I’m starting my #nospendchallenge today and like everything else I undertake, I am exceedingly optimistic at the beginning. Check in with me a little while later and I’ll let you know how I’m feeling about it. Earlier I listed my rules for the challenge. As everyone is different and everyone’s financial situation is different, everyone who does a No Spend Challenge will have slightly different rules. As I thought back on various times in my life, I’ve been poor [to the tune of ‘borrowing’ electricity from the neighbor], I’ve been frugal [traveling my way around various countries trying to see as much as possible], I’ve been broke [hey, Peace Corps life] I’ve been extravagant [spending hundreds of euros in a single night on the town], and I’ve been clueless [I’ve gone YEARS without a budget unless I’m saving for something specific].
I made a few rules, but I’m going to try to keep it really simple. Other than fixed expenses [car, insurance, taxes, and consumer debt], I’m limiting my spending to $10/day–$70/week–$300/month [or $280 or $310]. What this covers is food, gas, clothing, toiletries, home décor, travel, entertainment, gift giving, ev-er-y-thing… except those fixed expenses. I’m exceedingly grateful to have a paid for house and a scholarship for grad school [sadly does not cover books or on-site visits, but does cover all tuition expenses]. I also have already saved for a couple of ongoing house related projects and a new laptop so whenever I decide to do those, I’m not spending my $10/day.
I plan to do bi-monthly updates–generally on/around the 1st and 15th of each month. So here goes my biggest challenge yet.