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Wednesday, January 11, 2012

No Spend Challenge update - Week 1


It's the end of week one - so how did I do?

Well first of all, I forgot about three planned expenses - eye exam & glasses, remade antique belt, and balance due for March vacation.  They are all in our 2012 budget but I forgot to list them as planned expenses when I started this.

Secondly, I am finding it much easier to not spend money on eating out if I don't go at all vs. trying to limit the number of occasions.  I'll have to have an eating out fast at least one week a month I think.

So here are the results for the first week - not too bad if I do say so myself.

1. Keep food, household goods & toiletries spending at $110/week through buying only what is needed - no stockpiling! - Week 1: close - $118.55 (forgot to factor in wine & beer - will do better next week)
2. Entertainment will be free or very low cost (e.g. a movie) - Week 1: success - we read, took walks, watched TV and hubby went to a movie
3. No eating out. - Week 1: success - only went out for coffee on day 7!
4. Focus on home projects that are no cost such as cleaning water stains off basement floor,  removing old bricks & boards from back of yard, drastically pruning or removing holly bushes by driveway, and cleaning leather chairs. - Week 1: no action here
5. Delay dog grooming and our haircuts an extra week or two which will result in fewer a year. The dog is pretty hairy right now so she will have to be groomed in January.  - Week 1: no spending here
6. Buy no clothes, furnishings, and other optional goods. Week 1: OOPS - bought a magazine

Planned Expenses:
1. Make planned donations - Week 1: made two donations planned for January
2. Fund ROTH IRAs - Week 1: fully funded
3. Purchase Pilates sessions - Week 1: did so during sale week so an additional 20% was added to my "banked" balance which should cover 6 months of training
4. Eye exam and new glasses - Week 1: got to love needing progressive lenses and also anti-reflective coating and transition coating due to "baby" cataracts as the doctor called them
5. Remake of antique belt - Week 1: ordered over New Year's weekend; mailed check this week
6. Pay balance due for March learning vacation - Week 1: paid 

Unexpected Refunds:
Week 1: Unfortunately one of my planned exercise classes was cancelled - $115 to be refunded so I signed up for a Knife Skills cooking class for $69 making the net refund $46.

5 comments:

  1. Juhli, this is very interesting. I don't like to think about money, spending money, how much money we have or why I don't have any when I run out. Sigh! But it all works out for me because we live pretty frugally most of the time. I can see how doing this could foster good habits so you wouldn't need to think about money much. (I would want to do that.)

    Thank you for stopping by. I love to have visitors! New post today on Tuesday gifts ( very inexpensive). See, that is where the hole in my budget is...gifts.

    http://www.retireinstyleblog.com/2012/01/10-small-gifts-for-her-tuesday-gifts.html

    b

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  2. b - that is a nice place to have a hole in your budget; we tend to spend a lot there too but it is budgeted for each year.

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  3. You're doing really well so far! Good for you! :) Can't wait to see how week 2 pans out!!

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