You may remember that I attempted to participate in the Frugalwoods’ Uber Frugal Month challenge back in January. I say attempted because I was also planning for our wedding at the end of January and preparing to move to Calgary in February. So keeping up with the challenge got to be too much, on top of everything else. Happily, the Frugalwoods are running the challenge again this July and Jordan and I have decided to participate.
Why are we doing this? We are doing pretty well with our money, all things considered, but we want to do better. Right now we’re crushing Jordan’s student loan repayment (we’re on track to be done in 1 – 1.5 years) and saving 10% of our take-home pay for retirement, but we want to know if we can do even better. The lower we can keep our spending, the more money we have for our long-term goals: being debt-free, home ownership, and early retirement. This month gives us the chance to really examine things and see how we can be even more financially efficient.
We’ve gone through our spending for the last few months and have decided to target two specific areas – eating out and grocery costs – where we have been overspending. We are also going to try to keep costs down in every other possible area of our budget – clothes, dates, everything. We’re trying to make this month as lean as we possibly can.
I’ll be blogging throughout the month, talking about our frugal wins and missteps. Please feel free to follow along. Jordan and I are really excited to see what we can accomplish this month!