinpoint frivolous spending.
Day 15: Take an inventory of what you own, be grateful for it and guard against wanted more.
Day 18: Identify at least one aspect of your finances and decide to stop stressing about it.
Day 20: Come to an agreement with family and friends (that you have exchanged gifts with in the past) to not spend more money on each other, but to spend time together instead.