I was watching a new show on VH1 about OCD, when I decided that I needed to clean out the pantry. (Surprise, surprise, because I am an “arranger.”) But as I straightened everything, I thought of a Prohomemaker Challenge: “Eat out of your pantry/freezer/fridge for one week.” And I am going to do it this week, and I want you to join me.

I think this is important because, first, it makes you take stock of what you have. And second, it saves money. The only allowable purchases for one week are produce and dairy. That’s it.

People spend so much on groceries, without using the 12-week cycle, which means everything hits its lowest price every three months. You’re wasting money if you wait and buy until you need it — use the cycle and save in the long run. I am in need for ground beef due to a stock of Hamburger Helper bought at its lowest price, but I know ground beef is about to hit my buy price of $1.47 a pound. This week was close at $1.77, but I know patience will pay off. Mark my words.

That’s the importance of having a well-stocked pantry and freezer. You’re not at the whim of what grocery stores decide to charge that week. You can hang out and wait for the stock-up price. But do take stock of what you have — you will be surprised what you can make. Yep, that’s the “M” word — menu planning. But here’s a helpful hint: Have a few things, go to Allrecipes.com and use its ingredients search, you’ll surely find something to make.

Won’t you join me in this challenge? Let’s see what we can do this week with what we have.

This became more imperative to me this week when I did our budget using this tool and realized that my income had dropped dramatically since my Dad became sick and passed away. The host of “Til Debt Do Us Part” was kind enough to email me back and advised ramping up my business and cutting the budget wherever I could. And that’s what I am doing. Believe it or not, by eating out of the pantry/fridge and freezer once a month for a year, we can save $1,000+ a year! Do the math, and figure out what you can save, too, just by being creative.

I will post a blog every day on how I am doing — and my challenges with meeting the challenge.

But for now, here is what I am going to make tomorrow night. Just need a bell pepper (allowed-produce) tomorrow, and the rest is in the pantry/fridge/freezer.

Oh, and the pantry is clean — and arranged. 
 

I’ve become enamored with a Canadian show on CNBC — “Til Debt Do Us Part,” and I recommend you watch it, too. It’s part advice, part intervention and part reality show. So, bottom line, you get great information, some dirt and can judge people — who could ask for anything more?

The host, Gail Vaz-Oxlade, is a financial author who does interventions on couples who are not making their bills, or just driving themselves further into debt — one of the biggest causes of divorce.

It’s voyeurism at its best, watching how others feel entitled to spend thousands on Christmas, or keep a truck that is bleeding them dry. The advice is good, and I always pick up a tip or two.

It’s also a wakeup call — but surprisingly for me! I was feeling smug as I watched the pregnant bride plan two weddings and eye spending $8,000 on two gowns. But then I used one of the online tools from Gail’s web site — the budget calculator.

I happily — and truthfully — entered our monthly income and expenses, taking pride in all our budget cuts that I detailed in this post, including no car payments, $4 a month on eating out, and a total credit card debt of $1,400, which should be paid off within three months.

But it was the income that gave me a wakeup call - mine dropped dramatically over the past six months due to paying more attention to my parents’ health and welfare, and dealing with the ultimate passing of my Dad in March.

Seeing it on paper made me realize I had successfully cut expenses to deal with the downturn of the real estate market as an agent with RE/MAX, but I had not dealt with the further drop in my income from trying to manage with personal issues.

Thankfully, I have 10 months of the difference in my checking account to make up for the deficit before hitting my savings, but it was clear that I need to ramp up my business in hopes I won’t have to hit my “no touchy money,” as I call it.

That’s what I love about this show — it has you take a hard look at your finances so you can see what you need to do.

I also love Gail’s style — she is blunt, and her blog with Monday morning quarter-backing on each episode is a hoot (and offers even more tips).

I highly recommend you watch ”Til Debt Do Us Part” – and best part, you can view the episodes online at the web site if you don’t have cable.

Let me know what you think about it — I love this show!

I just caught a wonderful show on CNBC called “Til Debt Do Us Part,” where the host goes on an intervention of people who are living beyond their monthly income. It was quite eye-opening. One of the tasks she has her guests complete is a net worth sheet. So, I ask: Do you know how much you are worth — or not?

I just did it myself, and was somewhat pleased to find we are worth about as much as 17 percent of the population (the third highest category). I find this funny because we have been living a very frugal life for about four years now since my income dropped to a quarter of its former glory. But I’ve always been one to live within my means, and that has meant budget cut after budget cut. But the calculation shows that it’s working. We still have no debt other than mortgages.

You can figure out your net worth very quickly by clicking this link.

Now if you happen to be in the negative, it tells you that you need to pay down debt and rack up savings/investments/real estate. Next you would need to look at your spending.

I cut our food bill in half by couponing. Shopping for clothes, household items, or gifts has been cut next to nil, with the exception of about $250 at Christmas. Travel ceased except for one annual weekend in Los Angeles, which I save for and usually pay off totally before we leave.

I do carry some debt occasionally (car repairs or business fees) but always pay them off within three months.

Yes, it’s tough, but it’s called living within your means.

I find a lot of people hold a sense of entitlement — they are entitled to have a newer car, entitled to buy new clothes, entitled to eat out when they wish. All they are doing is entitling themselves into debt, digging a deeper hole from which they will be lucky ever to emerge.

The first step on getting ahold of your finances is knowing where you stand. So I dare you to use the net worth calculator — it may not be pleasant news, but it’s the first step to improving your financial picture.