LOS ANGELES — There’s nothing quite like a hot cup of coffee to start the day for Jazmine Waller, one that doesn’t break the bank.
“I would drink Starbucks daily, but when I decided I wanted to save money on coffee, I started making coffee at home,” she said.
It’s one of several moves Waller, a budget expert, has made over the past few years to get out of debt.
“I was tired of being negative in my account. I was consistently having late bills, and I didn’t have any savings,” she said. “I was ready to change my life financially.”
Waller is a single mom and says she wanted to set an example for her daughter, too. A few years ago, she started learning from personal finance experts online and tracking how much money was coming in and going out, paying off bills first before buying items like makeup or clothes.
“First, I always like to show my bills and everything that I need to take care of and then these are my variable expenses, which these can fluctuate based on what my fixed expenses are,” she said. “And then I go to my sinking funds - what am I saving for — and then I also save as well.”
Waller also launched her own YouTube channel “Budget Treasures,” so others can follow her journey and learn.
To save even more money, she is participating in a viral trend called the “no spend challenge,” which has gained popularity thanks to social media and as consumers continue to face high prices for everyday goods. The trend involves going as long as possible without spending money on new, nonessential items such as coffee or makeup.
“I only spend money on my four walls, that it was my mortgage, food, utilities and transportation, which is gas,” she said.
Waller is doing the challenge for one month and says she tracks everything in a budgeting notebook she designed.
“You can see this is September and every day that I highlight just means that it was a successful day and I didn’t spend anything outside of my essentials,” she said.
Some things that have helped Waller stay on track is to avoid eating out and deleting online shopping apps from her phone.
It’s not the first time she has participated in a no spend challenge. In fact, Waller says thanks to her budgeting skills over the past few years, she was able to buy a home and recently paid off $17,000 in debt.
“Have a plan to save money. Use different resources like savings challenges, no spend challenges,” she said. “Also have an accountability partner, if you can, who will hold you accountable to meeting these financial goals.”