So, this post is a little different from the rest.
As someone who is newer to the personal finance world, and – as someone who likes a challenge – I’ve decided to embark on different monthly challenges to help me improve my finances.
Looking back at my budget last month, I was floored by how terrible of a job I did. I tried to limit myself to $25/week in eating out, and $50/week in shopping (clothing, makeup, fun materialistic items, you know – things I don’t really need), and I absolutely failed. Granted, I had to do some extra spending for upcoming photoshoots as well as indulge in one of my nerdier interests via a local convention – but those acts alone made my budget completely crash and burn for the rest of the month.
Therefore, this month, I am forcing myself to do a spending freeze. Here are my personal rules:
Only spend money on absolute necessities. This includes bills, groceries, transportation, and prior commitments (I have a hair appointment this month, but I feel it’s a bit of a win in terms of saving money because I have been able to work out a deal with my hairstylist to make it less expensive).
Allot for one cheat day. This month, I’m going to Chicago Comic and Entertainment Expo on March 23rd – this will be the one day that I will allow myself to spend money on whatever I want (within reason, of course).
Figure out ways to save more money. There are a few things I could most likely do without that I am paying for every month. This month, I will go through any recurring expenses and see where I can cut some corners.
Share weekly updates. I’ll be posting weekly updates via this blog to share my experience, what went well, and what I can improve on for next week.
Encourage others to join. This is where you come in! Because I have the discipline of my cat the moment a treat enters her field of vision, I will be creating a Facebook group for this that anyone can join! I’ll also be promoting the hashtag #milborntosave on our social media – so, if you want to share anything pertaining to this, make sure to use the hashtag!
Your rules don’t have to be exact to my own – everyone’s circumstances are different, and people have situations where they have to spend money on things besides the necessities. Just make sure to tailor your rules to your situation in the best way that will make sure you come out ahead by the end of the month!
Ready to join the challenge? Join the group and comment below if you’re #milborntosave!