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The Money Edit is for women who are passionate about personal finance and financial independence.

This is a place to change your mind about spending, saving and living your best life.

Freedom for $20/week

Freedom for $20/week

When I was paying off all of my debt and working on better money habits, my $20/ week trick just about saved my life.

This post is more about feelings than money. But isn't everything? Let's get into it.

Back in 2013, I committed to paying off ALL of my debt. Credit card, student loans, lines of credit, taxes owing, THE WHOLE SHEBANG! Of course, this was a massive process and I learned a million things. One thing I learned for sure is how I never wanted to feel. I never wanted to feel like I can't access enough money to buy a snack (or a coffee). The reality is, I even if I knew I couldn't afford to spend one more dollar, even if I was going all out hell bent for glory, feeling like I have NO options is a bad space for me. If I'm showing up as the version of me that feels panicked, deprived and guilty, I can't be in a good head space.

To solve this issue, I decided to give myself $20 of grace money every week. Cold hard cash, in my wallet, available for spending. But that's it. Once it's gone, no more treats. I'd have to wait until the next week to access more grace money.

The funny thing about it is most weeks would go by and I wouldn't touch the money. I wouldn't even remember it was in my wallet. One day, my office BFF asked me if I still have $20 for the week and I realized I'd had the same $20 for the last 3 weeks. And I didn't replenish it until I spent it - so I ended up just saving the extra.

The point of the $20/ week is to use it however you need to. If you love buying coffee like it's your job then break it up into 10 coffees. If you don't even care about the amount but you feel better with a security blanket (like me...) then put it in your wallet and use it when you need a treat! Yes, every dollar counts but your integrity counts the most. Let's be honest. This money journey we're on is hard. If you don't build in a little wiggle room for fun, this is going to get really old, really fast.

Do you have any tricks for staying sane during your debt repayment journey? Please share!

Using debt to your advantage when the numbers work

Using debt to your advantage when the numbers work

Pro procrastination

Pro procrastination