Friday, August 08, 2008

Debt Proof Living Summer Olympics

Mary Hunt is having a Debt Proof Living Summer Olympics over at her blog. She is challenging us to take on some new spending/saving habit or activity to complete during the Summer Olympics. The metal catagories include but are not limited to:

  1. Severe Spending Halt-a-thon
  2. Organization Marathon
  3. No Eating Out-a-thon
  4. Serious Craft-a-thon
  5. Weight Control-a-thon
  6. Use-It-Up-a-Thon
  7. Create-a-Budget Event
  8. Feed a Family of _____with $_____ for 17 Days Race
  9. Add-to-Savings Sprint
  10. No-Plastic-Cash-Only Race
  11. Track-Spending-a-Thon
  12. Healthy-Living Freestyle
  13. Clean-Out-Challenge
She says:

Eligibility requirements are as follows: You must be a fan of Debt-Proof Living, Everyday Cheapskate, MRDS (this blog)—embracing the credo (which of course you know by heart … “Bringing dignity to the art of living below your means”) and be willing to challenge yourself in the Olympic spirit. It won’t hurt if you are also somewhat obsessive and willing to play along.

The rules:

1. DPL Olympians are required to begin a personal financial project during the Opening Ceremonies of the Summer Olympics in Beijing, and finish before the flame is extinguished.

2. Participants come up with their own events, which must require some level of sacrifice and difficulty while still being possible to attain. Suggestions: No spending for 17 days (the mother of all challenges, for sure); depositing $10 a day into a real savings account, holding a garage sale, or eating only the food you have on hand. You get the idea. (For ideas, go HERE for a current list of participants and the events they’ve selected.)

3. The DPL Gold Medal Certificate will be awarded to all who report to the group that they finished their event and reached their goal. The honor system will prevail.

I am signing up for the Serious Craft-a-thon, where I will sort my quilting stash and make two lap-size quilts for Christmas presents, and the Add-to-Savings Sprint, where I will open a new savings account for the younger boys' college fund and set up a regular monthly deposit. I am looking forward to spending my evenings and afternoon nap time quilting while watching the Olympics on TV. I am also excited about taking my boys to the bank to open a new account for them. Buddy has a summer reading challenge from a bank that promises him $10 in a savings account if he can write down ten books he's read this summer. He reads a book to me every night so that is gold! I am going to add a nice sum to get the account kicking and then make a monthly automatic deposit from my checking account. It's something I wish I had done for my oldest son Buster.

What can you initiate to reduce your debt, increase your savings and bring your budget into line with your life goals? "it is never too late, unless you don’t start now." Go sign up and join the fun!


Charlotte said...

Um--none of these are exactly doable for me, because we are about go sporadically on vacation for the rest of the month, and some of them I do already. But most days, I do try to think--how can I reduce my standard of living? which comes to much the same thing.

I wish I knew how to quilt! What I would also do is learn how to make rag rugs. What with the boys growing and such like, I have lots of rags!

:: Suzanne :: said...

ooohhhh rag rugs. I bet even I could do that, maybe. I don't even sew on buttons.

Cloudscome said...

I think you just cut the rags into 1.5 inch strips and braid them. You don't have to attach them when you get to the end of one strip, just fold in the next strip and keep braiding. Then you curl it in a spiral and sew it tightly together by hand. I have seen projects where you make a rug out of plastic bags that way. One of these days I am going to try it.

a Tonggu Momma said...

What a clever idea! And it combines two of my favorite things -- the Olympics and living within ones means!