As I wrote in my last post, I want to do an August spending challenge. I was inspired by reading Blonde on a Budget’s post about embracing minimalism and reading a bit about her subsequent journey and changes. (Side note: check out the rest of her blog too. It’s an excellent PF blog that is Canadian, which is basically unheard of / a unicorn). I’m super scared by the idea of committing to a whole year, so I thought I would start small by committing to cutting my discretionary spending for August.
To do this, I’ve come up with a few rules for myself. Here’s what I can spend money on, with a few caveats:
- Set bills – rent, phone, debt repayment, etc.
- Set savings amounts – for Christmas gifts (my family is huge), RRSP, house fund, etc.
- Groceries – that I have meal planned for
- Toiletries, household supplies (paper towel, cleaners, etc.) – only to replace things I run out of.
- Gifts for other people, but only ones that I have budgeted or planned for; and,
- A few planned expenses for August.
- Folk Festival – $100
- Going out for my birthday – $50
And, here’s the list of things I am not allowed to spend money on:
- Alcohol (my liquor cabinet at home is well stocked)
- Going out with friends (with the exception of my birthday).
- Nail polish
- Shoes and clothes
- Eating out or getting coffee out
- Anything else that comes up when I feel bad and go to the mall by work. I always end up doing a lot of impulse shopping then and I want to work on better ways to handle my stress.
That’s it! I’m off! I’ll be keeping you all updated throughout August to let you know how I did.