money with stethescope

Give Yourself an Extreme Money Makeover

There’s nothing like a job-layoff notice, getting a call from the bank saying you’ve bounced your account to the moon—or in my case back in the ‘80s learning that our home was about to be foreclosed—to tell you that you need an extreme money makeover.

11867031 - stethoscope on money dollar cash currency banknote background using for healthy financial and insurance concept

How to Give Yourself a Money Makeover

What follows is a simple overview of how to get started conducting your own money makeover. These are examples and suggestions that may or may not apply directly to your situation, but can give you what you need to get started.

Before picture

Any makeover worth its salt needs a great before picture. A personal financial snapshot is called a Statement of Net Worth—a realistic estimate of how much money you would have left if you sold all that you own and paid off all that you owe. It’s a picture you need no matter how dire your situation may seem to be.

Your attitude

Face it. The only thing you control absolutely is your attitude—the way you choose to respond to life and all of its challenges. This is a season in your life that has come and will go. It’s not forever. You can handle anything as long as you know it will end. Choose to face your extreme situation with an equally intense response.

Get a plan

Write a simple plan for how you will reach your goalkeeping in mind that a good plan is specific, reasonable, realistic, finite with a way to measure results. Give yourself a date by which you plan to have this makeover complete. Now create stepping stones so you can measure your progress.

Freeze spending

Yes, it’s extreme but so is your makeover. Imposing a spending freeze for the next week or two will give you the jumpstart you need. Then move into a non-essential spending freeze for the foreseeable future. 

Track spending

Starting now—today—keep a written list of where your money goes. If you spend it, it better be written down. That is how critical tracking will be to your successful makeover.

Stop debting

Okay, it’s not really a word, but it should be. To debt means to use a credit card to create debt. This has to stop because of its negative effect on your net worth. No more debting.

Start saving

Even five bucks a week put aside consistently is going to change your attitude about living frugally. Money in the bank offers a kind of security that is difficult to describe. And the more you save, the more willing you are to find ways to make it happen in bigger and better ways.

Sell assets

Unless you use it regularly or it’s a cherished family heirloom, selling assets to raise cash is a great way to return the powerful jolt that brought you to your financial knees. Use the proceeds to catch-up on your bills, to start an emergency savings account or to pay down debt.


If you are in over your head with a mortgage you cannot afford or rent that is beyond reasonable, move to a cheaper place. Or get a roommate. Yes, it’s extreme and but may be exactly what you need to do.

Get another job

It won’t be forever, but for right now working nights and weekends may be what you need to do. If a part-time job can net $400 a month, that’s $4,800 to apply to your situation.

Give up a vice

At $22 a pop, giving up a bi-weekly manicure habit will save you $650 annually. Emery boards and polish are cheap. Or switch to once a month. You’ll still save. Other vices like cigarettes, fast food, fancy coffee drinks, and name-your-own-vice are huge money drains.

Sell a car

Add up what it costs you to operate that second car—gas, payments, maintenance, insurance, registration, washes—and it won’t be so difficult to live without it. At least for a while.


The relief you will feel after taking such extreme measures to deal with your financial situation will far outweigh the temporary discomforts along the way. When you’re ready to get out of debt and stay out … I’d love for you to read my book, Debt-Proof Living.

Through this book, it has been my privilege to lead thousands of people out of debt and into a life of solvency and financial freedom!

I’d love to know how you are doing with your money makeover!


We are a Everyday Cheapskate participates in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn from qualifying purchases, at no cost to you., an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon, at no cost to you.



Print Friendly, PDF & Email

More from Everyday Cheapskate

Bundle of dollars in present box with bow isolated on white
USD currency in jeans pocket
man writing check to charity
life insurance concept
money under lock chain to show concept of retirement account
Cash Back - Orange Button on Computer Keyboard. Internet Concept.
Young asian boy wear glasses reading book and smiling while lying for leisure on sofa in the room with happiness.
A large group of active multi-generation people running a race
fast food payment

Please keep your comments positive, encouraging, helpful, brief,
and on-topic in keeping with EC Commenting Guidelines

Caught yourself reading all the way 'til the end? Why not share with a friend.

2 replies
  1. Christina Schonbachler says:

    Thank you, Mary, for your commitment to helping us find financial freedom. You spoke at Indiana Wesleyan University about 30+ years ago. At the time, I was a single mom really struggling to make ends meet. I took copious notes and followed your advice from your book Debt Proof Living. It wasn’t always easy, but I feel so blessed to have a disciplined spending plan. I’m now retired and still follow your system in retirement. I’ve been debt free for several years now and maintain an 800+ credit rating. Thank you!!

    • Mary Hunt says:

      Christina … Wow! So happy to see you here. Now, what’s wrong with this picture: You’re retired … but I’m not?! Ha! So very proud of you. A little behind the scenes news: We’re working hard at building a whole new website: Debt-Proof Living for a New Generation. I guess my work is not yet done! Let’s stay in touch … I’d love for you to be part of that in some way. Telling your story? That would be great!


Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *