Could you cut back your six- to eight-weeks-apart hairdresser appointments to just once a year? Then how about removing all travel and dining out for that 12 months too, while you put as much as 55% of your monthly income toward your debts? Think it sounds too hard? Well four years ago, Canadian finance writer and founder of Blonde on a Budget Cait Flanders did just that. After frittering her money away for years, she finally pulled out her credit cards and faced the reality of her $25,000 CAD ($19,800 USD) debt. According to Forbes, over the year, Cait threw out 70% of stuff she didn't need, lived on just 51% of her income ($28,000 CAD, $22,000 USD), and saved 31% (about $17,000 CAD, $13,500 USD). While she has relaxed her budget a little since the year was up, she hasn't fallen back into debt.
To read more about how Cait survived her one-year shopping ban, visit Forbes.
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Could you live on just 51% of your income? What are your top saving tips? Let us know in the comments below.