A bottle of water here, a candy bar there… don't forget your morning coffee and bagel, and before you know it you just spent $240 that month on NOTHING!

Seriously! Doesn't that make you angry?

That's $240 that you can put against the $2000 that you owe on your high interest credit card, the student loan that you owe the government, the favour that you owe your friend.

A dear friend of mine once told me how she got herself and her family out of interest and out of debt, and I will name this exercise after her.

The Rice And Beans Exercise:

1. Imagine what life would be like if you decided (or had no choice but) to live on rice and beans. This first step is crucial because you actually need to take some time and visualize what it would be like for you. I recommend doing this exercise daily until the feeling sinks in like a reality.

2. The next day go about your day as your normally would. Don't buy anything out of the ordinary but also don't stop yourself from making any purchases that you would normally make.

3. At the end of the day, remind yourself that you are on rice and beans and then write down every purchase that you made that day on a piece of paper.

4. Now repeat in your mind "I am on rice and beans, did I really need to buy this?" Scratch out any purchase that is necessary and unavoidable, and leave the rest of the purchases listed on paper. Tally up the total amount of purchases that are left unscratched.

That's how much money you wasted!

Doesn't feel like much? Multiply that amount by 30. You potentially wasted that much money that you worked so hard for, in one month.

Q: So you're saying I can never have any expenses of my own?

A: Do you give a person who is trying to quit smoking a little cigarette?

Supposing that you are in debt now, once you are out of debt and able to manage your expenses without getting back into debt, your left over money is for you to do as you please. But, before that can happen, it is important to train and discipline one's self with firmness and consistency.

This exercise might be emotionally painful, but do it every day, and you will see a decline in your superfluous spending very soon.