1. Please introduce yourself and tell us anything you think it would help us to know about yourself.
Hi! I'm Chelsea, a SAHM to two girls, ages 3 and almost 2. We recently moved cross-country and DH had a complete change of jobs, which has resulted in a much happier and stress-free life for our family. It has also had a huge effect on our budget, as he is making a lot less.2. Please tell us why you have decided to spend nothing (or spend significantly less) for the Month of February. Memorize these goals and recite them to yourself before all purchases.
Well, because our budget is bare minimum, and I would like to make sure my family gets fed this month, lol.3. No spending is hard work. You need a plan. Please tell us your game plan -- how do you plan to approach no spending for a month?
One thing we did is to open a new checking account at a local bank (our old bank doesn't have branches here). We plan to still use the old account for direct deposit of DH's check and for online bill pay, rent, etc.; basically all the bills. Then we will put a set amount into the other bank checking account that is our spending budget. We won't be able to overspend, because that is it. This will help extremely because DH and I are both very concrete people--it's difficult to see an account with a two thousand dollar balance and realize that 1800 of it needs to be spent on bills, even though they aren't due yet. This way we have a concrete way of dividing the money. Much like the cash/envelope system, only with banks and checking accounts. ;-)
So here are my goals then:
No-Spend Days = 20/29
No-Drive Days (for me, not counting Wed/Sun church activities) = 20/29
No-Eating-Out Days = 28/29
$20/month eating out or misc.
Use tax refund to build $1000 Emergency Fund and then pay off credit cards before it gets spent on something else.
Can I also just say that this is going to be a challenge, because we are not used to living by a budget at all. I am all for it, and DH is because he has to be (there just isn't more money coming from anywhere, though I am trying to find some at-home work I could do to bring in some extra). Here goes!