Tampa reporter shares crash budget diet

St. Petersburg, Florida -- Every day I hear and read about a new financial problem. From people losing their homes to businesses going under.

Just the other day I heard a mechanic talking about more people getting into accidents, filing a claim and then keeping the insurance money rather than repairing their cars.

And working in the news business, I am continously challenged by my boss to find "money" stories that can help people. So after researching and thinking, I came up with an idea. A budget crash diet.

So here is what I came up with: I chose three people:

A single account executive, named Melissa.

An engaged video editor, named Derrick.

And remember my boss who is always telling me to find stories to help people? I chose him, Darren, and his family.

Here is how it works: For one month, November 11-December 11, they are all on a spending budget. They were each given a certain amount they could spend for things like food, gas, entertainment, clothing.

Melissa: $300, Derrick and his fiance: $500, Darren and his family which consists of his wife and four children: $800.

This does not include any of their monthly bills: Mortgage payments, utilities, car payments, credit card payments.

Now all they can use is the cash. No ATM cards, no credit cards, cash only.

And once they run out of cash, they were given colored sticky notes to replace each dollar they go over their budget.

Each Friday they will post a blog sharing their experience for the week. And then we will have a financial experts from Raymond James comment on their blog. He will give them advice on what they are doing right and wrong.

We will also do updates every Tuesday night on 10 Connects at 11.

We also invite you to join in. Read their blogs and comment, maybe give them tips and advice on how to make this work. And if this goes well, I will be looking for our viewers to take part in this challenge.

Who knows, in the end, maybe you will get some good tips on ways too save.

And if you're wondering, Yes I too will put myself on the same budget as the single account executive. I never ask anyone to do something I wouldn't do.

So wish them all good luck, and be sure to check in each week to see who is survivng the Budget Crash Diet.

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