NOTE: This step is only to be completed after you've completed 2+ weeks of the Spending Freeze

Step #9 Reflect Upon What You’ve Learned

I am hoping that you all had a good experience with the Spending Freeze. I hope this was a good jump-start in getting you to think more about your relationship with money and why you buy things. My goal for this wasn’t simply saving money. In fact, that really had nothing to do with it. Of course, saving is a nice by-product, but there were more important lessons to be gleaned from this that will help you in your quest for financial peace.

Now that we’re nearing the end, it’s a great time to reflect upon what you’ve learned by participating in the Spending Freeze. By journaling a little bit about what you’ve learned, you can use this as a reference point in your notebook in the future. Grab your Forget the Joneses notebook and create an entry you can refer back to in the future.

Here are some things to ask yourself when completing this exercise: Was the Spending Freeze easier or harder than you thought, and in what ways? Did you find you were tempted by things you didn’t expect? Was it easier for you to avoid spending in certain areas? In steps #6 and #7 you tracked your temptations and victories. Hopefully those steps gave you some insight into what your weaknesses are and ways you could overcome them. What habits will you be carrying over as we enter the re-entry phase of the spending freeze? What things do you need to continue to work on?

Here is another great exercise to give you an idea of what you've really saved during the freeze:
http://mommysavers.com/boards/forget-joneses-project-2008/62717-what-have-you-been-really-tempted-buy-but-didnt.html

Coming Soon:
The re-entry phase of the Spending Freeze is coming up next week. For many of you there will be a temptation to go and spend, spend, spend after all this is over, so we’re going to ease back into things. Don’t get your hopes up for big shopping trips next week. We’re going to make sure there is some damage control! Stay tuned for the re-entry phase next week.

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Dh talked about this last night. For us, this has been a valuable, eye-opening experience. In fact, I think dh got more out of it than I did!

It really affected how we view grocery shopping/cooking. For me, that was the biggest thing. We talked about how we sometimes stockpile too much food. In fact, it's 16 below zero in MN right now and dh is out in our unheated garage surveying the inventory of our deep freeze because we still have more to use up! Dh is especially guilty of stocking up on a good buy, so I think we're more successful in budgeting when I go to the store. I learned that I rely too much on convenience foods because I don't always plan ahead.

Dh learned that there are unexpected benefits (he did, after all, lose 6 pounds!), he learned that he eats out too much, and we both realized we sometimes use shopping as entertainment when we're bored or need a pick-me-up when we are in a funk (OK, that's mainly me). We learned that our kids weren't as affected as we thought because we found other, free ways to entertain them. Cutting back on shopping eliminated one more thing that consumed our time. We got a lot of our own "life" back! We also were prompted to have friends over that we otherwise may not have, simply because it was cheaper than going to a restaurant. We had a great time and resolve to keep doing that more often.

Does anyone want to share what they've learned?

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I learned that I too have an itch for the "big deal" i just can't pass it up. i did however! this whole time, no coupon shopping AT ALL! it was hard at first, now its no big deal. i still feel a little guilty, i feel as though i've missed out on great things that won't come back, but i saved a heck of a lot of money!

i also became more creative in the kitchen. we stayed home every night of the spending freeze but last night, MIL bought us dinner. Staying home this many days is HUGE for us! i don't think in the 3 years we've been together, we've ever stayed home that many times in a row! that is sooo sad.

i agree with you on the getting your life back thing. i had so much extra time! i definetetly will not be going back to what i was doing, shopping wise. it was nice to have all that time, that otherwise i thought didn't exist, because I HAD to go get that great deal at some store!

it's been a great learning experience!

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My choices yesterday create my today. My choices today create my tomorrow.

Forget the Joneses Holiday Boot Camp Blog

I've learned to question my purchases. Is this a need or a want? If it is a want, do I need to get it right NOW? Approve spending list has help me in that I plan head for my wants, cut down on impulse buying. This guarentee that I wil have the money for it and I will not take it away from important bills. If I miss a sale there will always be another!

