Inspired by a post at my favorite personal finance website, I Will Teach You To Be Rich, today I’m starting a “cash only” challenge for the next 4 weeks. I’m also going to take on a no-new-stuff challenge, limiting my spending to just the necessities – groceries and gas and pet supplies. And chocolate.
Why am I doing this?
Simply put, I want to save more money. I used to suck at managing money, but I’ve become pretty financially savvy in the last year. Heck, I even boycotted heat all winter just to save some extra dough. I sock away a good chunk of my paycheck in savings each month. But my rent is going up when I move, I’ve got my eye on some new furniture, and I love to travel. And I really just want to see how much I can cut my spending . . . before I head to my fave vaca spot, Miami, on May 1st!
How will I do it?
On each payday (first one is today) I’ll withdraw cash for my biweekly budget from my bank account. Once I’ve spent the cash, that’s it until the next paycheck. If I end up with a surplus, it can be put in savings. I plan to do whatever it takes to have leftovers for savings.
I’d be a lame-o slacker if I didn’t mention my other inspiration: Katie at Making This Home. Katie is a simple living, non-shopping, sensible spending goddess. She kicks some majorly sensible butt when it comes to not cluttering a home with unnecessary stuff, and she’s living a fabulous life with her husband in a 480 square foot apartment in Berlin, Germany.
Will I Be Bored?
Heck no. In clear defiance of my New Years resolutions, I’ve still got a slew of unfinished projects. And with April 25 just around the corner, now we’ve got a move to pack for. And when I find myself wanting to shop, I’ll simply ask myself: What’s gonna make me happier in the long run? “Stuff” that I buy on impulse shopping trips? Or memories of fabulous travels and coming home to a beautifully furnished and decorated home?
Reference Articles for All:
Here’s a couple of my favorite articles at I Will Teach You To Be Rich: The Cash Only challenge, and a not-so-average take on the housing market.