CARLA over at "My 1/2 Dozen Daily" is hosting a “Double Challenge Month” for February!! After holding a January Low Spend Challenge, she's doing another “Low (no) Spend Challenge”, and a “Decluttering Challenge”! You can join in both challenges, or just the one you’re most interested in!
Go check it out HERE .
Here’s how the Low (no) Spend Challenge will work:
1. Choose a financial goal for the month!
Other than food/HBA spending, some eating out, and bills, I just don't spend money each month! So if bills & food shopping aren't 'spending' then I just have no demons to tame here.
I don't shop for fun, heck I don't even go to the mall!lol My money isn't running out a faucet like some people's seem to do, as I have a tight grip on that spigot after the years I spent in my youth wasting money on junk!
I spend so little on wants these days that a "Low(no) Spend Challenge isn't a challenge to me. ;-) Since I give myself practically no discretionary spending anyway, my goal setting will work differently than most.....see below.
2. How will you achieve your goal this month?
But I still want a financial savings goal this month so here's my approach to this....
I went through the usual February bills we seem to always have(using last year's bills as a guide)and when I take those away from our projected February income it leaves about $1,600 in 'unspoken for' income. I'm giving myself $200+/- for unforeseen bills and another $200 for #2 son's birthday which leaves $1,200 for a financial goal to put toward my 2012 Savings Challenge.
So my target to save is $1,200 in February. This $1,200 will go into my Savings Challenge ING Account that was set up 3 years ago to hold these funds.
If I see ways to cut back on the February bills I will put this money in with the $1,200 I am targeting.
**And before you hate on me for having such a big target, remember that I have no debt at all....no credit cards, no student loans and my house has been paid off for almost 5 years. Once you get into this position, you too can save money at an amazing rate no matter your income as long as you have discipline and don't blow large wads of cash on crap. ;-)
3. How will you allot your spending this month?
We are paid every 2 weeks. After payment comes in, I pay bills as they come in and/or until I run out of the current payment. In which case, I wait for the next income check to hit the bank and continue to pay the bills. Bills are paid via check or directly online to the company from our bank account. Eating out and gasoline purchases are put on the credit card. Any unexpected purchases are also put on the credit card. Most importantly the credit card is paid off EACH MONTH no matter the amount.
As for food/HBA purchases, I take cash from the bank and all food/HBA purchases are covered with this. Hubs also takes cash each month to cover his incidental purchases like lunch, coffee, picking up milk on the way home, paying for son's music lessons, etc.
4. Track your purchases!
I track all my spending anyway. Every receipt goes into my notebook and each transaction gets listed and posted on my blog at the end of each month.
I try to get Hubs to save his receipts so I can see where his cash withdrawals go but it doesn't happen on a regular basis. He resents being held accountable...... 8-(
5. Are there any “exemptions” for the month?
The only unusual purchase will be #2 son's Birthday cash and meal out, which I have accounted for in my Financial Goal above.
Here’s how the Decluttering challenge will work:
1. There will be 4 main challenges for the month. I pick the theme, you pick the challenge!
Since I am still in Decluttering Mode this year, after the Great Purge of 2011, I am all in on this Challenge too!
Week One: Personal Space Challenge--This week will be all about my bedroom.
Week Two: Family Space Challenge--This week will be all about the den.
Week Three: Productivity Challenge--This week will be all about the living room/dining room.
Week Four: The “Dreaded” Challenge--This week will be all about the garage.
The Tossing/Selling/Donating 29 items part?
Oh, I have this down in SPADES!lolol
I'll probably toss/sell/donate that many items A DAY!
I'll be documenting all via photos.....both befores and afters. Good times!
So go see Carla and sign up for one or both of these Challanges!
Sluggy
