A year ago, CBS 2 in Chicago brought forth a family that was going to conduct a financial experiment. The suburban family was set to survive the economic downturn by saving money and cutting their spending.
The Wrights stuck to the promise and one year later, found that they were able to save $8,500 by going on a financial diet.
The spending cuts were on groceries, utilities, credit card bills and more. They made their own lunch and packed it, and stopped eating out for dinner as much as they did before.
“I’m hopeful that a lot of people learned what we learned doing this,” Marcus Wright said.
With the support of experts supplied by the network, the family was able to pay off $1,800 in credit card debt.
“It’s the beginning of the end of my credit card debt,” Sinora Wright said.
The family got help from Dr. Amy Johnson, a life coach, to find ways to stay focused on their financial goals. She gave them credit for staying focused for the entire year.
“No one makes brand new change, and keeps it going for a year straight, unless you have your eyes focused on the big picture, or the goal. So they stayed very focused on that,” Johnson said.
The family also has $800 for Christmas, which they obtained by saving just $20 per week. Now, they don’t need a credit card to get them through the holidays. Sounds like a pretty good deal.