HAVING A SAVINGS GOAL IS A GREAT MOTIVATOR
Maryann Akinboyewa, a 24-year-old public relations manager for the Penny Hoarder, started a spending freeze that she hopes will allow her to pay off her student loans. Beginning New Year’s Day, she set a strict budget for herself and vowed to stick with it for 12 months.
She sets aside enough money to pay for necessities, such as utilities, rent, groceries, and student loans. She reserves a small portion for miscellaneous expenses and allows herself $50 a month to pay for meals out. Whatever is left over gets socked away in savings. ‘If it’s not in the budget, I don’t spend money on it,’ she says. Her commitment to the freeze has paid off. In just three months, she has saved a little over $2,000.
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