August Spending Challenge

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.

xoxo
-Katie

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s