I've learned what tirggers my over spending. Not have a planned list, carrying credit cards, etc. I now make a list, go straight to those things purchase them and leave the grocery store. I also carry cash only ( which is hard , but it forces me to stick to my budget) As far as other stores, I set an amount I will spend and then carry only that Amount in cash. When I do this it is impossible for me to over spend. Hopelly I can continue on this path.

Dh and I have really learned alot about our spending, okay mainly my spending. Since I have gotten out of school and began working 2 years ago I have been blowing so much money without even realizing it. I had the "I worked so hard, I make good money now, I should be able to get what I want" attitude. Well you know what, that attitude has gotten me nowhere. I have nothing more to show for 2 years of "making good money."

We totaled up the money I spent in December on things I thought we "needed" and it came close to $500, this month it was $21. That is insane, no wonder we never have any money. And I always considered myself frugal! Guess not huh!

We have learned to really watch what is a need and a want. We are analyzing each and every purchase. The spending freeze along with the net worth worksheet really got us looking at paying off our 2 liabilities. We developed a budget, which we haven't had in over 5 years. We have learned that if we had had a budget we might have been closer to our ultimate goal of being completely debt free. Now we realize that it is going to take us awhile but we have a plan and a goal to strive for.

We have also learned that this project has brought our family closer together. We are all participating in the financial well-being of our family. We have the kids involved now so they will learn the things Dh and I never did about finances and budgets. And Dh has learned that he had no idea what our finances were and now that has changed.

We firmly believe that FTJ will truely be a life changing experience for our family. Thank you Kim, we can't wait for the next step!

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"God determines who walks into your life…
it’s up to you to decide who you let walk away, who you let stay and who you refuse to let go." - Anonymous

You are MORE than welcome! I think I am getting just as much (if not more) out of this project than many of you are so THANK YOU!

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I want to echo the OP, thanks Kim for doing this!!! I know we are all learning a lot.

I have learned that as much of a tightwad as I have become in some areas of our budget, I still overlook transgressions in the food area. I, too, rely on packaged food, when in reality, cooking from scratch does not take that much longer! I rarely question whether I need a food item when I am shopping, but I almost always question every other purchase. I'm sure there is some insecurity problem going on here!

I just started a new job after being a SAHM for 13 years, and I have been listening closely to those of you who have learned that you just blow money because you have it. There is such a temptation to spend because the money is there (sort of). I will keep that in mind as I begin the next weeks after the Freeze. I really want to keep my financial goals fresh in my mind so that I don't start to "waste" money.

And, because I spent the first week of the freeze spending money right and left for new prescriptions and car maintenance, etc. I am beginning to realize just how important an Emergency Fund is! I really, really want to build that up now that I have the opportunity to do it!

Marlene

I have to see it took me until this weekend to appreciate the Spending Freeze. DH and I went to the mall this week (DH had gotten a gift card from me for his b-day) and I went in a store where I had seen a scarf I really wanted. Well, I pouted bc I could not get the scarf and it was 40% off.

Yesterday I looked at my monthly budgets from 2007 and saw how much we spent on going out to dinner and money I spent on hair care. I was astonished! It was truly a wake up call and now I am going to make it a game to see how long I can go each month w/o spending any money.

DD was born in October and since then we have only gone to dinner once (my b-day) so I know we can do this! And the fact that we are in a recession is also motivating me.

The spending freeze was an eye-opener and helped me see most of all that I will not die or wither away if I don't spend on a good deal. I also realized that I allow other people's view of what is the norm to dictate certain financial things.

For instance, I had to buy a gift for someone for her 50th birthday party. Normally, I would alot about $50 for a gift for this milestone, but I happened to come upon a gorgeous Italian sterling silver necklace with a unique design for a little over $20 at TJMaxx. They really do have great prices! Normally, I wouldn't have bought it because I would have felt it was not enough, but why not? It's a gorgeous piece of jewelry and she has no idea how much I spent.

I look forward to continuing this way of thinking and saving money while doing it as well!