Monday, August 20, 2007

Ouch!! Stop the Addiction!

Ok, I am addicted to eating out! I knew this already but today my credit card statement came in the mail today. I put everything on my credit card in order to get the air miles rewards. This month I spent way too much money on everything but when I look closely it appears that most of the transactions are to restaurants. I know I eat out almost every day for lunch and frequently for dinners as well especially on weekends. I decided this was an area where I need to try to cut back and spend less. This will help boost my net worth month to month.

In order to get an idea of how much I spend and what my goal should be, I went back the past 3 months statements. Here are the results:

June - $276.01 eating out or 26.99% of total expenditures.
July - $133.04 eating out or 19.95% of total expenditures.
August - $185.56 eat out or 20.06% of total expenditures.

My goal is to cut this spending in half and spend between $50 and $75 per month eating out. I also need to try to cut the whole bill down. My august statement showed transactions of $924.97. My goal is to cut this down to under $750 per month at first and then try to keep reducing it so that I am spending less then $500 per month. In order to do this I need to be aware of my goals each time I think of spending money and ask myself if I really need to make this purchase.

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