We have decided to make February a Low Spend Challenge month. Why? We are planning on buying a car for my daughter in May or June and we would like to build up a sinking fund for the car. We have the money in savings, but we would prefer not to touch our savings for this purchase. We have actually had a lot of expenses in the last year and our savings account has been depleted by approximately 25%. We still have a full six month’s emergency fund, but we don’t want the savings to go any lower. With an upcoming wedding (10/7/17) and car purchase for my daughter and various home improvement projects that need to be completed, we really need to get gazelle intense with our savings.
Here are the ground rules for our Low Spend Challenge:
- We will not spend any money for entertainment.
- We will not spend any money on eating out.
- We will not make any purchases for clothes, household products, cleaning products or personal care products during the month of February.
- We will allow a maximum of $35.00/week for grocery expenditures. I know this sounds low, but part of this challenge is to use up what we have stored in our pantry and freezer as well as an over-abundance of personal care products. I have a lot on hand and $35.00 each week will be used to supplement what we have on hand–fresh produce, milk, etc. Also, I will use some alternate sources to pay for groceries….
- The balance on my Bluebird account (Walmart Savings Catcher) $21 will be used first to purchase groceries before using the budgeted $35/week.
Basically, we will only spend money on regular bills and some groceries this month. All entertainment will be free or something we do at home. The only other exception to spending money is for our Raised Bed Garden Boxes. It is time to plant lettuce, onions, beets, English peas and potatoes. I have some seed potatoes on hand and some lettuce seed from last year, but I will need to purchase onion sets, beet seeds, peas, more potatoes and some additional soil for the beds. I have budgeted $50 for garden expenses.
We will also we looking for ways to save on our regular bills like electricity, gas and water. Any monies saved will go directly to our savings account. Yesterday we turned in our cable boxes, so we have cut our bill to our cable company by more than half–we now only pay for internet service.
Another goal is to try and list 10 items to sell on ebay or craigslist. All proceeds will go to our savings account.
Our goal is to add $2500 to our saving account in February.
I will be posting weekly updates about how we are doing. We are going to use this time to work on home organization and to use up things we have on hand.
Would you like to join me in a February Low Spend Challenge? Please comment and tell us what you are doing to reduce spending in February.