Last month our family did the no spend challenge (click for the challenge we gave ourselves on October 1st). Our goal as a family of 4 was to save $800 in October 2014. We are happy to report that we more than doubled that savings goal!
A. What We Did:
*We ate primarily what was in our fridge, pantry, and freezer.
*We bought very minimal groceries.
*We did eat out some (4 times) but typically spent less than $20 per trip. I also took a friend out to eat.
*We resisted Starbucks runs.
*We didn't shop at department stores at the mall.
*We spent next to nothing extra on entertainment (no Amazon or Redbox rentals).
*We bought no home decor.
*We spent a fraction of what we normally spend on crafts and hobbies.
*We avoided $1 toys at Target.
*What was excluded from this challenge: Mortgage, Utilities, Netflix, Giving (including a fundraiser for the Pregnancy Help Center), Health Expenses, Sinking Fund Savings, Diapers & Wipes, etc.
*We cleared out the garage and sold books to Half Priced books for $32!
A. What We Did:
*We ate primarily what was in our fridge, pantry, and freezer.
*We bought very minimal groceries.
*We did eat out some (4 times) but typically spent less than $20 per trip. I also took a friend out to eat.
*We resisted Starbucks runs.
*We didn't shop at department stores at the mall.
*We spent next to nothing extra on entertainment (no Amazon or Redbox rentals).
*We bought no home decor.
*We spent a fraction of what we normally spend on crafts and hobbies.
*We avoided $1 toys at Target.
*What was excluded from this challenge: Mortgage, Utilities, Netflix, Giving (including a fundraiser for the Pregnancy Help Center), Health Expenses, Sinking Fund Savings, Diapers & Wipes, etc.
*We cleared out the garage and sold books to Half Priced books for $32!
B. What We Learned:
*We CAN live on a lot less than we thought we
could.
*We CAN resist the urge to impulse buy when we
have a motivation to do so.
*Instead of a 24-48 hour wait time to evaluate purchases this was like a 31 day wait time to evaluate purchases.
*Instead of a 24-48 hour wait time to evaluate purchases this was like a 31 day wait time to evaluate purchases.
*If we wait to buy, a lot of times we can get it
cheaper or on sale.
*We made it on a week of groceries for example with canned
goods, bread, eggs, milk, some fruit, and yogurt.
*We spent less money because we really evaluated
purchases as to whether they were needs or wants.
*Turns out a lot of what we looked at were wants.
*A tank of gas for the Civic lasted 24 days!
*Turns out a lot of what we looked at were wants.
*A tank of gas for the Civic lasted 24 days!
C. Some Highlighted Areas We Saved Money:
*We spent about $315 on groceries and eating out for the month. Typically we'd spend $600-800.
*We spent about $315 on groceries and eating out for the month. Typically we'd spend $600-800.
*This included about $25 for a work related
trip. Normally on trips I'd easily spend $50-60.
*Last month we spent $840 between groceries and eating out. Wow!
*Last month we spent $840 between groceries and eating out. Wow!
*We also enjoyed some free meals with family, friends, and at our
local church.
*We spent $88 on gas this month. Typically we'd
spend $120-200. Filled up the car and the van only once.
*Last month we spent $163 on gas.
D. For Fun & Entertainment:
D. For Fun & Entertainment:
*Went to the local public library three times. We checked out books and
DVD’s for free.
*Went to the local Zoo twice since we have a family
membership pass.
*Went to the local Science and History Museum since we have a family membership pass.
*Went to local parks at least once a week. One
time we even had a picnic.
E. For Halloween:
*We went to Boo at the Zoo, fall parties, and
other fall festivals where we accumulated candy.
*We decided we didn’t need to eat 3 buckets worth of candy.
*Instead of buying candy at the store, we gave out most of the candy we had accumulated to our neighborhood kids when they came “trick or treating”.
*Some friends and family kindly let us borrow Halloween costumes for our kids.
*Money spent on Halloween: $0 (In contrast see what Americans spent this year.)
October 2014 No Spend Challenge? Done.
Overall this no spend challenge was a very good experience. We highly recommend it to others to try out. It has changed our outlook on money and finances.
October was a great month to do this as it’s right before the holidays of Thanksgiving in November and Christmas in December. We're going to take a good portion of what we saved and apply it to our mortgage.
Thanks to my wife for helping me with this post. ;-)
Be sure to check out this past months highlights!
What about you? Have you tried a no spend challenge? What did you learn and how much did you save? Leave a comment!
*We decided we didn’t need to eat 3 buckets worth of candy.
*Instead of buying candy at the store, we gave out most of the candy we had accumulated to our neighborhood kids when they came “trick or treating”.
*Some friends and family kindly let us borrow Halloween costumes for our kids.
*Money spent on Halloween: $0 (In contrast see what Americans spent this year.)
October 2014 No Spend Challenge? Done.
Overall this no spend challenge was a very good experience. We highly recommend it to others to try out. It has changed our outlook on money and finances.
October was a great month to do this as it’s right before the holidays of Thanksgiving in November and Christmas in December. We're going to take a good portion of what we saved and apply it to our mortgage.
Thanks to my wife for helping me with this post. ;-)
Be sure to check out this past months highlights!
What about you? Have you tried a no spend challenge? What did you learn and how much did you save? Leave a comment!
#nospendchallenge
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Looking for a particular topic? Please check out the new Table of Contents to see posts listed by topic.
