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Step-Down Principle
The “step-down principle”—a financial management technique developed
by Alena Johnson of Utah State University. Although we all should have
budgets, too many budgets fail because people try to totally cut out the
things they enjoy and end up feeling deprived and resentful.
The step-down principle is a way to make do, not do without. Let’s say
you want to see a movie.
In stepwise order you can:
1. Go to the theater
2. Rent from the video store
3. Rent on a mid-week bargain night from the grocery store
4. Borrow from the library or swap movies with friends
You don’t have to cut out movies. You can still have them, but at less cost. Keep on doing this and you’ll have money to put toward recreation, entertainment, credit card debt or a three-month emergency savings fund.
To see full article:
http://extension.ag.uidaho.edu/madison/Files/ITCT/2-09.pdf